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Thread: Taxes

  1. #16
    Score Early, Score Often gonelong's Avatar
    Join Date
    Sep 2001
    Posts
    4,136

    Re: Taxes

    At 16 you should save a good bit of your money just so you know how it all works. Don't be afraid to spend a bit of it either.

    Plan for your future, but have some fun today. You only get one Jan 20, 2008, and you only get one year of being 16.

    GL

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  3. #17
    Mon chou Choo vaticanplum's Avatar
    Join Date
    Sep 2005
    Location
    Pittsburgh
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    7,161

    Re: Taxes

    I agree with 15fan. Take your refund and start an IRA or put the money into some super long-term fund (CD or something). I know it's probably insane to you to think about retirement at your age, but even a little bit of money now will multiply exponentially by the time you retire. Depending on whether you contribute a little bit here and there and what kind of fund you have, it could literally get up into the hundreds of thousands or beyond by the time you retire; starting the same fund when you're even seven or eight years older than you are now will not have the same effect. The difference it makes to start saving young is staggering. It will even give you a little more freedom at, say, 25 when you are at a job with a 401K and feel like you're struggling to contribute to it; you may not have to contribute as much.
    There is no such thing as a pitching prospect.

  4. #18
    Danger is my business! oneupper's Avatar
    Join Date
    Jun 2004
    Location
    Back in Florida
    Posts
    8,138

    Re: Taxes

    At http://turbotax.intuit.com

    he can do his taxes online for free (including eFile). Sounds like a sweet deal to me.

    As for investment opportunities for this young man, if he wants to save for retirement, it makes more sense to open a ROTH IRA than a traditional one, since he doesn't need the income reduction that the traditional IRA gives him (he'd be funding with after-tax dollars).

    Then again, he could invest in some REDS tickets and contribute to Redszone. (GIK and Boss are on the phones, waiting).
    "A person is smart. People are dumb, panicky, dangerous animals and you know it."

    http://dalmady.blogspot.com


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