A Roth IRA might not be the flashiest way to spend your summer job money, but saving even little of your pay could net huge returns in the future.
A Roth IRA might not be the flashiest way to spend your summer job money, but saving even a small portion of your paycheck could net you huge returns in the future.
The teen employment rate is expected to be 33.6% for summer 2023, based on Rice University’s recent jobs report. Even more promising — the median wage for workers in the 16-24 age group was up 11.9% year over year in May, according to the Federal Reserve Bank of Atlanta. And, particularly as a first-gen investor, it’s a great chance to start making your money work for you.
17-year-old Luca Williams turned his passion for records into a business with a brick-and-mortar store on Long Island, where he sells records alongside other vendors and his mom. It depends on your situation and needs, and whether you’re planning to apply for financial aid. Money in a 529 savings plan, owned by either you or a parent, is counted as assets when applying for financial aid, but money in a retirement account isn’t.
College costs fall under the category of “qualified distributions,” but there are catches to be aware of. You’ll owe taxes on any investment earnings withdrawn, and the withdrawals will count as income, which could reduce your financial aid eligibility in following years.What to look out for in a Roth IRA If you decide to open a Roth IRA, there are some things to consider, say Rosa and Espinal.
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