Advice on just starting out
So, I came first in school and my school offers a free no tuition fee policy for topstudents.
My parents have asked what I want to do with the money they were going to use as the fee ? I don’t want to spend all of it on material things. How do i invest/ensure that it is being thoroughly utilized?
Should I have them open a minor savings account and make them deposit the money there?
(I have a measly amount of knowledge on finance and am still a minor)
There is a book you can borrow from your local library. The Little Book of Common Sense Investing by John Bogle. This book was written for beginner investors emphasizing investing in broad market ETFs like VTI or VOO for their simplicity. Just set it and forget it even during market corrections until you retire. Broad market ETFs for the win.
You may find these links helpful:
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
– [Investing](/r/personalfinance/wiki/investing)
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