Teenager inherited 15k

[Anonymous]

Anonymous wrote:I would not require my child put it toward college unless they would otherwise be taking out loans.

I would also not require to donate but certainly not discourage if they wanted to do so.

I think going towards their first car or a bucket list trip would be memorable. This isn't earned money, its a gift.

We will probably be able to cover a public university, and anything after that would be loans.

[Anonymous]

For a young teen I would save it for college and adulthood unless you weren’t going to help them pay for things like a car or college. Otherwise it is really helping you not them. This could someday help them buy a place to live.

[Anonymous]

I would invest it and save it for their first down payment. DH and I will be paying for car and college.

[Anonymous]

Start a habit of maximizing retirement savings every year. All of it should go to retirement.

[Anonymous]

Put it all in 529

[Anonymous]

We received $25k for each a few years ago - older teens. We told them we were putting it away for them - plan is for grad school at this point, and, they'll be some leftover, because it's been invested

[Anonymous]

Anonymous wrote:I think encouraging the teen to research a good organization and donating $100-250 is a good thing in numerous ways.

+ maybe a laptop looking ahead to college then invest the rest.

[Anonymous]

Put the money in savings. Can't believe the people saying spend it on a car. What about all the kids who go to colleges two years later where you can't bring cars? And every kid I know in high school who had access to more money for a car, just bought a way more expensive car. Like, if one friend worked a crappy job for a couple years and saved $5000, they got a used $5000 car. But my other friend who worked for years waiting table and made $25k bought a $25k new car. Waste of money because 8 years later, both of them just had....cars. Not a good use of money, and at that age a kid needs to be steered to the right financial decision.

[Anonymous]

I would have them put it into high-interest bearing account for college expenses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Buy AAPL.

Thank me in 20 years.

Tesla and thank me in 4 years.

I just had to check and see if this post was from 4 years ago.

[Anonymous]

The thing is, it’s their money they can do what they want with it.

[Anonymous]

Invest it. That is the only answer.

Spending a windfall on a depreciating asset like a car is about the worst financial lesson you could give your teen. This is how people stay poor.

[Anonymous]

Whole thing into a Vanguard Index Fund. Teach your child the rule of 7.

[Anonymous]

Anonymous wrote:Invest it. That is the only answer.

Spending a windfall on a depreciating asset like a car is about the worst financial lesson you could give your teen. This is how people stay poor.

Exactly. I was the person above who also said that a car is the worst idea. Terrible financial advice, and giving your teen bad financial guidance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Invest it. That is the only answer.

Spending a windfall on a depreciating asset like a car is about the worst financial lesson you could give your teen. This is how people stay poor.

Exactly. I was the person above who also said that a car is the worst idea. Terrible financial advice, and giving your teen bad financial guidance.

Looking at all the money people waste on cars in this area, it’s not at all surprising.