Turning 21, with 12k.

[Jeffrey Cadwell]

Hey BP, I have been lurking here awhile. I am turning 21 and have just over 12k in a college fund that can be used since I am on a full ride. In terms of debt, I am in a good position, living at home, steady part time job currently making net ~1200/month. I want to start generating passive compounding income. The downside- located in NYC I have a hard time at my age, finding a property that low. Credit score is in the 700-750 range and will have an opportunity to save another ~7k by the end of summer 2015 due to an internship + work. I rather get started sooner that that because starting early is advantageous. I need advice from the veterans. Look forward to hearing from everyone, thanks!