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Updated over 5 years ago,

User Stats

12
Posts
2
Votes
Michael Kantar
  • Yonkers, NY
2
Votes |
12
Posts

Best method to save money to invest in real estate later on

Michael Kantar
  • Yonkers, NY
Posted

Hi my name is Michael and I'm 16 years old and am currently looking to build some capital (20k+) to invest later on in real estate. I'm not sure if I should invest in something else in the meantime and hold it (stocks, cryptocurrencies, mutual funds, flipping items for profit, etc.), just save money (savings account, Roth/Traditional IRA, etc.), or just do a mixture of both.

I am currently working as a lifeguard over the summer and am making a decent amount of money which I hope could help with allocating my money in different areas. I am really just looking for the best way for me to build money and find some ways for long term growth (>10 years) and some to take out when I’d like to invest shorter term(~5 years). All suggestions are welcome as I am looking for a way to save some money as well as have some diversified investments.

I am also working on building a credit history by having my first credit card set up as an authorized user on my parents credit card account. If there’s ant other suggestions you guys have for credit building at my age as well please let me know!

If there’s anything you need for me to clear up as well let me know and I will try and clarify by editing/updating this post if it’s possible. Anyways, I would like to thank everyone in advance for the help!

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