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/biz/ - Business & Finance

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44900 No.44900[DELETED]  [Reply] [Original]

What do I do with money?

I came to the US when I was relatively young but my family has never been rich so I never had luxuries

Right now I'm going to college on a full-paid scholarship and I made $12k in 2013 working part time, spending maybe 2/3 of it on food, rent, girlfriend, video games and sending it back to my parents who are buried in debt

I signed a contract for an internship and it will pay $26 hourly. Not a lot by /biz/ standards I'm sure, but it's more than I've ever had (pt paid $17/hr)

I plan on sending most of it to fix my parents shitty situation, but what else do I spend it on? And if I put in savings, what do I save for?

>> No.45020

>I plan on sending most of it to fix my parents shitty situation

Bad idea. If they're not starving, they can handle it on their own. You'd be better off investing now, which will enable you to afford to care for them when they're elderly. If they don't manage to get their house in order before that point, their debt can die with them.

>> No.45099

Start 401k, invest the rest. Don't help your parents they must solve their situation themself.

>> No.45118

>>45020
>>45099
What do you think is an acceptable level of help?

>> No.45176

>>45118
None. Teach them to fish, not give them fish.

>> No.45177

>>45118

Seriously, none. If they are in good enough health and not homeless, don't send them anything. As far as you know, it's their own financial literacy that fucked them over in the first place.

Did they make significant sacrifices for you to have the opportunities that you have now? If so, keep that in mind.

But also know that if you are sending all of your cash to them now, you won't get anywhere yourself. If you focus on you for now, provided that they are fine, you will be in a much better position to help them in the future.

spoonfuls oftuance

>> No.45198

>>45118
Little to none. Certainly, do whatever you must if they're living on the streets, but $26/hr is not the kind of money where you can pay off all their debts and buy them a couple cars and a house. You'd be doing everyone a favor if you allocated as much of your income as you can to making sure you're financially secure.

Don't waste your chance to break out of poverty by thinking only about the short term.

>> No.45219

Save your money to help yourself and your parents once you are firmly established in the future. For now, giving parents money so they can spend more is possibly taking away opportunities (self employement? Homeownership?) from yourself in the future.

Your parents came here to see you succeed fag, learn how

>> No.45346

Invest it and make more money.

>> No.45484

>taking financial advice from 4chan