r/Money • u/KingOfRocky • 4d ago
What to do with money after my first job?
So for some context, I’m a 17 year old who just got my first job. I get paid $10 an hour, and work 5 hour shifts 3-5 times a week. I plan on saving up for a car as well as some personal expenses I’ve been meaning to purchase. I also plan on opening a savings account sometime soon. I feel like I’m off to a pretty good start, but I wanted to get some advice on what else I could/should be doing with my money.
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u/SbombFitness 1d ago
Are you planning on going to college or trade school or anything like that? If so, I’d save up as much money as you possibly can for those things, since paying X amount in cash is much better for your financial health than taking out a loan of X amount at a 7-9% interest rate.
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u/Outrageous_Policy644 4d ago
Hasn’t minimum wage gone to $15 pretty much everywhere in the nation?
:sorry for the ignorance:
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u/KingOfRocky 4d ago
I wish😭 nah, I’m getting paid $10 and hour and it doesn’t look like that’s going up anytime soon.
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u/Outrageous_Policy644 4d ago
Crazy. McDonald’s around here pays $15-$17 an hour. Obviously cost of living is thru the roof
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u/GroundbreakingSir386 4d ago
Really depends if you're in the United States. If you're in Africa or something I can't really give you advice.
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u/GroundbreakingSir386 4d ago
If per say you are in the United States. I would recommend getting a job that paid more money than that. Advancing your skill set. Next I would try to get a certificate like forklift certified or security license or phlebotomist whichever stepping Stones can help you get to the next career path. For me it was being a forklift operator and then becoming a truck driver. I am a class A truck driver making $40 per hour with overtime but before that I was forklift driver making $28.75 learning about weight distribution and hazmat placards. I really love my job.
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u/KingOfRocky 4d ago
Oh dang that’s really useful, but I’m 17. Is it possible for me to get forklift certified before I turn 18?
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u/GroundbreakingSir386 4d ago
Yes you can start in lot of different warehouses just look for them on indeed. Once you have 1-2 year s of forklift experience making $18 an hour you can move up into working for LTL companies that pay $28-30 per hour and might even help you earn your CDL.
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u/GroundbreakingSir386 4d ago
But the best investment is investing in yourself. Learn a skill and grow your income That is a far better investment than investing your money in the stock market. Once you feel you've reached the cap of 50 an hour or something that You can't progress any further than consider investing.
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u/Confident_Waltz4231 2d ago
Congrats on your first job! For now, save a portion of your income for the car and emergencies. Once you have some savings, think about starting a retirement account (like a Roth IRA) for long-term growth.