Young student just opening my first accounts.

[Konohrik]

About me
Hello, I have $500 - $800 in assets and I'm thinking about opening my first accounts. I am always looking for investment opportunities. I am only 14 years old. The reason that I am starting so young is because of my parents. They say that if you invest at a very young age, then you will get many multiples of your money when your grow older.
My plans for the future are:
-Completion of my I.B. diploma (one year of college credit earned in high school)
-Applications to engineering colleges (dream college is Cal-Tech)
-Setting up job opportunities with engineering agencies during college.
-Working life.

 

[GrayHare]

Congrats on your start, I began investing around your age. Let your money work for you and you won't have to work as much for money. Find a job you really like and it won't feel like you are working anyhow. Don't strive to save every dollar though, spend some along the way for life's experiences.

 

[NgineER]

Dream big! Cal-tech is achievable if you want to. Keep saving but have fun too!

 

[DrRoy]

You will find out what many do not, that compound growth is a powerful force. Well done.

 

[38Chevy454]

That is a good attitude and great start. Good to see you thinking about the finances and savings at your age. I do agree with the recommendation to spend a little for fun. Nice considering to be an engineer, a lot of us on the forum here are engrs. Cal Tech is a great school, keep working hard at school and you can make it. Some other good reputation CA engineering colleges are Cal Poly SLO, UC Davis, UC Berkeley. Very good you have an idea what you want to do, that alone gives you a good head start vs many of your peers.

I assume this money is being considered as retirement, you should look into Roth IRA, so it can grow many times over tax free at your age vs retirement age. I am sure you have heard the word compounding, that is what your parents are referring to when they made comments about multiples of your original investment.

Welcome to the forum, I think you are certainly one of the youngest ones I have heard about on here.

 

[rodi]

Full disclosure here.... The OP is my son. He set up his logon and told me about it afterward.

Yes he gets messages at home about saving, investing, working hard... But he definitely finds plenty of time to have fun....

 

[Meadbh]

Chip off the old block!

 

[kcowan]

Full disclosure here.... The OP is my son. He set up his logon and told me about it afterward.

Yes he gets messages at home about saving, investing, working hard... But he definitely finds plenty of time to have fun....

He might be looking for independent verification.

 

[Konohrik]

Thank you for all of the positive feedback.

 

[Sue J]

Full disclosure here.... The OP is my son. He set up his logon and told me about it afterward.

Yes he gets messages at home about saving, investing, working hard... But he definitely finds plenty of time to have fun....

I LOVE it!!

Proud Mom moment.

 

[target2019]

Thank you for all of the positive feedback.

Your goals are fantastic. Regular savings as a habit will help you reach them.

 

[easysurfer]

Always good to see someone start at an early age with personal finances and investing. I started relatively early but still wish I started sooner.

My only smart advice "Mother knows best" .

 

[meierlde]

I spent 4 years at grad school at Cal Tech in the 1970s(I studied in Geophysics BTW). One thing folks don't know about Cal Tech is you can get a humanities or social science degree. The programs concentrate on the history and philosophy of science. You can get humanities degrees in English, History, History and Philosophy of Science, as well as Philosophy. It is possible to minor in these subjects with a major elsewhere. Given the increase need for good communication in todays environment an English minor might be an interesting thought.

 

[Options]

I spent 4 years at grad school at Cal Tech in the 1970s(I studied in Geophysics BTW). One thing folks don't know about Cal Tech is you can get a humanities or social science degree. The programs concentrate on the history and philosophy of science. You can get humanities degrees in English, History, History and Philosophy of Science, as well as Philosophy. It is possible to minor in these subjects with a major elsewhere. Given the increase need for good communication in today's environment an English minor might be an interesting thought.

I couldn't disagree more. Humanities degrees are positively worthless (just ask all the "women's studies" majors), unless you intend to pursue something in a very narrow niche (not a good idea) or in academia. Recall that approx. 52% of individuals with undergraduate degrees in the last few years are currently working in jobs that do not require them. Additionally, 94% of all jobs created from 2005-2015 were part-time, contract, or temporary (perfect fit for cultural studies majors)--this trend is irreversible.

All degrees, skills, etc. are simply "signals" to employers. A high school diploma signals the attainment (hopefully) of basic skills, an undergraduate degree some critical thinking skills, and a graduate degree more advanced specialized thinking skills. Communication skills are considered "basic" skills by employers (meaning they won't even let you in the door without them--but don't count on anyone to tell you this). No humanities major will provide employers with the type of complex communication skills employers are looking for (and desperately need).

CalTech is an excellent choice and as you OP are in San Diego you are probably aware of its outstanding reputation in Southern California (a great signal to potential employers). I would never waste that signal or CalTech's not inexpensive tuition on any kind of humanities degree. I highly recommend getting the best grades in high school possible to help in qualifying for scholarships.

 

[meierlde]

I was suggesting a minor in English as clear communication becomes more and more important over time. Actually even an English major from Caltech has an excellent background in science "You'll start your Caltech education with our core curriculum to ensure that you have a strong foundation in mathematics and the natural sciences. You'll build the base for your academic career with three terms of math, three terms of physics, two terms of chemistry, one term of biology, two lab courses, 12 terms of humanities and social sciences classes, one term of scientific communication, and three terms of physical education." Not exactly your typical requirements general education requirements for an English degree. In particular I was looking at the need for better written communication as teams go global and when folks for whom english is not their first language are involved, witten communication may work better than oral.
This is partly because while working on IEEE standards I recall one committee who had an english major on it, and the english major managed to make the document much more understandable. Essentially tech writing will become a more and more important skill it was preparing for that I suggested with the minor in english to improve written communication skills. No matter what discipline the ability to communicate clearly is becoming more important.
As an anecdote, while at Caltech there was a requirement for an oral presentation class that many regarded as a waste of time, but in retrospect was important in the same fashion, as much research is first presented in conferences.

 

[Bryan Barnfellow]

I agree with Meierlde completely. Good written and oral communication skills are essential for success in both career and personal life. Students are well advised to make sure they develop these and can demonstrate them through their transcripts and completed work. I knew brilliant engineers over the years who couldn't write a clear memo and whose careers were sometime stunted because of it.

-BB