Beginner Teen Financial Game Plan – FINALE to become THE Rich Grandma

How do I invest as a teen? WHAT do I invest in? Is that even legal? 

Welcome to the FINALE of The Rich Grandma series. Over this series we have talked about a range of investment options, from Roth IRAs to specific Corporate Bonds. And although we have included in most of our posts, HOW to implement them. It can be confusing and hard to actually do. 

Sooooo what if there was a plan to follow or at least a starting point. And actually takes into consideration TEENS. Crazy right?!!! 

I love Andy Samberg almost as much as I love what's about to follow!

Let’s talk legal before jumping into a game plan. By the US Law, people under the age of 18 cannot directly invest into stocks or bonds without a custodial account. A custodial account, also known as a UGMA/UTMA account can be used for both education and non-educational expenses, with no limits on contribution. It basically is managed by the parents, but you can invest in basically anything through the custodial account. 

This is from one teen to another and by no means financial advice but rather inspiration to get teens started in investing. 

THE beginner financial plan!

1. What’s your goal?

For each post, I have included whether people mainly use it as a long-term investment, short-term investment, or a safe option. It is EXTREMELY important to decide where you want to start. Remember goals can and SHOULD change

2. Set Up High Yield Savings Account

3. Choose investing Options

4. Open Custodial Account

5. Check with Parents – choose investing amount 

How much risk are you willing to take? ESPECIALLY in the beginning, bad choices will happen. It's important to take this into consideration and consider the risk for the reward.

Consider also reading the book Invest-Teen: The Ultimate Teen Investment Guide for more information and a more in-depth guide!

I hope you guys liked this series and for any questions feel free to reach out and comment on this post! Till next time 😉

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