(Some ideas to help dreams come true…)
I’d like to encourage you to think about setting some goals for saving. (Here’s another post about setting goals.) Perhaps you would like to go to University some day, or buy a car when you turn 17! You can start saving for that now! A great way to save is with something called a “mutual fund!”
Imagine that you want to buy a pizza, but you only want one slice. So you and several friends put your money together, and buy a pizza from a pizza maker. He looks after the pizza for you.
A mutual fund is like this pizza. Many investors put their money together (like the pizza buyers), invest, and then the fund manager (like the pizza maker) looks after the fund (the pizza). The difference is that the fund manager is making sure that your fund value grows (sort of like having your medium pizza become a large, without paying extra).
Over many years, a well-cared-for mutual fund can make your money grow. Even better, right now the stock markets are still down so more mutual funds can be bought for less money. I know this sounds kind of complicated, but, believe me, long term investments will be important in your future!
So, if you’d like to start doing some serious saving, talk to your parents about starting a mutual fund account!
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