A Finance quiz ? Im going to get a position when im 14 and recive income

Im going to get a position when im 14 and recive income about $60 dolars a week roughly speaking $240 a month.My question is...I would approaching to buy something nice when I get my undertaking and start reciveing income I would like to buy a gameing computer or a nice big tv,but I cant reward like $1,000 so I would similar to to Finance the Item and pay it stale in time.I know you stipulation good credit and to take credit you need a chore so would I be able to do this when Im 14.

Until you get the age of 18 you can not sign a legal contract.

You will ned your parents comfort on this one.

maybe your parents will aid you i dont think you could nouns the item because you are young but possibly they could be cosigners for you so in valise you cant pay for it your parents would embezzle over the payments you wold most likely repay them back right resourcefully hope i helped

Answers:
Chances are apt you'll have to progress with an mature to have them assist you. Minors cannot entire into a contract and that is what you would be doing- entering into a contract near a company.

As far as I know you can't get credit until you are 18 (in the US). Using credit is in actuality a legal, binding agreement and as such you hold to be of age to apply and receive credit.

Unless you lie. But even next you won't go far. Credit is usually base on income, time in available job, etc.

Dude, do you want to be a slave for the rest of your life, working for The Man?

My best counsel to you is to take your money and invest it. If you start working when you are 14 at the money you suggested, you might know how to hustle a bit more and put away about $4,000 a year into an IRA.

Yeah, that's unheard of for a 14 year older, but guess what? When you turn 24 and get out of college, you will hold invested $40,000 ($4,000 * 10) PLUS all of the interest, dividends and property appreciation. It's very possible that you would enjoy $100,000 in your retirement nest egg when you are one and only 24 years old and everyone else is MAYBE simply THINKING about starting to invest surrounded by an IRA.

If your investments can make 10% a year (which is terribly realistic), then your money would double every 7 years. So, it would look resembling this.

Age 24 = $100,000 in IRA
Age 31 = $200,000 within IRA
Age 38 = $400,000 in IRA
Age 45 = $800,000 surrounded by IRA
Age 52 = $1,600,000 in IRA.

Now, adjectives of this math is ASSUMING that you only save and put away $4,000 a year from age 14 to age 24 and never bothered to save another nickle for the rest of your life span. I'll bet that if you got into the way of saving your money at age 14, you would probably not stop at age 24. Regardless, you would be a millionaire by age 50 and could probably retire.

So, what do you want again? To be rich and own great wealth? Or, that big eyeshade TV that will be broken or replaced with newer technology within about 5 years?