Carrington (wheezysgal) wrote in personalfinance,

18 and just starting out

This goes out to anybody that can help me.

I'm 18 and just about ready to start college and get an apartment. I am a clean slate: no checking, no savings, no debt, no experience. I am not messing this up.

First, I have 10k saved up in an account under my grandma's name. The college I am going to gave me 19k in scholarships, (plus I'll earn more through the school), 3k in really low loans, 3k in work study. The cost of attendance (tuition and books) is about 6,500. I don't see any of the extra money until school starts. That's where the 10k comes in... I will buy my needed supplies and a down on an apartment out of that.

Then once the reimbursement check comes, pay it right back off and invest it all. I want to place 5k in long-term savings, and 5k in short-term savings (saving for my eventual move to France...). Is this a wise idea? Where do I invest it? Is this money taxable for the college? What is an IRA account and is it a good idea for me to place money in it?

Next, I will pay off a 10 month lease for my apartment. That takes away a fair chunk of money, but I'm estimating I'll have about 4k left, plus whatever my job brings in. So, how do I divide up this money? I want to invest invest invest, and I'm willing to be really frugal to do so.

Do I sound crazy/inexperienced/too hasty?
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