Scott’s Hot Date

Dear Scott,

At 17 I am currently completing my VCE studies, but will soon have to make my own way in the world. I have $7,000 in savings and was hoping you would be able to help me find the right way to invest it so I do not just burn through it right after graduation. I am constantly anxious I will not have enough money to do all that I want, namely paying for living expenses, travel and study.

Holly

Hi Holly

Where were girls like you when I was seventeen? I would have dated you in a heartbeat!

Keep at least $5,000 in an online saver account (which Barefooters call Mojo). The return you’ll get on your Mojo is peace of mind. When you graduate, look at getting a full-time job over the summer -- preferably one that you can continue when you go to university.

If you’re living at home, you should be able to save up a few thousand dollars for your upfront expenses next year. Depending on your parents’ income, there’s also a chance you could get Youth Allowance.

My final tip is a strange one. In fact, you’re probably going to think I’m completely bonkers, but think about doing it anyway: go to kiva.org/team/thebarefootinvestor and lend some money (as little as $25) to a struggling businesswoman in the third world.

There is no need for you to be constantly anxious. You’re not only well ahead of most girls your age, you’re also one of the wealthiest women on the planet. You’ve got this.

Scott