Just turned 18 (I know everyone on this sub is apparently a fresh 18 year old).
I am going to my state school (UCLA) and my parents have agreed to fund my college education for all 4 years, so housing and food to a lesser extent will not be too much of a problem. I plan to major in Business Economics and Data Science & Statistics with a minor in Accounting on the pre-law track.
I am currently a registered user on one of my mom’s credit cards so I plan to build credit like that.
Now for the plan (chronological):
-Open a personal checkings account (planning on University Credit Union)
-Open a HYSA (picking Marcus by Goldman for set it and forget it)
-Earn Income (still no idea how to do this but thinking of offering tutoring services to wealthy Westwood residents lol)
-Open Roth IRA (thinking Schwab or Vanguard right now; advice appreciated) and deposit 7k max limit
-Open Investment account (Charles Schwab) and put ~25k into ETF/Dividend stocks (advice appreciated)
-Use remaining 5k to experiment with short term stock trading
-Look into 401(k) employer matching
-Leverage HDHP + HSA combo because I consider myself a relatively healthy boy so I can save some money later on
Some context to my situation:
-I plan on getting my CA real estate license so maybe this can help with making money/maybe not (partially school related)
-I also plan on getting my Series 65 Certification (this is career/school related)
-My parents have verbally stated that because I chose my state school and not a private school, I will have ~$170k ($200k-$30k for investments). Right now they plan on getting me a property (possibly in the US or Dubai) that can grow in value.
-My parents currently own 6 properties in the California and Arizona and expect me to start managing after college. Properties will NOT be transferred to my name because of the expiration real estate rule.
-I am hoping to pursue a career in Investment Banking or consulting out of college. Maybe become a corporate/tax attorney later on.
Please give me some advice on what I should add, adjust, or remove to optimize my financial life.
