Re: is there anything i can do now as an 18 year old?
The first question that people seem to be missing is what exactly do you want to do with your money? Is this money that you want to grow for a few years then buy a car with or are you interested in starting your saving for retirement? If it's money that you are going to need within three to five years and you can't afford to lose it go with the savings account. If it's money that you are going to need within three to five years and want it to grow but it not crucial to be there open a trading account and buy an index, as risky as you want.
Do you have a job? If you have earned income (a salary) and don't need this money I would suggest starting an IRA. Ask anyone who invests that is over 30 and they'll tell you they wished they had started retirement savings earlier in life. Opening an IRA at 18 and sticking with contributions over the next few years would pay-off immensely come retirement. Sure you won't be able to use the money for over forty years but if you made smart investment choices you'd be living like a king once you retire.
First figure out what you want to do with your money, then decide what you want to invest it in.
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