The Grass Doctor

How can I make $35,000 before I get to College?

I'm 16 years old, and I'm going to be going to College in about two and a half years. Before I leave, my goal is to be able to afford a brand new car. Most of my cars that I build on car websites cost around $25,000. I just recently built a 2009 Honda Civic Si Sedan for $28,039. It would be roughly $29,000 with tax. I also like Toyota Celica's. They normally cost around $27,000 with the options and features that I would want. Well, once again, how can I make at least $35,000 before College. I'd be happy with a minimum of $30,000. I don't have a job yet, but after shool's over, I may be getting one. How much do you think I'll get working part time? Roughly 20 hours per week. Is it at all possible for me to accomplish my goal? How can I get there quickly? Where could I get a job at 16 years old? (My parents won't let me start a lawn care business or anything like that, so I'll have to work under someone). I will appriciate any answers. However, I don't want any answers like: "Oh, you'll never get there... or it's impossible. " It may be impossible, but I at least want to give it a try. Just one more bit of information. I want to be able to pay it off as soon as I buy it. Thank you for your help! I live in Pennsylvania and I don't want any online survey stuff.

Public Comments

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2. Depending on what minimum wage is in your area, this task might take quite a bit more effort than you thought initially. If your state's minimum wage is $6.50, and you are working 20 hours per week, you will earn $130 each week before taxes. If you work this same schedule for two years, and get a $0.25 hourly increase every six months, you can expect a total pre tax income of $14,300. Once you take out
3. Sorry, it is really mathematically difficult to pay cash for a car at $30,000 with just two years to save and only working 20 hours a week. Do the math - 20 hours a week x 52 weeks a year x 2 years = 2,080 hours. This 20 hours a week is steady all year - no time off for vacation, prom, finals, spring break. Sigh - tired to think about. But, assuming you can put in 2,000 hours of work over two years, to get $30,000, you would have to take home $15 an hour, which means you would need to have gross pay (before taxes) of around $22 an hour. There are not that many jobs that pay that amount part time for your age and experience. On a different approach, if you got a $10 an hour job, and worked steadily at it, taking home about $7.50 an hour, you could possibly save $15,000 and that would buy you a very nice used car. One thing you haven't factored in is how much it will cost you to KEEP the car once you have it. Insurance for a young person is very very expensive. And, you are young, so the likelihood of damage to the car from an accident is much higher than someone over age 25. Before you buy anything, call up your parent's car insurance company and tell them what you are thinking of buying and ask them how much per month you will need to spend to buy insurance. Don't be surprised if they tell you $300 a month or more! Do yourself a favor. Look into a decent quality used car - you can get a good used civic for around $10,000. And, take the time to educate yourself about the total cost of car ownership - not just the car, but insurance, license, tags, taxes, gas, maintenance. Some websites such as KBB.COM (kelly blue book) and Edmunds.com have excellent advice on ownership costs. You are on the right track about paying cash for a car, though. Car loans only make everything more expensive. Good luck.