How to Invest Your Bar Mitzvah Money?

Families of the young boys entering fifteen years of age have to observe the bar mitzvah per the Jewish customs. If you’re about to celebrate your bar mitzvah, you’re going to receive gelt or money from the guests. It’s a tradition to offer money to the young man who is now permitted to perform religious customs. Have you decided what you can do with the money? Well, a young teenager like you receiving that much amount of money can either lead you to do something great or can drag you to the group of people with limited thinking. Which one will you prefer to be? Here, some ideas are shared—

Stand by your family & support them for arranging the bar mitzvah

Many parents often go beyond their limits to arrange the bar mitzvah. Starting from booking the banquet hall for arranging food and sending Bar Mitzvah Invitations Houston and other places, they have to spend a huge sum of money for conducting the bar mitzvah. If your parents have also gone beyond their financial situation to arrange a wonderful bar mitzvah for you, you can support them by offering them the gelt you have received on the bar mitzvah.  They’ll be pleased and can easily pay off the debts if they have any for arranging the bar mitzvah.

Have your bank account and save the money

If your parents don’t need your gelt, you can consider doing your first savings. Create a bank account and save all the money you have received on the bar mitzvah for the future use.

Gather the money to enter a good college

Like much other smart kids, you can save the money for entering a good college in the next few days. A college education is expensive. Instead of depending on your parents, you can use your own money for college education.

Invest in mutual funds

Investing in mutual funds is a great way to increase the money. Kids usually lack sufficient knowledge of investment. Thus, it’s advised to consult a professional in the bank before investing the money to the mutual funds.

Try short-term investments in recognized organizations

The short-term investments from recognized organizations such as reputed banks or financial companies are always beneficial to increase the money. With the help of a financial advisor at the bank, wisely choose a term that can ensure better term benefits and help you make money double, triple and more with time.