So you got a job! Good for you. Maybe you’re making $10 an hour at a pizza place or maybe you’re running your own babysitting business and making a lot more than that. Either way, you have an influx of cash that you probably want to spend on everything your parents said you’d have to buy for yourself! But, should you? Really? Is that the best thing that you can choose to do with that money? The pleasure you get from having things is temporary. What if you took $20 out of what you make in a week and invested it instead?

Notice I said invested, not saved. There’s a difference between putting your money in a savings account and investing your money in something that can really grow for your future. (Things like stocks, money market accounts, and IRA’s) That can happen because of the magic of compound interest. Look at this page that shows how compound interest works. It actually says that a $20 a week investment could earn you over a million dollars in 50 years.

Now, investing isn’t simple or easy. It’s something you need to get advice about and do your own research on, but as a teenager you have something that we older people don’t. TIME. You have time on your side and starting with small investments every month as a teen can add up to an early retirement or other advantages when you’re older.

There are lots of places on the web that discuss compound interest and investing. Our textbook for class and Dave Ramsey also have a lot to say on the matter. Ultimately though, it’s a decision you should make with your parents after looking at all the information you can absorb. It’s definitely something to think about, especially if you just got a job.