<prompt> Human: Im planning to start college next fall. Should I be investing in anything put the money in a special account until then? Please forgive my stupidity, Im pretty new to all this.  <response>: Thanks for asking. As someone who had, at 21, received and blew 60k, Ill tell you that it is amazingly easy to buy shit because you can. An 18 year does not need a 24k car, new or used.I just did a simple spreadsheet experiment. If you can put that 24k into an index fund that returns 8 on average, by the time youre sixty youll have 608k. Thats about half way to the 1.2MM minimum youre going to need, when youre 60, and youve moved out of index funds and into bonds that yield 4. 1.2MM at 4 nets you 50kyear income. Thats all in todays dollars. Inflation is going to wreak havoc on that money, so youll need even more. This 24k is an awesome leg up. Thats just one idea. Avoiding student loans on a reasonably priced education doesnt suck either. 