INVEST, and DIVERSIFY when you do so. Roth IRA, mutual funds, stable stocks, gold - heck, even savings bonds would be preferable to blowing it.
If it were me, without seeking any professional/experienced financial advice, I'd probably buy a couple ounces of gold, and put the rest in Roth IRA and mutual funds (diversify). But, of course, I would indeed try and find out what would be best (ie safest while having a good return).
If you let that money just sit there in the market for the 6 years that you're in service, I'd personally be surprised if it did not double by the time you come out, market collapse not withstanding. My grandparents established a $500 mutual fund for me when I was 14 or so (and I put about $200 more into it before my 18th bday); when I needed the money in 2001, it was up around $1800 - $300 or so less than it was at its peak two years prior, but still a heck of a lot more than that $500 would've been just collecting bank interest in a savings account.
If it were me, without seeking any professional/experienced financial advice, I'd probably buy a couple ounces of gold, and put the rest in Roth IRA and mutual funds (diversify). But, of course, I would indeed try and find out what would be best (ie safest while having a good return).
If you let that money just sit there in the market for the 6 years that you're in service, I'd personally be surprised if it did not double by the time you come out, market collapse not withstanding. My grandparents established a $500 mutual fund for me when I was 14 or so (and I put about $200 more into it before my 18th bday); when I needed the money in 2001, it was up around $1800 - $300 or so less than it was at its peak two years prior, but still a heck of a lot more than that $500 would've been just collecting bank interest in a savings account.