Well your parents might buy you your first car, and they might pay for the car insurance (it's the law to have car insurance), you'll have to pay for gas though. You'll have to pay for a house someday. There isn't a "light" bill, but there's an electricity bill, yes, you'll have to pay that, and water, and gas. Those are known as utilities. As part of Obama's healthcare reform, some time within roughly the next four years, it will be the law to have health insurance, whether you want it or not, that's how it is with cars. This is because if everyone who has health insurance is sick, then the insurance companies are paying for them, and getting no money from other people, and thus the rates will go up and up and up. If everyone has health insurance, sick or not, then health insurance will be much cheaper. Going back to paying for a house, there are many options. There's houses, lofts, apartments, studio apartments, and condos. Studio apartments are very very very small apartments, they're the cheapest, but they're incredibly tiny. A loft is a floor consisting of a large unpartitioned space over a factory or warehouse or other commercial space. It's like a massive apartment, but at a good price because it's over some sort of commercial space, which turns most people off to the idea, and in some cases it can be a bad neighborhood, or noisy. Lofts are generally found in downtown city type places. Condos are like bigger more expensive apartments. They're not as big as lofts, and not in commercial areas, but they're very nice. A house is a house, and a mansion is a gigantic house, but there's no fine line between big house and mansion, so I didn't bother listing mansion separately. Two people can look at one house and go, "That's a mansion." "No way, it's a big house, but not a mansion." Anyways... There are various payment options available too. There's rent, mortgage, purchase, and I think one more that I'm forgetting. The three I listed work like this: Rent you pay a monthly pre-determined amount, and depending on your rental agreement, you might be paying amenities. Purchase, you buy the property. Owning property is EXTREMELY expensive though. That's where mortgage comes in. When you pay mortgage, you pay a monthly amount to a bank. After many years, you eventually own the property. It's expensive to own the property, so it takes a very very long time, but paying it off monthly it's much easier because you aren't paying it all at once, however, in the end, you end up paying more than if you just bought the property. The bank does this because otherwise they'd lose money in the long run. When it comes to buying property and buying a car, you can (and almost everyone does) get a loan from the bank. Then you just have to pay that loan off over time (with interest). I advise going to college. Universities are unnecessary, you can get a perfectly fine education from a community college at such a small fraction of the price. I advise you not take out a student loan though. Most people die of old age before paying those off. Being 16 though, you don't have to worry about all this right away, you ease into these things, it's a process, and your parents are there to help you through it. Don't forget about other expenses too, like food, clothing, internet, cable/satellite, and everything else you need in your life.
Hope this helped.
