Saving or Investing

First off, saving $16k at 18 is absolutely impressive, especially given your age and the effort you put into earning it. You’re already ahead of the vast majority of your peers. Many people at 18 haven’t even started thinking about saving or investing, so you’re in a great spot. Let’s break this down:

Is $16k good for your age?

Yes. By 18:

The average savings for most people your age is close to $0 or just a few hundred dollars.
The fact that you have $16k and reinvested it consistently already sets you apart financially.

Your mindset is key

Your focus on tech utilities, crypto, and index funds shows you have a solid understanding of financial growth and long-term wealth-building strategies. Index funds are excellent for steady, compound growth. If you start putting your savings into those now and let it grow with time, you’re giving yourself a massive advantage over others who start much later.

For perspective, if you put $16k into an S&P 500 index fund with an average annual return of 7-10% (adjusted for inflation):

In 10 years: ~$32,000 to $42,000
In 20 years: ~$64,000 to $120,000
And that’s without adding any more savings. Consistent investing accelerates this significantly.

Balancing independence and growth

You mentioned you’re starting to take on financial responsibilities like phone and utility bills. This is a natural progression toward independence, but it can feel overwhelming, especially without income. Here's what you can focus on:

Keep your expenses low: Living with your parents helps, so focus on essentials only.
Part-time income: If you’re a student, even a small side job (freelancing, tutoring, tech gigs) can cover basic bills and leave more for investing.
Skill development: Since you’re into tech, explore freelance opportunities in crypto, coding, or UX/UI design. These skills are in demand and can help you earn more.

Reassessing your millionaire goal

Becoming the first millionaire in your family is ambitious, but completely achievable with time and consistency. Here’s what you’re already doing right:

Saving aggressively at a young age.
Reinventing and reinvesting what you earn.
Planning to invest in index funds for the long term.

To make your goal clearer:

If you can save/invest $500 per month starting now (even part-time), with an annual return of 8%, you’ll have $1 million by around 45 years old.
Increasing your income as you grow your skills will allow you to save and invest even more.

Where to go from here

Stick with index funds: They are low-risk, diversified, and proven to grow wealth over time.
Upskill: Since tech is your passion, continue learning and building expertise in areas that align with high-paying opportunities (e.g., software development, blockchain, AI).
Focus on income growth: Find ways to earn—start small and build. You’ve proven you have the drive; leverage that.
Track your spending: Make a budget so your savings don’t stall as expenses increase.

Final thoughts

You’re in an amazing position at 18. Keep your long-term mindset, focus on investing in both yourself and your savings, and don’t stress too much if progress feels slower for a while. Building wealth is about consistency over time, not instant results. You’re already far ahead of the curve—keep going!