>>773
Don't spend it on hookers and blow, and don't loan people money. Also, get any job you can while you are young. It will be less unseemly than when you are older and have to take a mcjob. Save at least 30% at your age, more if you can, especially if you live with your parents.
Diversify after you have about three months in expenses saved up. This is your cushion. You can always add more, but never leave less than three months for living the way you do.
I have learned things the hard way, and I've had strings of bad luck. Never give up if you fall into hard times. Don't blame yourself if it legitimately is not your fault. You will get out of it.