Quite clearly the earlier you start to earn money and save then the bigger account you will have when the time comes to make large purchases. This could be to pay for college or as a down payment for a house but whatever you want in the future you will be well advised to start earning and saving as soon as you can.
While you may not want to be making plans for the future while you are still in your teens, if you can put a plan together at that age you can break yourself in gently and start earning on a part time basis.
When you are in high school you can do a variety of jobs that will not get in the way of your education. This can range from small gardening jobs for neighbours, babysitting in the local, area or part time work in the grocery store or picture house. You will not only be earning your first wage, but you will get a lot of satisfaction from behaving like an adult, plus you will soon become used to the routine. If even a small amount of this is squirrelled away you will be starting a habit that will set you in good stead for the future. If you can open a bank account that pays interest you will soon see how your money can grow and this should act as an incentive to save more
If you think you will need some of the money then apply for a debit card. There is no charge for this and as the money comes out of the account right away you will know from day to day how much is in there. There are credit cards for teenagers with the choice of a low credit limit and another is a front loaded one with spending limits.
Many schools have investment clubs and while this could be low level advice, all advice is important. It can give information when it comes to financing your college time as with so much to pay for and the choice of saving in advance or borrowing, you need to know which way will be best for you.
Once you get to college there will be all the responsibilities of running your life. Bills to pay and food to buy plus knowing that missing bill payments could ruin the credit rating you may have already built up. If possible still try to save a little.
Once you leave and start work there should be more chance to put money aside. You may still be young but you should start to think about your retirement plan and never dip out of insurance policies.
Once you start a family there will be the need to start saving for someone else. If you rent this could also be a good time to invest in your own home to give you all security. With children around it could also be important to protect them by writing a will and taking out life insurance.
There will never be a time to stop saving so the earlier you start the sooner you will get used to it and know how to pick the right products.
Thrillionaire Nik Halik founded the Thrillionaires social community. He is global wealth strategist, entrepreneur, international speaker, astronaut, high adrenalin adventurer and best-selling author—Nik believes in living life to the fullest. He started life with the same dreams as many kids: be an astronaut, have lunch on the Titanic shipwreck, climb the highest mountains, explore the pyramids. The difference? Nik didn’t let go of his dreams, he turned them into goals—and achieved them! A self-made multimillionaire, Nik believes life is about the magic not about the materialism. He educates and motivates individuals from around the world by sharing his knowledge so they too can experience the thrill of living without limits. And his most important goal is to welcome new members into The Thrillionaires global community. http://thethrillionaires.com
Nik Halik’s concept of becoming a Thrillionaire takes a new generation of individuals to a higher stratosphere. Dare to dream... Live with Passion...Make your life an epic and extraordinary adventure. Welcome to the community.
Post new comment
Please Register or Login to post new comment.