Teenagers face tough decisions at a point in life absent wisdom gained from experience. It’s also difficult for many to engage with their parents on the challenges of adolescence…relationships, high school, your first car and job, drama among friends, bullies, puberty, parent expectations, peer pressure, academic testing, social media image, college applications, and teenage money management. Financial Literacy is the last thing on your mind. These letters will assist you in making the right financial decisions during this vulnerable point of life, help you start on a path leading to financial independence, and give you a vision for a bright and prosperous future. Your future self will not regret it.
Teenage Money – The Right Financial Decisions for Teenagers
Every college applicant will ask themselves, “What Should I Major In?” Here is a practical method that some have used to go from minimum wage to over SIX figures in just 3 years. A degree with significant return on investment is one way to fast track Financial Independence.
How do you think your children would manage money if given the opportunity to earn income, pay expenses, and reap the rewards of a 20% compounding interest rate? My wife and I conducted a 20 week experiment and reviewed our kids decisions using the RoosterMoney app. Are you curious how my kids did and what can be learned from the exercise? I certainly was.
Relating the concept of financial independence (FI) to an activity a child understands is important. This is a letter to my son explaining how his video games are about money management and he doesn't even know it.
I want to share with you a life changing discovery that eluded me for decades. You can actually achieve financial independence rather simply with enough knowledge. Most parents don’t realize it or fail to pass along the methods to the next generation. Let’s fix that!