It’s been clear for a few months that teens today are ambitious and enterprising. It’s clear that teens are digital natives and have a strong grasp of technology and social media.
“Unfortunately, there’s one area where teens feel less optimistic: Money,” Shaun Stenning stated.
A survey conducted by Junior Achievement in 2013, an organisation that teaches kids about money, found that 25 percent of teens think they won’t be able to support themselves without parents until they turn 25 or 27. A further 59 per cent believe they can support themselves between 18 and 24.
This pessimism about financial independence in the future is partly a result of teens’ high unemployment rate. Teens can achieve financial independence with some help from their parents.
These are some Shaun Stenning tips that every teen can use to help them prepare for financial independence as adults.
Here’s my suggestion for helping you improve your grades.
Get Good Grades
It would be best if you had high grades before you could do anything else. As a teenager, this should be your top priority.
It is very important to graduate with good grades and be able to go to college if you decide to.
Don’t procrastinate, and get organized. As long as you do your homework, it’s easy to pass your classes. Students often forget something or don’t do something, affecting their grades. You’ll be fine if you show up to work.
Financial goal-setting is one of the best ways to learn about finances. Teens can be helped by their parents to set realistic financial goals. These could include saving for an iPhone or donating to a college fund.
Keep track of your spending.
Uncertainty about where your money is is one of the greatest obstacles to financial independence. It’s easy to spend a lot of money without financial awareness.
Open a Roth IRA
A Roth IRA is open to any teen earning income, that is, money earned from a job.
Get started investing
It’s important to get teens involved in investing, but it’s equally important that they feel comfortable with the process.
While still living with their parents, teens can make great strides in preparing for financial independence. You can start to practice good money management.
Shaun Stenning Phuket has made a living off his smart financial investments.