FINANCIAL ADVICE FOR TEENS

What is the dream of every teenager?

TO BE FREE AND MOST IMPORTANTLY HAVE THE FINANCIAL FREEDOM!

There are many times, when we think that if only, we had more money, we could have taken this trip, or gone to a restaurant, or buy something we always wanted. The thing is even do we do get our pocket money and have enough to fulfill most of our needs, a teenager’s mind is that of an explorer. Unlike Dora, the explorer we cannot just roam around and fulfill our wishes. We need what we call the “Moolah” or as everyone else says it money.

Even though you might think that teenage is not the age where you can be financially independent, in today’s world it is possible. We always have an Instasolution for everything and so is for this thing. We cannot be full financially independent but we can be semi! At least tick off couple of those things on our bucket list!

Q.  Most teenagers take up small jobs to keep themselves busy and also make that extra cash for their hobbies. So how do you use this opportunity to your full financial potential?

A.  Firstly, it is very useful to pick your job carefully. Instead of taking up a random job, one can look for something they like or are good at. This will increase your chances of doing the job better and getting more paid for it.

Q. Time is a huge issue and hence how can one accommodate this?

A. The simple answer is to do most of these jobs during summer or vacations. You can save up and use the cash for enjoying it while you slog through your daily routine.

Q. It is not always easy to find a paid job when you are pursuing your education. So, where should we look?

A. The best answer is to look into online websites and apps. They also give you a practice for the procedures of job selection by asking you to prepare CVs, giving interviews and so on. One can also network with the right people to get in some contacts which also help later in the career.

Q. Now, the very important question is what do you do with the money?

A. When you are young, it is obvious that you would want to spend money on a lot of things. But, if one learns to save now, you will earn more in the future. TRUST ME!

YOU KNOW THE SYNONYM OF SAVING?

IT IS EARNING MORE!

Q. So, where to save this money?

A. Well, you can spend some of it! We are not running a prison here, but try and save most of it. Having done that, wondering what is the next step?

There are MCs!

  1. JOINT ACCOUNTS – What are these? You are not eligible to open an individual bank account, but you can open one with your parents and save your money there.
  2. E-money wallets – These are places where one can transfer their money and use it as they please.
  3. You could also save money by simply keeping it with you, but that requires a very expensive asset. Guess what that is?

SELF CONTROL!

Q.  How do you keep the money flowing?

A. The most important thing is to think of the bigger picture. You must focus not on your paycheck, but on how to keep it coming. The key is-

TO THINK FUTURE FOR THE PRESENT!

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