Select Region
Let's Get Social!


Three Money Management and Saving Tips for Teens


teen-girl-saves-money; responsible-money-saving

Tip #1: Time is Your Friend, Use It!


Teenagers are incredibly powerful investors, not because they usually have a whole lot of money to manage, but because they have something even more valuable: time. They have the power of compounding interest, which Albert Einstein called the most powerful force in the universe.

If a person starts putting away only $20 a week at age fifteen, and does it every week, they can easily retire with a million dollars, with only average earnings on that money over time. To show the power of being fifteen, if that person waits ten years and starts saving $20 a week at age twenty-five, that million dollars will be reduced to $450,000 by retirement age.  Make life easier, start saving early and save a little each week.

 Tip #2: Stay in School and Study Hard.

More education means more money, which means more fun, which means more happiness.  It is that simple.  If you want to have a fun and happy life, stay in school as long as you can.  Getting a high school diploma increases our average pay by twenty five percent.

 Tip #3: Having Children.

Having a child as a teenager is the easiest way to throw ourselves and our children into poverty for the rest of our lives.  Being a parent makes it hard to handle school, so many young parents drop out of school as well.  It takes $12,000 a year to take care of a baby.  High school dropouts make minimum wage, about $8.00 per hour or $16,000 per year.  Sixteen thousand dollars for the family minus twelve thousand for the baby equals poverty for everyone.

 Jonathan Carr is a former financial adviser and author of "Fixing Capitalism," available on Lulu.com and other online booksellers.



 

For more articles on this topic, check out these from NYMetro Parents:

How to Save a Financially Wounded Marriage

How to Make College More Affordable: There's More Money if You Know Where to Look

 

 

More Finance, Insurance, & Legal Articles:

Professional Services for Families Rockland County

Use our guide to find the best professional services in Rockland County. From tutors to lawyers, search our online directory.


Latest News:

Professional Services for Kids and Families in Manhattan

Use our guide to find the best professional services in Manhattan. From tutors to lawyers, search our online directory.


Family Activities:



Have a Laugh:

Best Memes of the Week for Parents

Here are the funniest parenting memes from Instagram, Facebook, and Reddit this week.

Featured Listings:

Land of Make Believe

Land of Make Believe

Hope, NJ, Award-winning Land of Make Believe in Hope, NJ was designed by an educator as the first family amusement park in the Unites States specifically built ...

Garden School

Garden School

Jackson Heights, NY We believe that an exceptional education is a right, not a privilege. We provide an excellent academic choice that offers a realistic option for famil...

UFC GYM Mamaroneck

UFC GYM Mamaroneck

Mamaroneck, NY Start your journey with the club that’s right for you and your goals. Set yourself up for success with a supportive community and a fitness facility t...

Usdan Summer Camp for the Arts

Usdan Summer Camp for the Arts

Wheatley Heights , NY Music - Art - Theater - Dance - Nature - Writing - Chess - Nature & Ecology - Swimming - Tennis Air-conditioned buses from most Queens and LI neighb...