It was good seeing you guys today. I can't wait to see what the month has in store. Feel free to post a hello down at the bottom. As promised I've posted a few helpful links for you guys to start thinking about how to be money smart. Remember when it comes to money YOU have to be responsible for yourself. Here's a recap of the 4 things you can do with money
- Earn It!
- Save It!
- Invest It!
- Spend It!
Teens and Money Education
Here's the results of what Canadian teens think about money. I'd say this would apply to you guys as well
How can you make money? Watch this!
Old School Money Rules That Still Work
1. Keep track of your money!
Where is your money? If you don't know you're in trouble. Write down how much your making, saving, and spending.
2. Get to work!
Get a part time job, sell your stuff on craigslist, but do SOMETHING and make sure you are getting cash into your pocket. Better yet, START YOUR OWN BUSINESS. It's easier for teens your age to do it and who knows, maybe you'll create the next youtube, or angry birds. Or maybe you can wash cars on Saturdays.
3. PAY YOURSELF FIRST!!!!!
Take 10 percent of what you make (let's say you make 50 bucks, take 5 bucks out of there) and SAVE IT. Put it in a piggy bank or a real bank, and write it down! Do it every time you get paid. Soon, that savings will get bigger and bigger. This is what it means to "live beneath your means". It means getting by on less that what you have.
4. Invest your money
After you've saved up a bit, put your money in a bank account (your parents may need to help you) and tell your banker you want to invest some money. About 500 to 1000 is what you need to get started. Get a savings account to start, then start investing in a mutual fund. In ten years when your friends are barely starting to invest, you'l have a lot of cash saved up in the bank.
5. Spend Wisely!
Look for deals, buy used, and don't be afraid to wait to get something until it's cheaper.
6. Invest in yourself
Make yourself valuable by learning a new skill, computer program, language etc....
7. Keep yourself humble by donating to charity
Save that money, have fun, but don't be afraid to help someone out.
1. Keep track of your money!
Where is your money? If you don't know you're in trouble. Write down how much your making, saving, and spending.
2. Get to work!
Get a part time job, sell your stuff on craigslist, but do SOMETHING and make sure you are getting cash into your pocket. Better yet, START YOUR OWN BUSINESS. It's easier for teens your age to do it and who knows, maybe you'll create the next youtube, or angry birds. Or maybe you can wash cars on Saturdays.
3. PAY YOURSELF FIRST!!!!!
Take 10 percent of what you make (let's say you make 50 bucks, take 5 bucks out of there) and SAVE IT. Put it in a piggy bank or a real bank, and write it down! Do it every time you get paid. Soon, that savings will get bigger and bigger. This is what it means to "live beneath your means". It means getting by on less that what you have.
4. Invest your money
After you've saved up a bit, put your money in a bank account (your parents may need to help you) and tell your banker you want to invest some money. About 500 to 1000 is what you need to get started. Get a savings account to start, then start investing in a mutual fund. In ten years when your friends are barely starting to invest, you'l have a lot of cash saved up in the bank.
5. Spend Wisely!
Look for deals, buy used, and don't be afraid to wait to get something until it's cheaper.
Make yourself valuable by learning a new skill, computer program, language etc....
7. Keep yourself humble by donating to charity
Save that money, have fun, but don't be afraid to help someone out.
To learn a little more about how you as teens can manage your money, check out this free class on money management http://www.inspirefinanciallearning.ca/index.php/your-financial-first-steps-2/
Finally I'm looking forward to meeting all of you. Good luck!
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