When young people understand how to manage money, they are equipped with a lifelong skill that is essential to making their dreams a reality—and bringing reality to their dreams.
View the recorded financial workshop as we explore how to build strong money habits, establish excellent credit as well as the importance of saving and investing from an early age.
– Measuring the pros and cons of having a job during school. The value of internships as a source of income but also as a tool to find where passion lies and help determine a career path.
– A guide to your paycheck and understanding deductions.
– The difference between long term and short term goals and the power of compounding.
– A breakdown of debit vs. credit cards and understanding the difference between bad debt and good debt.
– The basics and importance of budgeting.
– An introduction into investment 101: stocks, bonds, and diversification.
The Teen Finance 101 session is held for both the teens and parents simultaneously. The parent session functions more as a roundtable discussion so while we cannot share the session we wanted to highlight a few stand out questions and conversation highlights.
Q: How do I teach my kids accountability and instill the desire to save for their future?
A: The desire to help teach our kids early about the importance of saving and creating healthy financial habits is common and shared. The first step is to have an open conversation with your teen so when they start spending you can have a follow up conversation using the building blocks you have already created together. For more on how to have a powerful conversation with your children about finances check out this blog post.
Q: My son just started his first job. Should we open an IRA account for him to start saving and teach about disciplined investing?
A: Creating an IRA or Roth IRA are both great tax-deferred savings vehicles that even allow for the flexibility to use some of the funds toward college expenses. There are strict rules for setting up and funding these types of accounts, so it is important to do thorough research and/or consult with your financial advisor on what makes sense for your specific situation.
Q: I am having trouble getting my kids excited about finances, any advice?
A: Get your kids involved in the conversation about your family finances early on and show them what you are doing and how you are making those decisions. To help get them excited, try to ask them questions and get them to determine what would they want to save up for and what goals could they set for themselves that would be really exciting?
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