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5 Things Teens Can Do To Prepare For Financial Independence

In this day and age, teens are tech savvy and very enterprising. They are go-getters and their fast-paced lifestyle forces them to think about money from a young age. However, a great majority of students are still pessimistic about their earning potential with the rising levels of unemployment. Parents are a big influence on children, and they can inculcate healthy spending and saving habits in children from a young age. Let’s dive right in and see what else kids can do to be financially secure in the future.

Financial goals

The importance of saving, spending, and investing must be imbibed early on so that children can learn to manage expenses from a young age. For example, some parents teach kids when they are as young as 4 years to save money in a piggy bank or a money jar. This allows them to do chores around the house and earn small amounts, which can be used to buy whatever they want. In your teens, however, setting financial goals can be used to meet your future education expenses. Other financial goals can include saving to take a trip abroad or purchasing the latest gadget.

Getting a job

While many teens do routine chores, the importance of a job can never be overstated. Getting a steady job can contribute to long-term financial goals and is the first step in managing and building wealth. Many high net-worth individuals today came from humble beginnings and worked regular jobs to learn the tricks of the trade.

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Taxes

After getting a job, teens should learn how to file a tax return. If they are earning less than $10,000 a year, they can then claim the tax-free threshold. If they pay taxes even if they are under the threshold, they can file a tax return to get some of the money back.

Tracking your spending

Without tracking your money, you could end up spending more than you make and, as a result, end up in debt. Without being fiscally prudent, the whole exercise of getting a job and taking charge of your finances becomes counterproductive. You can decide beforehand to save a certain part of your paycheck. This can be between 30–40% every month and the rest can be used to meet your expenses. Remember the goal is to save as much as you can for your financial goals and spend what’s left after saving. You can also embrace apps to track your spending. Money spent at cafes and restaurants and movies start adding up. Cutting back on your expenses never hurts. Remember, making mistakes is all part of being financially independent so don’t be too hard on yourself if you splurge sometimes.

Opening a Roth IRA and investing

You can take advantage of the magic of compound interest by investing in a retirement account. Income earned from a job can be put into this account and is good for tax savings. Additionally, investing surplus income in stocks can be a great idea itself. Learning to diversify your portfolio and starting off small can be learnt from your parents.

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