Saturday, 31 January 2015

TOP 5 FINANCIAL MOVES FOR TEENS AND YOUNG ADULTS





Finishing  high school and potentially going to the university, starting a career, trying to decide what you really want to do with your life, buying a home, setting up a business, getting married, and even possibly having kids are all things that go through the mind of a progressing teenager or young adult.

In this busy time of transition and change, it can be hard to give your finances the attention it needs. Today we are sharing the top financial moves for teenagers and young adults.

 

Leggo !!

 

1) Open and Contribute to a Savings Account

If you do not have a savings account you should open one. Not only should you open one but cultivate the habit of contributing to it regularly. It is necessary to have backup funds in case of emergency. You never know what unexpected expenses will arise.

 

2) Start a Career

       Trust me, your teenage years are probably the best time to live with a rebellious lifestyle, but I would bet a lot of us who take that approach end up regretting it later on. The older you get the harder it is to find the energy to go to school and launch a career. Plus at this age, we have all the time and energy to engage in productive activities. Why not use it to kick start a career.

        Not only will starting a career help you financially, It will also help you “figure out” whether you like what you are doing or not.

 

3) Learn New Skills

        Learning new skills like photography, make-up artistry, DJ skills, web design, baking, or even developing your natural gifts like singing and modeling may also open up new income streams.  It will also give a feeling of financial independence. It also keeps you ahead of your peers. As you know quite a number of our Richteens have turned their skills and ideas into money making streams.    

 

4) Start Tracking Your Finances

There are two financial terms we need to understand as regards to finances. These are “income and expenses”. The easiest definition of these two terms is; income is what puts money in your pocket etc pocket money from parents, side hustles, and business. While expenses is what takes money out of your pocket i.e. money spent on clothes, food, acquiring material possessions. Understanding these two terms will go a long way in helping you track your finances.

 

5)  Make Long- Term Financial Goals

Making long-term financial goals is one of the best life changing decisions you can make when young. Deciding what kind of home you want to acquire, what sort of lifestyle you want to live.

Some of us have goals that will require more money than others. If your goal is to launch a business, for example, you will have to figure out how you will (financially) make that a reality. Having a clear view of your goals will help you make the changes necessary to make them a reality.

 

Bonus Tip

        Avoid Having Kids

       Imagine buying baby food, nappies or paying for a babysitter at your age. Kids take time, money and make our financial goals more difficult because of the money and time allocated towards children.

 

       Please tell us, what do you think is the #1 financial move a teenager or young adult can make? We are open to your opinions.

      

      Quote of the Day

      “they say ‘live below your means’ , I say expand your means, dream big and shoot for the stars”…… Bomia Gabice

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