The Teen's Guide to Personal Finance

Basic concepts in personal finance that every teen should know

by Joshua Holmberg

Number of pages: 94

Publisher: iUniverse

BBB Library: Economics and Investment, Personal Success

ISBN: 9780595509690

About the Author

Joshua has achieved financial success through real estate, securities and other investments after learning the hard way about financial intelligence. He completed his undergraduate studies at New Mexico State University and earned his MBA at the University of Denver.


Editorial Review

It's no surprise that a record number of Americans are declaring bankruptcy while consumer debt and foreclosures are at an all time high. Many adults simply don't have the basic financial knowledge to safely navigate today's environment of predatory lending, identity theft, and nonstop consumer marketing. What's more, they don't know how to leverage to their advantage the valuable financial tools they do have. The Teen's Guide to Personal Finance teaches young adults important lessons in personal finance that they likely aren't learning at home or in school. Armed with this information, they will be better prepared to achieve their financial goals while avoiding common pitfalls.

Book Reviews

"The Complete Guide to Personal Finance: For Teenagers is a reliable and relevant source of financial information in which teenagers will find a wealth of useful information." - Buffalo & Erie County Public

"Why should young people even think about saving for retirement? Why not run credit card debt up to the max if the bank is willing to lend it? Answers to these questions and others can be found in this basic guide to the fundamentals of personal finance written specifically for young adults. " - Booktopia

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Wisdom to Share

Time is your most valuable asset. The bottom line is that if you don’t start now, you might never start, or you will start so late in life that it will be nearly impossible to ever become financially independent.

Traditionally, a person would establish a bank account with an institution located near his home or work. But with online banking, you can have a bank account located anywhere in your country.

Although some people still like interacting with a bank-teller in person, the development of online banking has eliminated the need to wait in lines.

It may take some time to figure out where you can reduce your expenditures, but you will understand that some of the things you are paying for are wants rather than needs, and reducing the payments on those things can help your savings.

Continue to analyze your monthly budget and try to bring in more money than you are spending.

Not only will a budget inform you of where you are spending your money, but it will also allow you to know how much money you have to spend over a certain time.

An important tool for saving money is a budget

Knowing the difference between needs and wants is important because it will help you make choices about your financial future.

While you are still dependent on your parents, your basic needs are almost certainly being met.

Saving is difficult. Many people are actually frustrated and hopeless at not being able to save.

With interest, the dollar you have in your hand can be put to work in an investment like a savings account where it can earn more money for you. So, if your goal is to become a millionaire, invest as much as you can as soon as you can.

For many people, the habit of saving or investing money doesn’t start early in life, which makes saving later in life more difficult.

On the journey to financial independence, you should ask yourself if you have the self-discipline to reach your goals, because you will be faced with many difficult choices along the way.

Before you take a single step on your path to financial independence, you should understand where you want to go.

Knowing and using effective financial tools and techniques is the key to prosperity.

Many adults don’t simply have the basic financial knowledge to safely navigate today’s environment of predatory lending, identity theft and so on.