Shaun Stenning Opinion About Things Teens Can Do to Prepare for Financial Independence

By -

 In the past couple of months, it's become abundantly clear that today's teens are tenacious and enterprising. Add in the fact that they are "digital natives" and have a firm grasp on social media and technology, and it seems as if there is very little teens cannot do if they put their minds to it.

“Unfortunately, there is one area where teens feel a little less optimistic: Money.” Shaun Stenning said. 

According to a 2013 survey by Junior Achievement, an organization dedicated to teaching kids about money, 25 percent of teens believe they will not be able to support themselves without the help of parents until they are between the ages of 25 and 27. In addition, Shaun Stenning said only 59 percent of teens feel confident that they will be able to support themselves between the ages of 18 and 24.

Some of this pessimism about future financial independence is a natural reaction to the relatively high unemployment rate among teens. But teens, with a little judicious help from Mom and Dad, can set themselves up for financial independence down the road.

Here are a few things from Shaun Stenning that every teen can do to prepare for financial independence in adulthood.

1. Set financial goals

One of the best ways to learn how to handle finances is through financial goal-setting. Parents can help teens set realistic financial goals, such as saving up for a coveted iPhone, making a contribution to a college fund, or paying for the class trip.

2. Track spending

One of the biggest stumbling blocks in achieving financial independence is ignorance of where the money goes. Without financial awareness, it's very easy to spend your way through a great deal of money.

3. Open a Roth IRA

Any teen who has earned income — that is, who has earned money from a job — can contribute to a Roth IRA.

4. Start investing

While getting teens into the habit of putting money into retirement accounts is incredibly important, it's also vital for them to feel comfortable with investing in general.

Teens can do a great deal to prepare for financial independence while still under their parents' roof. By getting into the habit of good money management.

Comments

Post a Comment

Popular posts from this blog

What Is The Cost Of A Private Boat Tour with 5 Star Marine - Shaun Stenning

By -
Image
According to Shaun Stenning , the CEO of 5 Star Marine . In terms of luxury and individualized exploration, 5 Star Marine Phuket private boat trips stand out as the best option for individuals looking for an unmatched underwater experience. It is an experience unlike any other to be able to customize your schedule, enjoy private locations such as Maya Bay and James Bond Island, and feel the rush of speed on the open sea. We'll walk you through the variables that affect our private boat tour rates because we get asked about them frequently. This will help you determine how much it will cost to realize your fantasies of a private Phuket boat tour. Shaun Stenning said that private speed boat rides with 5 Star Marine Phuket provide a degree of customization that group tours just cannot equal. When you organize your trip, remember that having the freedom to customize the schedule to your liking has a cost.  A 5 Star Marine Phuket private trip includes everything from snorkeling in cry...
Read more

Shaun Stenning Side Jobs for Stay-at-Home Moms and Dads

By -
Image
There are many reasons a person might choose to be a stay-at-home mom or dad. The cost of childcare might be prohibitive, or you might feel that having a parent at home is essential for your child's development. However, staying at home with your child can be a sacrifice in terms of the income you could be bringing in if you were out in the workplace. According to Shaun Stenning , “If you're a stay-at-home parent, you might be looking for ways to create additional income to help with mortgage payments or bills around the house, but feel limited in what jobs you can take because of your child's needs.” To help you generate extra income while taking care of your little ones, here's a list of flexible side jobs that are great for stay-at-home moms and dads. 1. Sell Crafts Online If you enjoy knitting, sewing, crocheting, woodworking, jewelry-making, or another creative craft, you may want to consider selling your creations online on Etsy. 2. Host an Exchange Student If you...
Read more

Embracing Culture and Celebration: The Vibrant Phuket Festival Experience

By -
Image
According to Shaun Stenning , Phuket, Thailand's largest island, is not only renowned for its stunning beaches and vibrant nightlife but also for its rich cultural heritage and colorful festivals. Throughout the year, the island comes alive with a diverse array of celebrations that showcase the traditions, customs, and spirit of the local community. From religious festivals steeped in ancient traditions to lively street parades and cultural performances, Phuket's festivals offer a unique opportunity for visitors to immerse themselves in the island's vibrant culture and heritage. Let's dive into the enchanting world of Phuket festivals and discover why they are a highlight of any visit to the island. 1. The Phuket Vegetarian Festival: One of the most iconic and revered festivals in Phuket is the Vegetarian Festival, celebrated annually by the Chinese community during the ninth lunar month. During this nine-day event, participants observe strict vegetarian diets and engag...
Read more