Friends,
This week we wanted to touch on a topic aimed at your children and grandchildren. The link below leads to a great resource that can assist younger people in understanding the essentials of personal finance. We like this because of its personal suggestions that are relevant to teenagers and young adults. This resource targets the 16-24 age group and can offer basic fiscal terminology and suggestions that are good practice. Should you want us to discuss personal financial topics with a young person you know please let us know.
Some great suggestions related to this article we found helpful:
- Discuss with your child or grandchild the importance of saving:
- When a young person starts receiving their first regular paychecks, they can quickly spend it on superfluous items. Teaching frugality can lead to great financial behavior later in life.
- Building Credit History:
- Teens and young adults often have none or lower credit scores to start. Responsible borrowing can be a great lesson for them to learn, allowing them to borrow at better interest rates in the future.
- Budgeting:
- Having your child sit down and build a budget as they enter the workforce can be an activity that they may not have thought of that will guide them through the new world of adult life.
Please reach out to us if you wish to have the young person in your life talk with us!
Matt and Andrew