Best Financial Advice For Teenagers
October 20, 2009 – 4:43 amSomeone recently asked me what advice I would offer up to a teenager. It’s hard to pick just one thing, but my response was that I would ask a teenager to make up a budget for their life immediately after college. How much debt will they have, and what will the payments be? Where do they want to live, and how much is rent? If they want to live in town I’d even suggest taking them to see a few apartments, talk with the landlords, compare prices, and prepare a real budget for utility expenses as well. How far is their drive to work, and how much does that cost in gas a week. Add in cell phones, insurance, etc.
Next start in on the income side. What is the person going to study in school? What is the average starting salary for that major? Are there any jobs posted on monster that require that level of education? If so what is the high and the low end of the offered salaries? And what about savings? 
Just think of the impact you could have on someone by doing this exercise. It’s filled with teachable moments, from budgeting to apartment hunting to job searching.
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