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Why Are Finances Important?
Finances are important to teens because they help them learn to use money wisely and take advantage of their biggest asset: time. Through compounding, money saved or invested grows the longer it’s left to sit, turning small amounts today into much more in the future. Starting young allows teenagers to plant their money tree early and allow it to compound into a blossoming orchid that provides them with financial security.
6 Key Principles for Financial Freedom
1
Goal Assessment
Deciding the reason you are saving for. Short term or long term?
Understanding the hidden power or potential burden of debt
4
Understanding Debt
2
Budgeting
Managing income and budgeting for different categories of spending and saving
Evaluating the strength or weakness of assets and its potential for growth
5
Value
of Assets
3
Savings
Strategies
Researching and deciding on the best ways to allocate, save and invest
6
Invest
Put your plan into action and start investing into areas that align with. your goals
Did you know...
...if you doubled a penny's worth for 30 days, would you have over 10 million dollars? That's the principle of compound interest.
... the stock market grows an average of 6-7% every year? This is more than 10 times the rate of an average savings account.
... 39% of Americans do not have an extra $400 in case of an emergency? Keeping an emergency is crucial to preventing unexpected situations from preventing your financial growth.
...less than 58% of Americans have less than 5,000 in all of their savings? Not consistently contributing to your savings and investing accounts can prevent your growth of wealth.
...there is no age requirement to get a credit card for most companies? This means you can start building your credit as young as you want.
... Discover has no annual fee and cash back on almost every purchase? This makes it the best teen credit card for young wealth builders.
Where should you start?
Here are some of the best articles to read in order to start your financial journey!
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