Susan Shelley - The Complete Idiots Guide to Money for Teens

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Table of Contents

This book is dedicated to my very favorite teenager,
Sara Kathryn McGovern. I hope youll have as much
joy in your life as youve brought into mine.

Publisher
Marie Butler-Knight

Product Manager
Phil Kitchel

Managing Editor
Jennifer Chisholm

Acquisitions Editor
Randy Ladenheim-Gil

Development Editor
Tom Stevens

Production Editor
Billy Fields

Copy Editor
Rachel Lopez

Illustrator
Jody P. Schaeffer

Cover Designers
Mike Freeland
Kevin Spear

Book Designers
Scott Cook and Amy Adams of DesignLab

Indexer
Brad Herriman

Layout/Proofreading
Angela Calvert
Svetlana Dominguez
John Etchison
Elizabeth Louden

Introduction

Its increasingly recognized that teenagers and their money are forces to be reckoned with. You, as a collective group of teenagers, wield tremendous buying power, making you very attractive to all kinds of retailers and advertisers. Statistics from the U.S. Department of Labor show that the average teenager spends almost $5,000 a year. Thats more than double from just five years ago.

While youre spending more money, youre also becoming smarter about your finances. Youre not only stashing money away in savings accounts, youre investing in CDs (certificates of deposit), mutual funds, and the stock market. Youre not only buying from other peoples businesses, youre starting and running your own businesses.

Teenagers are innovative, creative, and not afraid of the future. However, to ensure a financially comfortable future, you need to know even more about the best ways to handle your money. Your personal finances are important to retailers and marketing firms, but theyre even more important to you.

This book walks you through the basic money matters and delves into weightier topics such as credit cards, investing and investment clubs, and being an entrepreneur. Youll learn how to make the most of your money so youll have more to save, invest, and spend.

What Youll Find in This Book

The Complete Idiots Guide to Money for Teens is written in six parts:

Part 1, Money: A Fact of Life, explains why money is so important in our society and the role it plays in most of our lives. You no doubt have discovered the power of money by now. You probably understand that money not only lets you buy what you need and want, it gives you choices and lets you do what you want to do.

This part also discusses the importance of keeping money in perspective. After all, its important, but it doesnt by itself ensure happiness or contentment.

Part 2, So, How Are You Gonna Get It? deals with the big problem that most teens have: There just never seems to be enough money for all the stuff you want to buy and do. Everything is expensive these days, and its hard to make your allowance or paycheck stretch to cover everything you want or need.

Youll learn how to negotiate for more allowance or to find a job that you can handle while still leaving time for the other parts of your life. Youll also find that your net worth might be more than you think. Its possible that you have some money lying around that you dont even know about!

Smart Saving is the title of Part 3, and in it you learn to do just that. Youll take a little test to find out whether youre more of a saver or a spender. If you find it easier to spend than to save, dont be discouraged. There are tons of other people with the same problem, and there are ways to curb spending so you can save more.

Regardless of how much you save, however, you should be getting the best deal you can. Interest rates vary dramatically, depending on where you stash your money. And you, of course, want to get the highest interest rate you can.

In Part 4, Smart Spending, you learn that you can stretch your dollars by buying smart. You also learn why you need a budget (everyone does), and what it should include. By keeping an eye on what and how you spend, you can get a lot more of the things you need without sending yourself to the poorhouse.

In Part 5, Keeping Track of What Youve Got, the major topics are opening and keeping a checking account, using a debit card, and negotiating ATM machines. Using checks is great, and a smart idea in many cases. However, if you dont take the time to record what you spend and to balance your checkbook, youll soon have a mess on your hands.

Debit cards and ATMs are extremely handy; but again, you need to know what youre doing when using them. You need to be aware of all the fees associated with the use of these things, and understand how they affect your bank accounts.

In Part 6, Advanced Money, you learn about getting and using credit cards, investing your money, and starting your own business. This part is full of practical, useful information thats sure to be interesting and beneficial.

Extras

In addition to the six parts found in this book, youll find three types of sidebars. These little bits of information are intended to keep you out of trouble, provide hot tips, and give you interesting tidbits that you might not have heard anyplace else.

Money Matters

These tips will keep you informed and in the know about your money and personal finances.

Imagine That

These statistics and offbeat bits of information are great to pass along to your friends. Theyll think youre just so smart!

Scary Stuff

Hopefully, these warnings will keep you from making some common mistakes that could negatively affect your finances.

Acknowledgments

The author would like to thank the many people who provided time, interest, information, and resources for this book, especially the editors at Alpha Books: Randy Ladenheim-Gil, Tom Stevens, Billy Fields, and Rachel Lopez.

A great deal of thanks, as always, goes to Bert Holtje of James Peter Associates, with whom it is a pleasure and a privilege to be associated.

Much appreciation for valuable advice and their shared knowledge is extended to Sarah Young Fisher, George Shoffner, and John Sortino.

As always, the most special thanks goes to Mike, Sara, and Ryan McGovern.

Trademarks

All terms mentioned in this book that are known to be or are suspected of being trademarks or service marks have been appropriately capitalized. Alpha Books and Penguin Group (USA) Inc. cannot attest to the accuracy of this information. Use of a term in this book should not be regarded as affecting the validity of any trademark or service mark.

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