Kara Ross - Personal Finance for Teens and College Students: The Complete Guide to Financial Literacy for Teens and Young Adults

One of the reasons poor people are sometimes considered happier than the rich is that they do not have to deal with the guilt and self-blame that comes from the poor handling of funds. Many times, money passes through our coffers than stays. The art of saving and planning the use of money is essential and is key to finding peace in life. This should be instilled in our lives at a very young age so that even when we are old, we will look back and smile at our financial journey. It is good to never worry about money because you will have amassed enough to cover your needs. It is everyones dream to achieve financial freedom earlier rather than later.

It is often said that moneywhatever the amountcan never be enough, but there sure should be a ceiling to that statement. Some simple things can be done today to better your financial situation tomorrow. Unfortunately, most people only realize this late, when many years have been wasted, and there isnt much that can be done to better the situation. This book is meant to teach young people to manage their finances and build sizable financial knowledge from a very young age.

Sources of income differ from individual to individual. Some people get into jobs at very young ages and have paychecks coming in. Some may be earning dividends, getting royalties, and other varying sources of income. As young adults, the urge is usually to spend the money and live the life. While that may be the in thing, being wise with your money helps you in the long run. The future depends on today.

Your personal finances are crucial to you, especially in our current economic times. It is important to know as much as you can about managing your money. You want to be armed with as much information to help you stay on track with your finances. It may be difficult, but perseverance, determination, consistency, and educating yourself will assist you in making it through.

Maybe you want to avoid drowning in debt after seeing people falling into the trap, but you dont know how to go about it. The more you try to avoid debt, the more challenging it becomes.

You probably arent managing your money well because you dont have any prior money-management experience. Sadly, after several attempts to get vital money-management tips online, you end up with nothing, and you feel help isnt ever coming your way. Maybe youve started applying some financial strategies but dont know if they can help you attain your financial goals. Again, you probably have some bucks but dont know what to do with them. Perhaps you hope to save some money to reach a particular goal, but you dont know how much to save, weekly or monthly, to achieve your objective.

Just imagine how youd feel knowing that you could avoid debt by saving more money. You wouldnt struggle to become a self-made millionaire if you knew the right strategies to manage your money. Maybe you wouldnt struggle to save sufficient money to attain your financial goal if someone had shown you investment accounts to grow your money.

My passion for helping teens and college students secure their future and finances birthed this book. The lessons Ive learnt about money are massive, and theyre presented in this book. I am about to tell you the tricks I used to regulate my finances and avert the headaches of living paycheck to paycheck. I hope you practice the tips within and reap the benefits; Im sure they will help you manage your money and prepare for future financial obligations. With the help of this book, you can attain your money goal.

This guide is not only a mirror through which you see yourself in the future but a handy informant on how to get there. Dreaming alone is not enough. One has to act to bring the dream to fruition. This book's guidelines will help you start acting today for the life you want to live tomorrow. You do not want to look back at your young life and say, If only I had known.

Your journey to being successful with money starts with planning, which is our focus in Chapter One. I hope you enjoy it.

I ts been a long time since I finished high school, but the experiences of those days still linger in my mind. I remember how indecision almost cost me an entire academic session. My father would credit my account twice in the space of two weeks: the first credit was to settle all my educational needs, including my school fees, while the second would address my personal needs.

I didnt have any problem with my academic needs. The school usually addressed that as soon as each student paid their fees. So, I quickly listed my personal needs; I knew I would purchase some clothes and a pair of boots.

The first batch of credit came in as expected a few days before resumption. And, since payment of school fees could be made within the first four weeks of resumption, I went for my personal needs first. A week later, my father lost his job, and I was on the verge of losing an academic session.

I wasnt my old self. Regrets were written all over me, and I felt that my whole world had crumbled. Two of my two closest friends knew that I was distraught. They asked the cause of my problem, and I told them everything. Eventually, they helped me with some money, and I was able to pay my school fees. I owe them my life.

Lack of planning can negatively impact your ability to grow your money and manage it appropriately. So, this chapter will focus on budgeting, different budgeting methods, what to include in your budgets, and a few budgeting tips to make the right money decisions. If you cant account for how you spend your money, or youre struggling to manage your finances, get your budget; the budget will pitch your income against your expenditure and expose the items youre spending money on. Again, it can help you determine the amount to save or invest.

Budgeting is critical to financial freedom. If you dont have a budget, you cant be successful with money. As a spending plan, the budget pays keen attention to current and future income and expenditure.

Do you feel like spending all the money you earn? No problem; most teens and college students do. But that is not the best way to live. You attain financial freedom by saving and investing your money, not by spending it. Little wonder that experts say you need a budget to manage your finances efficiently (Bell, 2021).

Here are the benefits of creating a budget and sticking to it:

Identifies your long-term goals and adheres you to them.

Do you hope to purchase a house, buy a car or take a trip to Paris, Dubai, New York, or some other beautiful cities worldwide? Fine, but you wont achieve any of these long-term goals if you aimlessly spend your money on every attractive item you encounter.

But you wont have any problem if you have an operational budget. The budget will force you to concentrate on your goals, save money, track your progress and achieve your dreams.

It is painful to know that you wont be purchasing your favorite Xbox game or cashmere sweater, but when you remember that you are saving to buy a house or a car, you will gladly leave the store with nothing.

Helps you avoid unnecessary debts.