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5 Financial Tips for Newly-Employed Young People
Posted on 1 August, 2015 at 5:43 |
5 Financial Tips for Newly-Employed Young People
For many, the pursuit of fun is more of a priority than saving money. Are they right?Just turn on the radio and you’ll hear any number of songs about frivolous consumerism. In the case of one of this summer’s ubiquitous songs, "Time of My Life", the rapper Pitbull (aka Armando Christian Pérez) celebrates the disastrous practice of spending money he doesn’t have:
Instant gratification is tempting, but making efforts to teach young adults how to adopt sound fiscal practices will set them up for a lifetime of financial solvency and independence. And, with the right financial savvy, young consumers could presumably afford to spend a little extra when it’s time to “have a good time.” Here are five tips to share with the newly employed people in your life: For teenagers: When I was a teenager, my friends and I started a babysitting service. (Think the 1980’s book series The Baby-sitters Club.) the self-created rules of the business partnership required us to put a certain percentage of each babysitting job into our organization’s savings account at a local bank. We also had a fleet of “associates” who we called on when we couldn’t work. They were required to pay us 10 percent of what they earned. By the time we decided we were too old to babysit, we had more than £1,200 in the bank (back in the 1970s!). Avoid trouble with the tax manAsk for Help Becoming fiscally responsible takes time and guidance. Don’t be afraid to ask for help! Friends and family may have different suggestions for how to save or invest your money, or handle University or College loans. Sometimes those that know you best can offer solutions that will best suit your needs. Ask your friendly, local accountant for advice - s/he should be able to provide a free initial consultation. If you provide young people with sound guidance on fiscal responsibility early in their working life, you are setting them up for a lifetime of financial stability and good decision making. And, hopefully, now and again they will be able to afford to have, as Pitbull says, the time of their lives. Extracted and adapted from an article by Lauren J. Sternberg, Communications Manager, American Institute of CPAs |
Categories: Starting Work
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