Mistakes happen – that’s a part of life. But if we could spare our kids from making one, especially financially, all parents would stand up to do so. In our next post in the teen talk series, we here at Hacker Accounting want to make sure we do all that we can to set parents and teens up for success, by warning them of financial mistakes teens make early on.
Plan for bumps in the road
You know how our grandmothers always told us to have a rainy day fund? Well we’re echoing that. Being financially prepared if anything was to happen will relieve a lot of the stress of the situation, whatever that may be.
Invest, and invest early
Ever heard of compound interest? If you start investing as a teenager, your money could grow exponentially by the time you are 30- 35. The sooner you invest, the sooner the interest can go to work, creating you a massive profit in just a few years down the road.
Understand mistakes are a part of life
Stuff happens – we don’t always make the best decisions, especially when we’re young. In the end, it will benefit your teen to make a mistake every now and then, to see what does and does not work for the future.
For all additional tips for helping your teen with their finances and planning for their futures, give us a call at (602) 375-5251 to speak with one of our pros!