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Hot! Do’s and Don’ts for Teens

by

 The Debit Side of the Coin

Being generous to friends can leave you penniless!!! If your friends never have money, and expect you to always pay for them, then either:

  • Find new friends who won’t take you for a ride, or
  • Only use the small amounts of cash you have on you at the time. Suggest that next time it’s their treat, and stick with it! Whatever you do, DON’T use your debit card.

You also find out what kind of friends you have pretty quickly.

Build the Money Mountain

Get the full meal deal with a budget and one year’s cash!!!!

  • Do an annual cashflow (Forms are available on this site)
  • Talk to your parents about your needs
  • Once you’ve agreed with your parents on a budget, ask them for the money in monthly installments, as per the budget. You can check in with them once in a while, so that they know that you’re on track.

Planning ahead… being in charge of the funds myself… Hey, if I stick with this, it’s going to be cool!!

Credit When Due

(from Chapter 7)

Need some cash to buy that electric guitar, but not sure how to get your parents to loan it to you? Negotiate reasonable terms, such as:

  • Half gets paid back by your allowance (you still get the cash benefit of half your allowance)
  • The other half you pay back by odd jobs.

Hmm. Get the loan, get the guitar, still have some spending money, show responsibility and build trust with your parents. Now that’s a plan! So is it a Strat or a Les Paul?

Divide Your Savings – Invest in Your Crystal Ball

(from Chapter 10)
Going nowhere fast? Aim for something and achieve it.

  • Make a list of long-term dreams
  • Set up an investment plan for your plans and dreams
  • Stick with it, and watch them come true!

One thing about being young is that time is on your side. Watch out world!

Start Your Own Business

(from Chapter 13)
You bet you can, and here’s how:

  • Turn those odd jobs you get into a business
  • Make up business cards and flyers
  • Promote yourself and get more customers

A steady income never hurts. Now what career should I pick… Professional yo-yo coach? Pizza taster?

Beware of Marketing Madness

(from Chapter 17)
It’s like a cloud of craziness that makes people do dumb things with their money – it’s Marketing Madness. How can you escape its grasp?

  • Spot Marketing Madness on TV, in the newspaper or magazines
  • Learn to shop smart and still fit in
  • Stay out of Danger Zones – like shopping malls

I feel smarter already. No marketing madness will ever zap me again! Oh the power!Want to download forms that help you get control of your money? Click here.

I’m outta here, and gone to there.

/PWL
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