The Teen Money Manual: A Guide to Cash, Credit, Spending, Saving, Work, Wealth, and More
By Kara McGuire
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The Teen Money Manual - Kara McGuire
Yourself
EARNING
LET’S MAKE SOME MONEY!
Everyone loves payday—from the first quarter you earned for setting the table to the weekly allowance you squirreled away to buy toys or iPhone apps. Then comes the day of that first official paycheck and all of the responsibility that goes along with it. That includes spending wisely and saving for the future. It means making smart decisions but still having fun. Learn all about the ins and outs of making money—from paychecks to paying taxes, finding jobs, and starting businesses. And best of all, learn how to earn money without lifting a finger.
CHAPTER ONE
JOBS AND CAREER PLANNING
It’s common for teens to juggle schoolwork and paid work, whether it’s the occasional babysitting job or waiting tables 20 hours a week at a restaurant. Teens need money for hanging out, for hobbies, or for gas for the car. Then there is the cost of big things, such as saving for a car, helping with college tuition, or taking an overseas trip with the school orchestra. It’s understandable why sometimes earning money seems more important than keeping up grades or working on college applications.
EDUCATION AND EARNINGS
Your number one job as a teen is to get good grades, gain experiences from school and community activities, and prepare for higher education. Your education affects job opportunities and how much you will be able to earn. The lifetime median earnings of a worker with just a high school diploma is $1.3 million. It may sound like a ton of money today, but it averages to $15 per hour—that’s not much once you consider daily expenses and how long you could live. Americans with a bachelor’s degree can plan on median lifetime earnings of $2.3 million. Those who stay in school for a doctoral or professional degree, such as medicine or law, earn a median of $3.6 million.
Although there are certainly exceptions to this rule, having a college degree increases your chances of earning more money and opens more doors to interesting, fulfilling careers. As the chart indicates, nearly 80 percent of people who earn $200,000 a year or more have a bachelor’s degree or higher. Less than 10 percent of people at that income level have only a high school education.
If a four-year college is not in your plans, some people—such as electricians, construction managers, and sales managers—have average lifetime earnings that come close to the earnings of workers with bachelor’s degrees.
Source: Census and http://taxfoundation.org/article/who-are-americas-millionaires#_ftn5
WHAT IS A COLLEGE MAJOR WORTH?
Here’s something to think about when you go off to college. The average starting salary for college grads in 2014 was $45,473.
Source: National Association of Colleges and Employers Salary Survey, April 2014
https://www.naceweb.org/uploadedFiles/Content/static-assets/downloads/executive-summary/2014-april-salary-survey-executive-summary.pdf
HOW MUCH $$$ DOES IT TAKE TO BE HAPPY?
Mo money, mo problems.
—Biggie Smalls
Well now, money can’t buy you happiness, but neither can poor ole me.
—Hank Williams Jr.
Hank and Biggie were wrong. More money does not automatically equal more problems. And while you can’t buy happiness with cold, hard cash, researchers have found that when people expand their income, they report more life satisfaction, no matter how much money they start with.
WHEN WILL YOU BE A MILLIONAIRE?
That’s right—not if, but when. You can earn more than $1 million in your lifetime by following these tips.
Stay in school. Keep learning, whether it’s college or a training program for a good job.
Know where your money goes. Track your spending and have a plan for your money. If you don’t, you’ll be surprised at how quickly it disappears.
Start saving. Because of the magic of compound interest, the earlier you start to save, the more your money will grow. Even putting aside a few dollars each paycheck is worthwhile.
Spend smart. If you spend nearly as much or more than you make, you’ll have a hard time reaching seven-figure savings. Research before you buy and consider needs, wants, and long-term goals before shopping.
Take calculated risks. Dream big. Try new things. Don’t be afraid to fail. But make sure the risks you’re taking make sense and fit with your overall life plan.
Millionaire Calculator
There’s an easy online calculator for figuring how long it will take to earn $1 million, depending on the savings plan and amount saved per year. Check it out at themint.org.
Source: http://www.themint.org/kids/when-will-you-be-a-millionaire.html
BALANCING WORK AND SCHOOL
While being a student is your primary job, paid work comes with benefits beyond a paycheck. A job can teach you responsibility, time management, teamwork, and how to keep commitments and manage money. These are lessons you’ll use throughout life. They also come in handy for writing college application essays and deciding on a career.
Balancing work and school is a juggling act that requires support from your family and an organizational plan. Some ideas to keep you balanced include:
Keep a calendar of school and work commitments and consult the calendar before making plans.
Stick to a weekly schedule, if possible, working the same number of hours and days.
Start slowly. This will prevent overcommitting to work hours you can’t handle.
Ask your boss if you can use downtime at the job to do schoolwork. But don’t count on downtime. When you’re at work, the job comes first.
If work is interfering with your success at school, you’ll have to cut back on work.
JOBS — WHAT’S HOT
The following jobs will be the 10 fastest-growing occupations between 2012 and 2022, according to the U.S. Bureau of Labor Statistics.
Source: http://www.bls.gov/ooh/fastest-growing.htm
FINDING A JOB
Having fun money is tops on teens’ lists of reasons for getting a part-time job. Saving for college is important too.
But finding a part-time job can be challenging. The teen unemployment rate has stayed above 20 percent since the Great Recession of 2007–2009. You can look for a job through help-wanted ads in the newspaper, online at sites such as indeed.com or monster.com, or by searching for notices on bulletin boards or signs in storefronts.
If you don’t find a job scooping ice cream or selling clothes at the mall, it’s OK to ask around. Networking is an important skill and a common way for adults to find new opportunities. Ask your friends, people you know through school or extracurricular activities, your neighbors, and your family for ideas. The more people who know you’re job-hunting and know the kinds of opportunities that interest you, the more likely you’ll find the perfect job.
If you can’t find a paid position, consider taking an unpaid internship in a field you are interested in or volunteering for a cause you care about. Either experience will look great on a résumé and may give you a better idea of what college major or career field would be the perfect fit for you. If money is a must, try to earn some by starting your own business babysitting, mowing lawns, or using a specialized skill such as developing websites or playing an instrument.
Don’t forget to highlight your work or volunteer experiences in your college applications and essays. Holding down commitments outside of school while excelling in your studies shows a strong work ethic and the ability to succeed under pressure. They are qualities college admissions officers