This will be a recurring series of posts regarding everything I was told or wish someone had told me when I was a teen about money. Of course, teens don’t read unless it’s about vampires, werewolves, alien love affairs or some other fantasy nowadays so eventually these will have to morph into videos.
Save more than 10%
When I was young I heard the whole save ten percent thing. Something about being in the Bible belt; give 10% to God put 10% in your savings account. But if you’re a teen who actually has a job in this still slow economy (ignore the hype about being in a recovery), I advise if you don’t have to take care of yourself with that money because of parents that can’t cover all of your ESSENTIALS due to the current job market, put more than 10% in your savings account. That way by the time you’re legal you’ll already have that rainy day account a lot of Gen Y and some of you Millenials won’t have but will desperately need. Don’t believe me – look at the poverty rates from the Pew Research Center for teens and younger. Thanks @robferdman for posting!