To become wealthy, it’s not just about making money, it’s about saving money and investing your money to make it work for you. And part of that is Money Management. I just read an interesting article about how some people (teens) can get it wrong.
With high gas prices, a weakening economy and lingering questions about the future of student loans, money management skills are more important than ever. Soon all high school students will be required to take a money management class to graduate, and experts said those skills could help students remain in college.
“There was a recent statistic where college students were dropping out of college because of credit card debt,” said financial consultant Eddie Moore. But some teenagers have been piling up credit card debt, as well.
“What I find working in the high schools are, kids are quite comfortable using (credit) cards,” Moore said. “They have no problem shopping and having a good time, but they really lack knowledge of the card.”
Eddie Cobb, 15, and Shaakira Sargent, 16, are among a group of teens who will spend part of their summer increasing their financial knowledge.
“I buy shoes clothes and other things, like games and movies,” Cobb said.
The teens will learn about saving money, budgeting spending, giving and investing. They will set a summer savings goal, set up a bank account and donate a portion of their savings to the charity of their choice.
“I’m in the 12th grade and I’ll be in college soon, and I really want to learn how to mange my money so I won’t mess up my credit,” Sargent said.
Ohio is below the declining national average for financial literacy among teens, and Moore said he hopes programs like this help turn the tide.
“We hope to have a good picture of finances over the five weeks that motivates students to learn more,” he said.
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