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Schools aren’t teaching the fundamentals when it comes to financial education. Luckily, that’s what we do best. Here's what we teach:
Invest early AND invest often.
Now when we say invest often our minds immediately go toward the stock market. We actually mean to invest in the sense of their future, more than likely, in the form of savings. Saving for the future, whether it's for a car, a home or retirement, doesn't seem like something that a teen should be overly concerned about but starting them early and relaying the benefits of continued investment (or savings) will allow them to fully realize the benefits over the long run.
It happens. Your teen needs to borrow money and, naturally, they come to you to tickle the heartstrings and try and get that extra $20 for the movies or the $200 for that new bike. There will always come a time when your kids need to borrow but it's important to teach them how to do it wisely. Long term, a good credit score will help them get a better rate and pay less interest over the course of whatever loans they need to get in the future. Setting this framework early is crucial to building strong long term financial habits. Here's some tips to get them started:
Let's face it. Budgeting is hard. Get your teens in the habit of tracking their spending by having them build a budget. This will help them realize where they can cut costs to start saving and investing toward their future.
Splurging is ok but don't live beyond your means.
We all know that little things add up. Daily coffee, Netflix subscriptions, clothes, the latest and greatest shoes - all of these items can get spendy very quickly. It's important to teach your kids that they can treat themselves occasionally but to always, always, always make sure that their spending isn't out of control. A great way to teach kids this lesson is to encourage them to take on a summer job or to take on side gigs when possible. Having their own money will give them an opportunity to treat themselves once in a while, when they deserve it, and more importantly, only if they can afford it.
The school year is off and running but learning doesn't stop in the classroom. Let's set our teens up for financial success by making small changes and talking to them about finances.
Depending on the portfolio, an investor will be invested in a customized mix of stock categories across the US and internationally.
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We know you work hard to instill good values in your kids, including teaching your teens the value of money. The task may seem daunting, but Copper’s assembled some tips to help you get started.