The Complete Guide to Personal Finance: For Teenagers and College Students
Advertisers are well-known for targeting teenagers and have a firm reason for doing so: Teenagers spent close to $190 billion in 2006, and that figure is expected to jump to approximately $209 billion by 2011. It seems quite obvious that teenagers know how to spend money, but do they know how to save?\ Personal financial planning is the process of establishing your own financial goals and finding a way to reach them. It is an ongoing process that involves examining all existing resources,...
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Advertisers are well-known for targeting teenagers and have a firm reason for doing so: Teenagers spent close to $190 billion in 2006, and that figure is expected to jump to approximately $209 billion by 2011. It seems quite obvious that teenagers know how to spend money, but do they know how to save?Personal financial planning is the process of establishing your own financial goals and finding a way to reach them. It is an ongoing process that involves examining all existing resources, developing a plan to use them, and systematically implementing the plan to achieve your goals. While teenagers yield immense spending power, many lack the financial knowledge necessary to manage their money wisely. The Complete Guide to Personal Finance: For Teenagers is a reliable and relevant source of financial information in which teenagers will find a wealth of useful information.In this new book, you will learn how to get and manage credit, how to make and stick to a budget, how to save for college, how to determine your needs versus your wants, how to pay for a car, how to finance college, how to manage risk, how to open a bank account, how to write a check, how to balance a checkbook, how to avoid the pressures of consumerism, and how to avoid financial mistakes. You will also learn about investment options, taxes, checks, debit cards, credit cards, and basic budget tips. This book is filled with helpful suggestions from financial and family counselors, and you will discover creative ways to get a jumpstart on your financial future and use money responsibly. Even if you have had a few missteps along the way, you will be able to learn from your mistakes and get on the path to financial well-being.
Foreword 13Introduction 15Chapter 1 Learning from the People Around You 19Your Parents 20How to ask for a peek 24Learning by example 25Other People 26Chapter 2 Spending and Saving 33Needs versus Wants 34Need versus wants questionnaire 36Why does it matter? 36They All Want Your Money 43Impulse buying 45Sure, you can spend 48Chapter 3 Stashing Your Cash 55Different Types of Bank Accounts 56Savings accounts 56Checking accounts 60Other types of accounts 62Putting Money into Your Savings or Checking Account 65Depositing money by mail 65Depositing money by ATM 69Depositing money by other means 73Where Should You Put Your Money? 74Develop your plan 79Picking a bank 83Online Banking 85Fees 87Chapter 4 Budgeting Basics 93What is a Budget? 95Create Your Budget 102Write it down! 102Track Your Spending 111Cash envelopes 112Spending logs 117Sample spending log 120Cards 121Checkbook Registers 127Deciding how to track your spending 129Chapter 5 Creditors and the Games They Play 133The Principles of Credit 134Common credit card fees include 136The Tactics 139Look out! 139Here, have something for free 140Here, let us help you 142Here, buy anything you want 143Here, become an adult 148Minimum payment: Bad news 150What if I don't pay? 154Chapter 6 Debt, Debt, and More Debt 165Good Debt and Bad Debt 167Good debt 167Bad debt 168Handle your debt 172The debt spiral 181Are you in trouble? 182Getting rid of debt 186Chapter 7 What Are You Saving For? 189How to Save 190Saving for things you want to buy 190Saving for college 195Student loans 200Saving for a rainy day 204Chapter 8 Getting Money 209Getting an Allowance 211Getting a Job 215Resources for Finding a Job 220Create Your Own Job 222Get rich quick? 228Chapter 9 Financial Responsibility 231Cosigners and Joint Accounts 232Parental access 235Chapter 10 Credit Reports 237What's Listed? 238Credit Scores 239Identity theft 240Chapter 11 Everything Else You Need to know 247Investing 248Taxes 249Insurance 250Chapter 12 On Your Own 253Making the Decision to Leave 253The Current State of the Economy 256Budgeting Worksheet 258Conclusion: Congratulations! 261Glossary of Terms 263Bibliography 281Author Biography 283Index 285
