How Teens Can Become Millionaires, by Dave Ramsey

How Teens Can Become Millionaires

Although this isn’t specifically related to college I feel this is so important to instill in our children to save when they are young so they have choices later on in life. Read this article and scroll down to the table where they compared 2 men at age 65 and how they saved. You will be surprised by who has more money and how little they saved to get there. Start young! That is the message here.

How Teens Can Become Millionaires

As you approach adulthood and start to think about your future, are you really ready to be financially responsible for yourself? If you answered no, you’re not alone. The Jump$tart Coalition administered a basic financial literacy test to high school seniors, and less than half of the students correctly answered the questions. Another study found that over 75% of college students believe they are not ready to make smart financial decisions for themselves.

Pretty scary, isn’t it? If you think about it, most of your friends probably don’t know how to balance a checkbook. In fact, very few teens actually have a savings account or know what long-term investing means. Do you?

A 2009 Capital One survey discovered that 50% of teens wished they knew more about personal finances. Whether you have never stepped foot in a bank or you are actively saving and investing for your future, all it takes is a little effort and a lot of patience to become confident in your financial decisions.

Read article online, click here.