This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
A playbook for kids, teens, and parents
Read books about personal finance. You can start with “Rich Kid, Smart Kid” and “Rich Dad, Poor Dad.” I didn’t understand this book as a kid, but I kept re-reading it until I understood it.
Use a piggy bank. Using a piggy bank won’t promise you financial success, but the more exposure you have to financial education as a kid, the better off you’ll be because you’ll learn the invaluable lesson of saving for the future.
Get a job. My parents offered me work before I hit the age of 10. Whether it was chores, listening to leadership tapes, going on consulting trips, and tagging along with them for their business engagements. I found every way to earn money. My mother stopped offering to pay for me to read books because I was starting to read too many. I had my own business, did many entrepreneurial ventures, and worked in retail and fast food from kid to teen years.
Open an investment account. The best time to start investing is as soon as you’re born. The earlier you start investing, the less money you’ll need to save to reach your financial goals. How much money do you want to have by x date? Use an investment calculator to learn how much you need to save each month to reach your goal.
Spend less than you earn. Learn this valuable lesson now, so you don’t have to learn the hard way at a future date. You won’t rack up debt if you consistently spend less than you earn. There’s no magic trick to becoming wealthy, but spending less than you earn sure is close to it.
Avoid student loans. There are several ways to go to school for free (e.g., scholarships, education reimbursement programs, financial aid, grants, or traditional: pay as you go). Find a way to go to school for free or pay your way through it; it’s worth it! Unless you’re planning to earn significant income right out of school, student loan debt can definitely slow your financial progress.
Unless your friend group comprises personal finance enthusiasts, don’t do what they do with their money. Do the opposite. Many young people waste countless dollars on materialistic items like clothes, shoes, cars, and tech gadgets (I suppose adults do too). Instead of going this route, save your money. There will always be another new thing to buy. Spread your materialistic purchases out, and mitigate impulsive buying. Were you thinking about buying it before you saw it? Then you don’t need to get it.
Use a budget. The sooner you start utilizing a budget, the sooner you’ll have more control over your finances. You can’t know what’s going on with your money if you aren’t tracking it.
Give. Start giving as early as possible. Not only monetarily but non-monetarily as well. It becomes more challenging to be generous as you increase your income, so start practicing the habit now.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.