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Werken van Linda Bickerstaff

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“Saving and Building Wealth” is a book that teaches teens to save money and build wealth. Building wealth now might just help teens be financially stable in the future. One strategy for building wealth is to set goals to save money for future purchases. For most teens saving money is hard because of the personal wants of the teen so they can not achieve their goal. The average monthly allowance for a teen in the US is $65 per month (2015 estimate), which most of the money does not go into an account, and they do not keep track of expenses. Budgets can help teens by tracking their expenses. Budgets can also help teens to pay themselves by depositing their money into a savings account. Checking accounts are another place where money can be stored safely. If the teen is working, the employer will most likely want to put money directly into an account. With checking accounts, teens can withdraw money without any penalty. In order to gain wealth, the author believes a teen’s money must work as hard as the person. Money has to do work like building compound interest, the rate of which money increases over time. If teens have money they are not going to touch for at least five years, they should put in mutual funds instead of individual stocks or bonds. On the other hand, banks can provide a credit line. Credit is not a cash substitute but borrowing money that is supposed to be paid back with interest. The most common form of credit is a credit card, and the most common credit card is one with revolving credit. The revolving credit card is where someone borrows money, and if they do not pay their entire bill, the loaner puts interest on it, and it will build up so they will have to pay more. Not paying your full balance can lower a credit score or report. Credit scores or reports are things that help loaners determine if someone should get a loan. An excellent way to keep a high credit rating is to pay loans on time and do not get overextended. A credit score is important throughout your life, and it needs to be protected. Teens often share too much information about themselves on social media, which can lead to identity theft. Even though teens could do all these strategies, it is best to look to a professional for help. Teens should hire a professional or a certified financial planner (CFP) to help manage money and build wealth
In my opinion, this was an educational experience. Most of the stuff in this book was new to me, and I enjoyed reading it. One of the reasons why I like this book is that it talked about financial goals and things that will help me in the future. Another one of the things I like about is that it is more focused towards the age where I am at so it helped a lot knowing about saving and building wealth. The last and final reason why I like this book is that it teaches you things that you probably would not know until you get out of high school.
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LBallard.ELA2 | Mar 23, 2020 |

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Werken
16
Leden
70
Populariteit
#248,179
Waardering
½ 3.5
Besprekingen
1
ISBNs
46

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