teen’s first job
My grandson is starting his first job this summer. He is a jr. in HS. His father is very bad with money and so is his wife so I know he is not well versed in how to handle money. What would be good beginning for a young person? Banking Acct Checking account? Saving acct? credit card?
A book to read?
Terry Says
Whew — I want him to read just the first three chapters of my book — The Savage Truth on Money (3rd edition) and it’s available on Amazon. I’m not trying to sell books — but those chapters are written for him!
One other caveat: Is he planning to apply for financial aid for college? If so, any savings in his name will weigh heavily against him in the formula. You might offer to “match” any savings and put it in a savings account in your name — keeping it out of the disclosure requirements of the FAFSA (financial aid) application. Of course, he will spend some of the money! that’s natural, and he should be able to enjoy the rewards of his work. He should also decide how much he wants to “put away” to get the match. That’s a very real lesson!!
