Most teenagers fall into the business world badly prepared for management of the earned money. Even if their parents tried to give them knowledge about the money, they still don’t have that good experience, which has the older generation. You know that “money run out before the end of the month.”

Below you will find some secrets how to teach teens to manage money, which they will earn.

Once they get the first job, and get a first salary, do the following. Make it so they took the very first salary and … will completely spent it. You might have expected that I would advise you to save money, buy savings bonds or something like that. That is why I suggest you convince them to spend the money: they will get their own experience in obtaining the benefits of hard work and fun.

After the first paycheck, that’s how you should deal with each subsequent to the end of their lives. I call this a decision 10 to 4. With each subsequent paycheck hold ten percent and invest it in four different places.

1) The first ten percent: First, pay yourself.
Put these 10 per cent in some savings fund, the money that you will not touch until the time of the retirement. Start it when you are young and you wonder what might happen. If a man will begin in 1921 and will invest only $ 1000 a year in any savings fund that will pay for a year at least 10-12 per cent and will continue to invest the same amount of money, during the eight years until the age of 29 years and then will not touch this money until retirement, for example, he would be able to save nearly half a million dollars.

2) The second ten percent: Distribute.
Give 1- percent to charity fund or give money to homeless people, or children without parents. Giving 10 percent of your money will make your brain to learn one interesting thing: if I can give it, for sure, then it will be rendered in a larger size. This is a very nice feeling.

3) The third ten per cent: these give ten percent to cover any debts that might arise at this point.

4) The fourth ten percent: save them to spend on something you really want and need.

For many children – it is a car. And, perhaps somebody wants to go abroad, stereo system or fashionable clothes.

Thus, you teach your children the first day of his business life to live only on 60 per cent of his revenue, instead of 110 percent, on which most of us live. We hope, that this little advice will teach you to manage your money and money of your child effectively.

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