In a recent interaction with high school seniors in Queens, New York, CNBC experts shared ten crucial financial lessons that every high school student should learn before graduating. These lessons are valuable not only for high schoolers but also for college students and young adults entering the world of finances.
Firstly, personal finance should be personal. It’s essential to identify your financial goals, values and desires that align with your life rather than succumbing to societal pressures.
Secondly, compound interest is your ally in building wealth. Starting to invest early can make a significant difference in the long run, thanks to the power of compound interest.
Thirdly, being intentional with your money is vital. Distinguish between wants and needs and keep track of your spending to avoid financial pitfalls.
Fourthly, break the taboo around discussing money. Engage in conversations with trusted individuals to learn valuable financial concepts and become more comfortable discussing money matters.
Fifth, learn the art of negotiation. Negotiating your salary or expenses can significantly impact your financial well-being.
Sixth, don’t hesitate to ask questions when you don’t understand something. Seek clarity to make informed financial decisions.
Seventh, embrace mistakes as part of the learning process and avoid repeating them.
Eighth, surround yourself with people who support your financial goals to stay on track.
Ninth, find low-cost hobbies and activities that bring you joy, especially when finances are tight.
Lastly, true wealth extends beyond money. It’s about having the knowledge and skills to effectively manage your money to lead a fulfilling life………[read more]
How can individuals effectively balance short-term spending desires with long-term financial goals, and what strategies can help them stay on track?
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