investing

7 Things Teenagers Need to Know to Become Rich

7 Things Teenagers Need to Know to Become Rich

I’m hoping you can instill in your kids good manners, honorable principles, and a healthy diet. But can you impart financial stability to them? Can you genuinely advise them on money matters?

I had the opportunity to sit down recently and interview Mike Zisa. He is now a financial consultant as well as a teacher at Pennsbury High school in Bucks County, Pennsylvania. Zisa is the author of The Early Investor: How Teens & Young Adults Will Become Wealthy. We spoke about our community-based children and the value — and the rareness — of high school financial education. Lisa shared the most important lessons for all children of secondary schools to remember when they graduate.

  1. Saving Money Is Not the Same as Spending Money

Saving essentially involves depositing funds into accounts like checks, deposits, or cash in a bank. Cash deposits, such as short-term CDs, are also permitted (Certificate of Deposits). You can even increase the safety and accessibility of your money by investing. Investing is the process of using money to buy assets that are anticipated to increase in value over an extended period of time, such as stocks, shares, real estate, and other investments. The finest performer of your career was investing your money.

 

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