Financial experts recommend beginning with the basics of banking, saving and investing if you have teens who are working summer jobs. Getting a jump on these things can have a great impact on the rest of their financial life.When one of your children starts earning their own money, a good place to start is to get them a banking relationship, said Henske.
Many banks, credit unions and other financial firms offer low or no-cost accounts for the youngest customers. Some are specifically geared towards teens and come with opportunities to invest, as well as debit cards. For many kids, having a summer job is the first opportunity they've had with their own money to spend. Parents can help them establish good habits by giving them certain financial responsibilities, such as filling up the car with gas, paying for their own social outings or buying their own clothes with their new earnings, according to Henske.
This kind of IRA is a great way to start investing and save for the future. And, opening one as a young adult can give your teen a jumpstart on building their own personal wealth.
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