At What Age Should Someone Start Planning for His or Her Financial Future?

At What Age Should Someone Start Planning for His or Her Financial Future?

At What Age Should Someone Start Planning for His or Her Financial Future?

Individuals should start planning for their financial future as early possible, ideally in their teenage years, as stated by Investopedia, a website dedicated to investing knowledge. Teenagers can learn how to make basic budgets and create short-term and long-term savings goals. Teaching teens how to plan and save for their future needs is a simple way to help them prepare for their future.

Anyone with earned income under the IRS income levels is able to contribute to a Roth IRA savings plan, including teenagers. Contributing to a Roth IRA is a simple way to begin saving for retirement. Teens can also learn how to keep track of their bank account balances by balancing their checkbook.