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.