Tips to Learn, Save and Grow In Your Teens

No, this won’t be one of those articles that says teenagers are directionless and unpredictable and naïve and they need to learn the value of money, because that isn’t really true. Adults tend to forget quickly that they too were teenagers not long ago. That they too experienced this same confusion when facing the overwhelming developments in how everyone suddenly expected them to contribute when they didn’t even have the first idea of what they wanted in life.

So, what is the point of this article? It shares the opinions of some teenagers who, I don’t know how, figured out this stuff pretty comfortably. In their opinion, there are just three things teenagers need to be mindful of; learning, earning, and saving.

Like it or not, you are growing up in a capitalistic world. Money defines everything; individuals and corporations exist to maximise wealth.

Gotta play the hand you’re dealt, fair enough, but no one said you need to play conventionally. Instead of waiting for your height to stagnate and your parents sighing in disappointment behind your back, you can start making your wealth in your teens. I fear this sounds like a Ponzi scheme those telemarketers so effortlessly regurgitate, but it is true.

There are three things that you must try as many times as it takes, in your teens. These are learning, earning, and saving.

Why learn?

Your brain is willing and able to absorb ideas and information like a sponge at this age . Your mind is like wet clay right now, and it is in your hands to shape it in a way that you will want it to hold through the rest of your life. It is important to learn as much or as deep as you can before you go to college or else you will be making long term commitments to professions/fields without even having considered all your options. Only when you learn about subjects in-depth will you understand if you genuinely enjoy them or you’re just good at them. Many people get confused between the two and start degrees they don’t even want.

How to learn?

This is the easiest thing to do, especially with all the technology our generation has. This is the one thing for which resources aren’t scarce. There are books available on anything and everything and companies will be ready to teach you if you intern with them. Internships are useful to learn things from multiple domains. Even in your school or college, you don’t have to sit only for the classes you will write the exam for. You can sit in any class and make the most out of the institute you’ve enrolled in.

Why earn?

It isn’t a necessity for teenagers to put something on the table, but why not get a taste of the real world when you’re accelerating towards it anyway? It will be LIT if you start earning in your teens as you won’t be completely dependent on your parents for your allowance and it will also allow you to share the burden of raising a child in the 21st century with your parents. If you are good at it, you might be able to fund your own college expenses. To whatever extent you earn, it will move you towards a surplus.

How to earn?

You could write a blog. This way you will never feel like you want to share things but don’t have anyone. You could teach. There’s something everyone is good at and there’s always someone who wants to learn. You can also try and pick up a part-time job near you. If you believe you are overqualified for these, you can always start trading on the stock market. You will need your parents for this, but that shouldn’t be an issue if you pick up a knack for it.

Why save?

If there is one thing you can be sure of in life, it is uncertainty. Who knows what the future holds and when you will need to spend more than what you get. Money is something you will always want more of, and the only way to fulfil that capitalistic desire is to save. Trying to save will make you conscious about your spending pattern and prepare budgets for your expenditure—which is a highly useful skill.

Sooner or later you will need to save, so make it a habit from an early age. And if you don’t know about it yet, let me have the honour of introducing you to the magical concept of compound interest — described as the eighth wonder by Einstein. You can put money into funds that give you decent returns, in the next period, you will get returns on your initial savings as well as the returns previously earned. Isn’t that dank?

Check out our Twitter explainer on compound interest (and follow us for more useful information about personal finance, entrepreneurship, and productivity!)

How to save?

This is the tricky part, but you can break it down into simpler steps.

First up, set a target for yourself. This could be the price of what you want to buy with your savings or just a figure that you want to put aside. This way, you know where you are headed and can track your progress.

Second, set money aside as soon as you get your allowance, if you spend first and then save the remainder, you will never have anything left. Just take your monthly target savings out first and make do with whatever is left (you’ll realise so many of your expenses are not even necessary).

Third, put this money somewhere it can multiply itself. Keeping money in a piggy bank is a good start but not enough. You can take advantage of funds and compound interest and take real good care of your hard-saved money. Lastly, FOMO is a term coined by pretentious people who are incapable of prioritising. You won’t miss out on anything important by spending less.

Learn more than you wish to, earn as much as you can, and save everything you get. You're sorted.

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