One of the best parts about traveling across the continent speaking to tens of thousands of students is getting to meet the other awesome speakers.
A good speaker friend of mine, Grant Baldwin, is the Master Jedi of showing young people how to make, save and invest their money. He’s even showing teens how to go to college for FREE! I reached out to Grant to help you figure out to do with all the cash you are making at your new part-time job!
Here’s what he had to say:
So you landed that part-time dream job huh? The gig fits within your schedule, you get to work with friends, they pay you in a real currency (not Monopoly money), and you’re not having to scrub toilets with your toothbrush. Pretty cool…congrats! But we all know the fun part isn’t the work. Sure, it’s not a bad job, but you’re not working for free. You’re working to get paid…can I get an AMEN?!
One of the most glorious feelings in the world is getting that first paycheck. It ranks right up there with meeting Oprah (for Ryan that is) or finding a pot o’ gold at the end of a rainbow…and maybe a bowl of Lucky Charms too. The natural desire is to go out and spend every dime of that hard-earned money, but is that really the best thing to do? I’m sure you know it’s not. There are basically three things you can do with your money, and you should have balance with all three: spend, save, and share.
Of course, your favorite is probably the spending part. Nothing wrong with that, but you have two more pieces of the pie as well. You should be saving some of your money. Saving for college, a new car, your retirement, or even just for a rainy day when an emergency might happen. And finally, you should share or give some of that money away. Money isn’t just for piling up and feeling loaded. Part of the responsibility of having money is to help others who are less fortunate than you.
As you get older and your life circumstances start to change, how each piece of this pie breaks down may look different, but you should always have all three pieces in place. For students, here’s what I would recommend you do with the money you get…
10% – Share
30% – Spending
60% – Saving
The biggest chunk of your money should be put towards savings since you’re probably saving for college, a car, your emergency fund, or all three.
Learning to handle your money may be one of the most important things you can do as a teenager. Whether you’re rich or poor, you’ll always be dealing with money, so why not learn to handle it now.
For more information about how to handle your money, visit Grant Baldwin‘s student financial website, www.BrokePiggy.com. You can also download his free, new e-book called “How To Go To College For FREE!“