Through our project, we have learned that high schoolers do not have much knowledge of personal finance. This might be because their parents have completed all of their banking accounts in the past, they have not taken the classes offered at LHS, or other reasons. 

It is very important to be able to manage your money so that your stress and anxiety about the future is low. 

Advice from Mr. Dobbins at the bottom!

Advice from Mr. Dobbins: 

• You should be saving 10% of what you make into a savings account.
• It is suggested that parents should not be allowed access to checking accounts, but it varies from person to person.
• When you are on your own, you are going to want 6 months of earnings or expenses in the fund just in case there is an emergency. Things happen and you want to be prepared. If you have an emergency fund, your stress and anxiety will be lower and you will feel less stuck if you ever get into a bad job that you need to quit but do not have a job lined up. You will have more breathing room.
• High schoolers or college students can start preparing for retirement. When you start saving young, the money you invest multiplies into more money when you are older, so start saving as soon as possible. Look into a Roth IRA.
• Advice for saving and spending: take how much you have at the end of the summer (from your job). Take the amount of money you plan on spending in the year. Take the 9 months you're going to be away (college), and divide that by 9 months, and that is all you can spend each month. If you want to, take that number and divide it by 30 days for what your daily spending limit is. 
• Avoid bad credit card debt. 
• Prioritize debt for needs vs. wants.

Good debt (needs):

• college loans 

• college investment 

• Mortgage for a house

• rental property

• car loans

Bad debt (wants):

• credit card debt

• borrowing money to go on a trip