EARLY FINANCIAL INDEPENDENCE: A MUST FOR TEEN’S

Financial Independence is a key factor to personal freedom, confidence, and long-term security. It is a concept which refers to the ability of an individual to support their lifestyle and meet financial needs without relying on external sources of income, such as family, friends, or employers. It means having enough financial resources through savings, investments, or passive income streams to cover living expenses and pursue life goals without being dependent on a pay check. It supports the idea of continuing to live a lifestyle that’s comfortable for you instead of just covering the bare necessities.

Teenagers are in a sensitive phase where there is a constant desire to match their level with peers and fast-pacing trends on social media. Teenagers feel a continuous need to go out with friends for movies, explore new cafes, and try new savouries on the menu, time and again notifications by Zomato and Swiggy tempt them, and the online shopping apps every month come up with a sale luring them in. Their parents though provide for them fully but often are overwhelmed with the unending desires of their hormonal teenagers. For this reason, teenagers become rebellious and full of rage.

There is a concept in minds of numerous teenagers that if they start earning early in their lives then they can take early retirement to fulfil all their wish list bucket list items. Being financially independent they get to make choices and control their lives building self-worth and confidence amongst them. This concept often encourages teenagers to explore entrepreneurial opportunities, such as starting small businesses or freelance work. This not only provides them with a source of income but also nurtures creativity, innovation, and problem-solving skills. Entrepreneurship at a young age helps teens learn valuable skills like marketing, communication, and financial management.

Eventually, all that is needed is a balanced life full of contentment. Parents must encourage their teenagers to be financially independent. It should be introduced in a sugar-coated manner so that they develop a liking and zest for it but not as a compulsion. They can use their money on their passions, for travel, for fixed deposits, for lending a hand to family members and chores, etc.

With part-time jobs at the beginning for a smaller share of income, teenagers learn the value of money. They realize the importance of less money earned by working hard and devoting dedicated time slots. They learn to be patient since the usual payments are on monthly basis. They empathize with the hard work of their parents and working members of the family and society as a whole. The essential aspect is how well and responsibly they handle the money in hand. They learn the ethics of financial management, to plan and strategically spend or save or both. Parents should be supportive of their teenage children in whatever path they choose as a stepping stone to their financially independent careers.