You are taught many things in school, but some of the basic of principles are often overlooked. If you have teenagers in school, then you’ll want to ensure they understand each of these 7 concepts before it’s too late.
#1 Understanding Taxes
Okay, let’s start with a hard one here. Taxes. Yes, they scare the best of us. Still, understanding what tax you should and should not be paying is essential. After all, the very last thing you want is to end up paying more than you need to. For all you know, you may never get that money back. That’s the last thing you want.
Sadly, they don’t teach us about filing taxes in school, which means that it’s pretty much something that we have to learn for ourselves. There are loads of resources online, though, that will help along the way.
#2 How To Bargain
Haggling is a real art form. If you want to avoid paying too much for the things that you buy, you need to learn how to get this right. The idea is that you learn how to negotiate for a better deal and, ultimately, end up saving yourself a whole load of money. This helps with buying a car, negotiating on buying a home and much more!
#3 Understanding Credit Scores
Whether you’re getting a loan or applying for a mortgage, your credit score matters. It really does. This is the bar that lenders measure you by when it comes to how trustworthy you are. The number will be used to decide whether you can be trusted when it comes to making the repayment dates. If you don’t have a good score (or, worse, no score at all), you could find that it’s very difficult to get a loan of any sort!
#4 Saving For A Mortgage Down Payment
While we’re on the subject of borrowing money, are you planning on getting a mortgage? Understanding how to save for a deposit is crucial if you want to get a mortgage. Spoiler: It takes longer than you might imagine to get that money together.
#5 Understanding How Credit Cards Work
How do credit cards actually work? There are few people that understand this at all and yet we all willing sign up to them. The truth is that we should understand interest rates and what we’re going to pay back before we end up getting a card. Having one may mean that we can buy what we want, but it also means that we have to pay extra cash for that luxury.
#6 Checking Your Statements
The fact of the matter is that if you want to keep on top of your finances, you need to make sure that you check your bank statements on a regular basis. After all, there’s no way that you will know how to start saving without knowing where you stand with your money. The sooner you get on top of it all, the better. Not to mention the high level of identity theft that’s been happening all over the world.
#7 Requesting A Promotion
Asking for a promotion and raise can be one of the hardest things that you ever need to do. Still, often enough, if you don’t tell people what you want or expect from them, you just won’t get it. If you believe that you deserve a promotion (and have good reason to ask for a raise), you eventually need to bite the bullet.