From generation to generation it is said that schooling becomes
more challenging year after year. After successfully attending college and
hearing numerous key note speakers it is impossible to say how many time I've
been told "you have such an advantage to have the education that you do,
and wish I was able to learn everything you are now, when I was your age"
or at least something on those lines. We spend millions of dollars each year on
our schools, yet we fail to teach the younger generations some of the most
crucial information that they need in order to survive in the real world.
I cannot tell you how many of my friends, recent college
graduates that are still lacking some of these fundamental concepts, that could
potentially be costing them hundreds of thousands of dollars. Here are some
How to fill out a W2 - Every time you receive a
new job it is required to fill out a W2, kids can have their first job when
they're as little as 14 years old. Yet there are still adults out there who
still have no idea what to claim on these forms.
Building credit - In the US it is essential to
have a credit history, however there are many young adults whom have yet to
start. The moment a person turns 18 years old they are eligible to start
building credit. Without a credit history you do not have a credit score which
is necessary for obtaining a loan, potentially applying for jobs, even renting
Truly saving/investing - Every child is told to
save their money, "put 10% of your paycheck into your savings
account" unfortunately most kids will simply withdraw this money whenever
they need, so is this really saving? When kids meet the minimum income
requirement they are eligible to open a retirement plan. What some adults don't
even know is that by starting a Roth IRA or any other retirement plan you can
be a multimillionaire when you retire. Assume from 15 years old to 22 you put
$50 each month ($600 annually) into a Roth IRA, you then graduate from college
and receive a job paying $40,000 after tax, which you put 10% into your Roth
each year until you retire. Assuming your income never changes, if you were to
retire at 65 years old you would have a remarkable $6,571,557 and owe no taxes
on them. (Assume an average return of 11.69%)
We all want to be set up for success but by not teaching the
younger generation these simple concepts we are doing the complete opposite.
Ryan M. Nguyen is a Broker Associate at Keller Williams. He is a part of Carr Peck & Associateswhich
has been recognized locally and nationally as an expert in real estate.
Driven by his passion for real estate he strives to show the world what
his generation brings to the table. For more information feel free to
contact him or call 303.828.8720 Photo provided by Google
Author:Jason Peck Phone: 720-446-6301 Dated: August 26th 2014 Views: 613 About Jason: ...
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