“This is the ultimate financial literacy lesson for teenagers,” he said, adding that summer jobs reinforce basics like punctuality and the value of money. “There’s a big difference between your parents giving you $10 for lunch with friends and the money you actually worked for,” he says. He wants to work as a landscaper to save money for college, and he plans to gain experience as a consumer science research assistant at college, he said.
Tim Lanzetta, founder of Next Gen Personal Finance, a nonprofit that teaches money management lessons to schools, works as a golf caddy during the summer, which helps him pay for college. Well, he also said he got to spend a lot of time with golfers who shared their insights on the issues. business world. He likened summer jobs to an economic “boot camp”, introducing skills such as writing job applications, working with tax forms, opening bank accounts and arranging for direct deposit of salaries.
How can I increase my odds of finding a summer job?
Modestino, a professor at Northeastern University, said you should apply for more than one job. He said young people may be “very optimistic” about their hiring prospects, believing they’ll get a position once they’ve applied. However, there may be multiple offers for more applications, potentially leading to higher salaries and flexible schedule options.
Ask people you know if they have job postings, and don’t turn down jobs that may not be clearly related to your career interests. Aadi Gujral, 17, a high school senior in Danville, California, money skill app For young people, he said he was interested in working in finance and had done a project for his entrepreneur father. But he also said he had a job picking blueberries on his uncle’s farm.
“It exposes you to the real world,” he said. “And when you make money yourself, you quickly realize the value of a dollar.”
Can Teenagers Put Summer Earnings into a Retirement Account?
yes. John Lanza, author of The Art of Allowance, a book that teaches children economics, believes that summer employment can help teens not only for short-term shopping, but also for long-term security. said it could bring savings benefits. “It creates conversation starters.”
Teenagers with earned income can contribute to a special retirement account known as the Roth Personal Retirement Account. Even setting aside a small amount of income can start a path to long-term savings, Lanza said, and parents may consider contributing the same amount as an incentive. Unlike funds contributed to her traditional IRA, Roth’s IRA contributions are not tax deductible. However, most teenagers don’t earn enough to pay large amounts of income tax, so deductions don’t help them much. Money invested in Roth grows tax-free and can be withdrawn tax-free as long as certain rules are followed.
