What really concerns minors nowadays when it comes to the financial world? To the 17% of the world’s population that is under the age of 18, we have a wide spectrum of questions, ranging from the economy to the process of buying a house. The overarching question that sits on the minds of minors is how much money is enough? How do we find sustainable sources of income? What is the cost of living? What is needed to sustain the quality of life I choose in the future?
To all these personal finance questions, they remain uncertain and hazy until we leave high school and move onto a specialized higher level of education in college. Whereas high school is a time to explore your career options and find your passions, it can still remain uncertain. For those who have trouble making decisions at such a young age, they often pick career paths that are dissatisfying because they are forced to make decisions at such an early age. From that point on, everyone takes different paths to the careers of their choice. Only with dedication and the drive to succeed can someone excel in their career path and make a sustainable living. Actively managing your income can help lead to a healthier financial future, in the sense that you can determine the cost of your living expenses and being to plan for future expenses, such as a house, car, and a family. One great place to learn the necessities of life (a house, a car) and how to financially sustain them is here.
Some of the minors in the world are also concerned about today’s economic conditions. Has the recession really ended? When will everything be “back to normal” as it was before the bailouts of major American corporations? What’s happening in Europe? Why is the Dow Jones Industrial Average reaching all-time highs? Why is Apple dropping in value?
These real world questions pertain to everyone, as they dominate a major role in our lives. Most minors lack the understanding of how the economy works and the cause of these events, but with the spread of financial literacy in our time, minors are playing a more active role in their understanding of the financial world. Soon enough, these concerns will be understood and eventually solved by our own generation. Until then, we can learn and begin our roles in the world of finance.