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"Success 101 for Teens" Offers a Blueprint for Lifelong Financial Success(June 22, 2012)
FORT LAUDERDALE, FL -- (Marketwire) -- 06/22/12 -- For many, the only problem with childhood is that it doesn't last forever, something financial expert Mark Hansen acknowledges in his new book, "Success 101 for Teens," (www.success101forteens.com).
The best time to learn sound money habits is during one's teen years, he says.
"This generation of 20-somethings was raised during an economically-thriving period," he says. "Undisciplined spending habits, student and car loans, and a tough job market have stymied their financial growth. Perhaps the worst culprit is financial ignorance, but we can count this as a lesson for future 20-somethings."
Hansen discusses two fundamentals teens should know and practice:
- How to create a budget: A budget lets us know what's possible, and not possible, with money. There are six steps to creating a budget. 1. List all of your expenses. 2. List all income. 3. List monthly expenses. 4. Add up these lists separately. 5. Tweak your budget so you can meet your expenses, with money left over for savings. 6. Review and adjust your budget every week.
- Understanding interest rates, such as credit cards: Interest is a fee paid for using someone else's money. Simple interest is straightforward: 5 percent accrued in your bank account with $100 yields $5 in interest at the end of the year. Compound interest, however, means ever-increasing amounts. This is crucial to understanding debt you may take on from lenders. Know what you are borrowing and the terms thereof. Just as your money can work for you in a bank account, money borrowed can work against you if it is not paid back in a timely manner.
About Mark Hansen
A successful businessman, a former Palm Beach County, Fla., elected school board member and motivational speaker, Mark has dedicated his life to helping young people overcome obstacles and deal with the challenges of daily living. Struck by a car and nearly killed as a child, Mark fought back through positive actions and reactions to all that he had to overcome. As a result, he relates to teens in a very special way. Through books such as, "Success 101 for Teens: Dollars and Sense for a Winning Financial Life," and seminars, Mark Hansen is driven to make an impact on teens and young adults and to empower them to rise above and triumph over life's obstacles.
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