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It's very normal for children to worry about how they will succeed as adults given where they are today. Teens need to understand that while they are capable of great things, success takes time and can only be attained through consistency.
1. Encourage mentorship, and learning about others
Encourage your teen to ask people about their experiences and the path that led them to their current positions. Once they recognize that no one's path is clear, your child will understand that experimenting and trying new things out is how one can find their own path.
2. Teach them to learn constantly
Help your teen understand the importance of learning - even boring topics. Picking up efficient studying skills builds discipline and helps your teen build studying skills, for their personal interests. For example, if game development is not taught in their school, your teen can use their new study skills to teach themselves! Your teen can also follow educational influencers on social media.
3. Build interests and exploration of passions
Help your teen build confidence, so they are not afraid to try new things, even if they fail. To learn new things, one must expect failure, but pick themselves up quickly! That is the best way to learn. Having a wide range of interests, and being curious about everything they do, will eventually lead to a true passion for your teen.
4. Encourage independence
Children can stand out by having autonomous thought. It's natural to want to follow your friends' lead, but making an effort to distinguish yourself as an individual will help clarify your own path.
Start picking up skills you’ll need. Practice doing laundry, cooking and cleaning - all of these things will make you a successful adult and teach you more about yourself.
The most tangible way to demonstrate independence is earning your own money.
5. Help your child start earning money
Kids who work will begin to consider their desired future and create plans to get there. Children who put in a lot of effort learn the value of money. Both Walt Disney and Warren Buffett benefited from this fundamental early education as they worked to achieve financial independence. Walt Disney began by selling his drawings to neighbors. Warren Buffett worked odd jobs and even delivered newspapers when he was 12.
6. Teach your child to budget early on
Success is somewhat akin to accounting. Help your teen learn that one must make the greatest use of limited time and financial resources in order for them to contribute to wellbeing. Teens should learn to use their time wisely because there is no way to make more time, and it is simpler to spend money than it is to earn it.
7. Start an investing journey together
People can start making changes and preparing for the future when they realize the power of saving money, investing it for the long term, or using it to pay immediate expenses. It's never too soon to start investing, and with Bloom, you can help your teen start investing safely even before they have turned 18.
8. Be honest about your finances to help your teen understand the real value of money
First, make sure your teen has a good understanding of what money is and what it’s not. Before you share the details of your finances, help your teen understand the difficulties others may have when earning money to build a healthy relationship around wealth.
As your child ages, slowly reveal the monthly expenses directly affecting them. This helps your teen understand how much money is worth and can reduce wild spending habits.
9. Have fun!
Don’t stress your child out! Let them know that worrying about their finances will not help and that you are there to support them at every step. Help your teen stay focused on their interests and avoid distractions.
Consider gamified learning, where teens learn in a fun, game-like way. Apps like Bloom reward teens with in-app currencies to eventually redeem different rewards and even free stocks! Make sure your teen takes advantage of every opportunity they can!
10. Give your teen a head start
Help your teen take small steps towards whatever goals they wish to achieve. If you want to give your teen a head start on personal finance, help them open an account with Bloom.
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