Monday Financial Nuggets: Youngsters and Money

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Few working youths (per United Nations’ referenced ages 15-24) know what to do with money, either earned or gifted to them. I used to be one of those several years ago. Maybe not totally, but looking back, I acknowledge that I could have done better.

A working teenager has no money responsibilities like bills or rents/mortgages, except to splurge on new outfits, shoes, makeups, eat-outs, and other mundane things. Not that those things are unimportant, but it’s sheer vanity to acquire and accumulate endless amounts of them, most of which lay unused.

By the way, if you have tons of these mundane things lying unused in your closet or house, have a garage sale or post them on platforms like Depop, OfferUp, or Facebook Marketplace. Of the three, I have only used OfferUp, but my daughters have successfully used Depop and FB Marketplace. Please do your due diligence before choosing one for your purposes.

Once those mundane items have been sold, resist the urge to buy more things, and invest the money or put it in your savings account.

But what if the teenager could save at least half the amount of their paycheck every week and never touch it. For example, saving $50 every week for three months (using summer when most work), s/he would have saved $600 . On top of this, interest accrued depending on where the money is saved or invested, could add an additional $1-$25 or more per year. Imagine leaving that money untouched for another four years while in college, with compounded interest … Think about that for a second.

If a teenager could discipline him/herself to save and/or invest, it becomes a habit that will stick and only get better. The teenager would have mastered a money habit where most have failed.

Similarly, graduating out of college and starting full time job is the dream of almost every graduate. Some however are anxious to be independent and live alone. But precious one, what is the hurry? Ponder for a second how great it would be if you could live rent-free with your parents while working in an effort to save the most that you can for down-payment for your own house? It becomes harder to save when the bills start pouring in and/or when you start a family. I am puzzled when kids look forward to being 18 and independent. “Now I can drink alcohol” seems to be the most popular reason they give for the excitement! Hello?! There are better and more things in life than the liberty to be able to buy and drink alcohol. Why not think on those things?

Needless to say, the earlier you start saving and investing, the better. The rule of thumb is to save three to six months’ living expenses. Some say three months’ salary. Either way, the goal is to start and save the minimum of either three months’ salary or living expenses.

There’s no need to rush out of your parents’ home. It is a shield for you. Use living with your parents wisely and to your advantage before the bills start rolling in.

I acknowledge however that there are several other reasons when a young adult might decide to move out. Reason such as finding their first job in a different City or State. This is understandable but should be the exception and not the norm.

The essence of this post is to encourage youths to save, invest, and spend wisely. I hope it communicated that. If not, do let me know.

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Dating and Checking Each Other Out

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Credits: Pexels

I love to see the youngsters in love; I’m talking about the latter millennials/Gen Zs,.

You know how we know and what they do, right? Prior to Covid-19, they talk/text all day and night on the phone, hang out too often, visit one another endlessly, go to movies, visit mutual friends, hardly stay at home anymore, and sometimes they sleep over.

“I’m going to my friend’s and will spend the night.” However, they sometimes withhold critical information from their parents. Such information as where they are spending the night, who the friend is, where s/he lives, how they met, who the parents are, etc. You know, the kind of information that gives loving caring parents a peace of mind and that makes them sleep through the night knowing that their son/daughter is safe! Ask questions and the youngsters are quick to snap back, “Mom/Pops, no big deal; we’re just checking each other out or “you’re asking too many questions.”

What does this mean …?

“What did you just say – we’re just checking each other out!” In their language, “checking each other out” is not the same as dating. I will call it pre-dating where the two (boy/girl) do all the activities together (and sometimes play house) for a period of time and decide afterwards whether they want to continue on a longer term or not. Mind you, the decision is not about their compatibility or shared values. Well, maybe it is about compatibility but should they spend so much time to do that?

They both can decide to extend the period of “checking each other out,” but the extension doesn’t necessarily equate permanency.

Questions, Questions, Questions.

Who coined this term? And why do our youngsters think it is cool or beneficial?

How many girls/boys do they have to check out before deciding to “buy?” Sorry, I meant, stay put?

Is this “checking each other out” a fad or has this type of dating come to stay?

When did our sons/daughters become items, like a purse or pair of sneakers or jeans/dress/outfit to be “checked out?” And what happens if the item doesn’t fit? You simply return it no questions asked? Aka Nordstrom?Neiman Marcus?

While “checking each other out” and the girl is already sleeping over at the boy’s place and both are “playing house,” what golden incentives are there for either to be taken seriously about relationship commitments?

“why does the man have to pay for something he’s getting free?”

An African saying to inspire young ladies and deter them from sex before marriage

Are parents over-indulging their youngsters by allowing sleepovers of the opposite sexes?

It bothers me though that the parents don’t ask their guests questions like “does your parent(s) know you’re here?” “How long will you be staying?” “Can I have a relative’s name/phone number in case of an emergency” forgetting that they become responsible, and can be liable, for the guest in their house should there be an incident!

Once I begin my rhetorics with “When we were growing up,” my daughter would respond “yay yay yay Mom that was then, this is now!” Lol Well, growing up, you do not sleepover at your boyfriend’s place. It was unheard of. When you visit, no matter how late, you have to return home. Actually, we had to be home before 10:00 p.m.

Statistics

“Thirty-five percent of teens (ages 13-17) have some experience with romantic relationships, and 19 percent are currently in a relationship. Older teens (ages 15-17) are more likely than younger teens to have experience with romantic relationships.”

– The Office of Population Affairs (OPA)

“Among the young adults .., 60 percent were in some type of romantic relationship in their early 20s, with 16 percent married, 17 percent cohabiting, and 27 percent dating.”

What’s your take on this?

Blogging Community, am I being old fashioned? Since America’s adult age is 18, most parents simply hands off their children’s affairs once they turn 18. But, at 18 and 19, they’re still teenagers who really don’t know what they’re doing and still need guidance.

I acknowledge that parents ought to let off the reins and allow their children to mature, but do parents totally hands-off? How about shifting positions to advisor of sorts?

I was happy to find this article which resonates with my thoughts exactly as to what parents/older adults could be do to guide youngsters in relationships. Please check it out.

Should youngsters be “checking each other out” or should they be steered towards cultivating real relationships if they desire to be in one?
Please feel free to comment and/or educate me.

Thanks for reading.