An Entrepreneurial Genius Gives Financial Advice to Young People
Having the smallest amount of financial knowledge can really give someone a leg up in this world. Contrary to what many young may think, the world of finance is not a difficult subject to learn about. With just a few tips and life lessons about dealing with money can change someone’s life in miraculous ways.
One of the first things young people need to understand is how to properly manage a budget. Personal finance is much like the financial stability of a business. Just as businesses create and maintain budgets, it is wise for individuals to figure out how to balance their income with times when they will be spending their money or saving their money. By creating a fully planned out budget, individuals can avoid entering into debt and unexpected expenses while still planning future goals.
Another big issue that everyone of every age needs to understand is taxes. No one likes taxes because people know that they get paid less than they earn. Nowadays, people use direct deposit to get paid, so they don’t really get a good look at their pay stubs. A pay stub displays how much money was earned and how much money was taken out for taxes. Everyone pays Federal income tax and social security as well as state and local taxes, along with any other deductions such as health insurance and 401K.
What could really help young people set up a bright financial future for themselves is understanding compound interest, having good credit, and getting good deals. Compound interest is earned when there is money in an account receiving quarterly interest from the bank. Good credit and good deals can help young people achieve financial milestones without breaking their banks.
Brad Reifler, the man reasonable for such advice, is an exemplary serial entrepreneur. Currently, Brad Reifler is CEO of Forefront Capital. Brad Reifler also sits on the boards and manages many other companies. He’s director at Sino Mercury Company and founder of Forefront Capital. He founded his first company in 2000.