It's important to realize you actually lose money the moment you buy a CD, a pair of sunglasses, a bottle of nail polish, or a stereo. It's true you enjoy these things, but you can never regain the money you paid for them. Is it worth it? You'll have to decide.
The next time you get money, consider investing it in something that goes up in value. Baseball cards, coins, antiques, gold, and real estate are examples. Business equipment is a good investment because you use it to earn more money. Stocks, bonds, mutual funds, and money market accounts are also wise investments. Like many teens, you may be thinking you'll invest someday when you get "enough money." That seldom happens.
The best plan is to start stashing small amounts of money in a savings account every month. Once you have enough money to make a larger investment, you can put it somewhere that pays a higher interest rate.
If you need help making investment and financial decisions, look in the phone book and call a Certified Financial Planner. A CFP can help you create a master plan to reach your financial goals.
Bonnie Drew is the author of FAST CASH FOR KIDS (2nd edition), published by Career Press (1-800-227-3371). She is also the creator of the KIDS BUSINESS software for young entrepreneurs, available from Homeland Publications (713-332-9764).
Drew is also Editor of YoungBiz online magazine, published by Kid's Way, Inc., a company that helps youth prepare for business and the workplace of the 21st century. For more information, write to Kid's Way at 5589 Peachtree Rd, Chamblee, GA 30341 or call toll free 1-888-KidsWay (1-888-543-7929). YoungBiz magazine can be found at http://www.youngbiz.com
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