How to Become a Financially Independent Teenager
Millions of teenagers around the world enjoy financial independence. That’s because they’ve taken proper steps to ensure their own financial independence. In India too, the trend of teenagers becoming financially independent is nothing new: it is prevalent for ages. However, in modern times, a lot of teenagers while away from their time instead of focusing on gainful pursuits such as becoming financially independent.
The fact that you’re reading this article, either as a teenager or as a parent, clearly indicates that you wish to be financially independent at this age. Or, at least you’d like your teenage child to attain financial freedom.
If that’s indeed your case, continue reading. In this article, I will be discussing various ways and means how to become a financially independent teenager.
Let’s begin by understanding the importance of financial independence for teenagers so that you’re able to better understand the steps that I will be discussing further in this article.
Table of Contents
Importance of Financial Independence
In simplest terms, financial independence means having enough money to live the rest of your life without working or doing any business. However, this definition is for working people or businesspersons.
For teenagers, the definition of financial independence means having enough money without relying or depending upon parents. And, at the same time, continuing studies in ant particular course, without disruptions due to lack of finances. That’s because teenagers aren’t generally expected to work.
Financial independence teaches teenagers several things.
- Sense of responsibility.
- A path for a future career.
- Better money management skills.
- Overall greater respect in the society.
- Preparedness for meeting financial emergencies for self or family.
Now, let’s proceed to find ways and means on how to become a financially independent teenager. Trust me, it’s much easier than you might actually believe.
Becoming a Financially Independent Teenager
Here, I will discuss various steps to becoming a financially independent teenager. All these steps are simple and easy. However, they require some effort on your part, as a teenager that wants to gain financial independence.
Define Your Goals
Defining your financial goals is the very first step towards becoming a financially independent teenager. Unless you set a goal, working towards financial independence remains just a wish. A goal means, defining how much money you should have saved and invested during your teens. You can fix yearly goals, meaning, deciding how much money you should have as savings and investments during any particular year of your teens. And, how much should you be worth at the age of 19 years of age?
Draw Own Financial Plan
There’s an old adage that says that failing to plan is the same as planning to fail. Therefore, make a realistic plan on how you can reach your financial goals. This means, taking into account various things such as the pocket money you get from parents, the spare time you have after your studies that you can use for making money, and your own skills, likes, and dislikes. Make a plan on how you can use your skills and likes to make some money during spare time and ways and means to make the best use of your pocket money for savings and investments.
Study a Course You Like
Teenagers generally don’t have many skills. However, that’s not a big deal because you can always do an online or offline course and get these skills. Here, it’s important to remember that such skills should sync with your personal likes and passions. Furthermore, these skills should be related to your overall career goals too, because these can help you in the future, after completing higher education and at work. Nowadays, a lot of online courses are available in India at very affordable prices. The best part of such online courses is that you can study with flexible working hours and that too, from the comfort of your home.
Find Paid Internships
Once you complete the online or even offline course, the next step to becoming financially independent as a teenager is to find paid internships. Usually in India, the academy or institute where you do the course will provide you with internship opportunities. That’s because they have tie-ups with companies in various fields. Alternatively, you can also register at a website such as Internshala and find attractive, paid internships in the country. An internship helps you to practice the skills you’ve learned at the course because you’ll be working alongside professionals in the field. That way, you can also fine-tune your own skills and acquire new ones.
Find a Part-Time Job
Armed with your skills and some experience as well as your financial goals and plans, you’re all set now to find a part-time job. Such part-time jobs are easily available if you look for them on various job boards and LinkedIn. A good part-time job will keep you busy for four to six hours daily and provide you with a decent salary, that helps you become financially independent. Understandably, the salary won’t be high because you’re a fresher at the job. Yet, it would be sufficient enough to give you financial independence to some degree. You needn’t depend upon your parents for more money, just in case you wish to do something such as buy an expensive new smartphone.
Stay Away from Addictions
Unfortunately, a lot of teenagers in India fall victim to alcohol and drug addictions. These can have a crippling effect on your life. And you’ll never be able to become financially independent if you’re hooked on any substance for abuse. There’re no sure-shot ways to stay away from addictions because most teenagers willingly try drugs and alcohol, without persuasion or force and mainly out of curiosity. Maintaining a healthy lifestyle and communicating with your parents on a variety of subjects is the best way to prevent addictions. It’s very simple and millions of teenagers shun drugs and alcohol because they live healthily and have an excellent rapport with their parents.
As we can see, these six ways for a teenager to become financially independent are very simple. You can also try blogging or vlogging to make extra money on the side. Try these six ways today and I can assure you won’t regret it later. As I explain earlier, becoming financially independent as a teenager has its own sweet rewards. Remember, financial independence doesn’t come only from money in your pocket or purse. Instead, it entails a lot more than that. Hopefully, these six steps will all teenagers become financially independent soon and live a fruitful life as responsible members of society. I will conclude by adding that it’s definitely worth a try.