WHEELING, W.Va. (WTRF) Young people leaving high school and entering college or the workforce are often unprepared to handle an important part of their lives—finance.
Jason Haswell of the Monteverde Group in Wheeling says high schools teach physics but not how to balance a checkbook.
He says every young person should have some training in things like compound interest, credit scores, financing a car, how a mortgage works, how to make a budget and how to fill out a basic tax form.
He says young people don’t realize that simply making a late payment can affect not only their credit score but their ability to buy a car or home or even to get a good job.
And they should be armed with the facts before they encounter the most common snare of all—credit card offers.
“They’ve been in college for about five days and their mail box is filled with credit card offers,” he said. “It seems like free money and they sign up. Pretty soon they turn to their parents for help because they’ve racked up $10,000 in credit card debt.”
He urges parents to start early, teaching their children about money.
And if a young person doesn’t have a financially savvy parent or mentor, there are a lot of books on basic finance.
He said there are countless websites and apps that are free, that will teach you in plain terms how to handle your money.
Haswell says your money is important.
“It’s hard to come by,” he says. “You work hard for it. You need to learn a few basics so you can make it work hard for you.”