Financial Advice

Financial Advice for Young People

The youths are said to be the future leaders. The youths needs to be enlightened on how to develop this ideas into more realistic objective. The youths have untapped potential that needs to be addressed. One of the most difficult thing the youths faces is access to financial information that will help them transform their ideas to desired projects. The following are the ways the youth will be educated;

Investment awareness, the youths can be taught on what, and where to invest in. There are many investments available to them for example; investing in real estates, buying of shares, real estate or mortgage. They should be taught on projects that has a shorter payback period and which gives a higher rate of investment. This is a platform that can be used to put awareness to the youths in different ways. For example; through workshop, the youth can learn on how to use the little resources available them.

Money spending awareness, this will be an open platform where the youths will be taught on ways to dispose of their income and spending it wisely on the necessary expenditure. Thorough this the income that goes to waste will be minimize and allocated to more important projects in their lifetime.

Financial gain and losses creates great financial awareness. The youth should be put aware of when they have earned a revenue or made loss in their respective project. In case they is a capital gain or loss, what does it really mean and that implication does it bring along with.

Financial credit awareness, this is to inform the youths on the venues available where they can access credit or financing funding into different projects. The youths should be aware of those lenders who gives a lower rate of interest in the borrowed funds.

Insurance cover awareness. This is to inform the youths on the insurance cover that are available to them. The importance of being insured, this may be assets cover in case of destruction, personal accident or fire destruction. There is also machinery, plant, motor vehicle cover and life assurance policy. In case of any eventuality the youth will be compensated.

Saving plans awareness. This is to educate the youths on the need of savings or opening saving accounts, the youths will be able to save for future investments or for a later date when they will need the financial assistance.

David Milberg is an investment banker from NYC.

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