High School Senior Year Preparation

Having sons in high school has given me an insight into the need for a Youth Balanced Wealth Education System. The mass marketing of television, magazines and newspapers advocate the need for consumer spending using credit cards (interest rate of up to 21%) and the need for expensive vacations and new automobiles which will depreciate almost 100% in five years!

The scholastic curriculum should include the following:

	How to minimize federal and state income tax liabilities currently ranging between 32%-
	48% combined.
	How to maximize the use of IRA and 401(k) accounts to reduce federal and state taxes
	as soon as students commence working.
	How to establish a strict budget in proportion to the income generated or the allowance
	given to the student. This will emphasize the importance of not spending more that they
	earn!
	How to manage a checking and savings account.
	How to get them involved in investments of mutual funds and the stock market.
	The huge importance of maintaining a perfect credit rating.
	How real estate investments can become a significant hedge against inflation. Click here for an example.

Until we get to the point where the high schools design financial educational courses, it is a good idea to have parents who are experienced in these fields come in and lecture to the students.

"IT IS NOT HOW MUCH YOU EARN, IT'S WHAT YOU CAN KEEP THAT COUNTS"

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Want more information? Please E-mail Frank at EFM Financial Center.