A teenager’s guide to developing a positive money mindset and financial habits.

As a teenager, the world of money can seem both exciting and overwhelming. It’s the time when you start earning, spending, and maybe even contemplating your financial future. Cultivating a positive money mindset and adopting good financial habits can set you on a path to financial success. In this article, we’ll explore the key principles of developing a positive money mindset and establishing habits of saving, spending, investing, and giving that will benefit you in the long run.

The Power of a Positive Money Mindset

Your mindset about money plays a crucial role in shaping your financial future. Instead of viewing money as a source of stress or restriction, see it as a tool that empowers you to achieve your goals and live a fulfilling life. Renowned financial expert Suze Orman once said, “People first, then money, then things.” This mantra underscores the importance of prioritizing relationships and values over material possessions.

Here’s how you can develop a positive money mindset:

1. Understand the Value of Money
Appreciate the effort it takes to earn money. Whether it’s from a part-time job, allowances or gifts, money represents time and energy. This realization can instil a sense of responsibility and mindfulness in your financial decisions.

2. Delayed Gratification
Not every desire needs immediate fulfilment. Practise delayed gratification by resisting the urge for impulsive purchases. Instead, give yourself time to evaluate whether the item aligns with your priorities and budget.

Subscribe to The Teenager Today print / digital editions to read the full article.

The post Mastering Your Money appeared first on The Teenager Today.

A career in finance is exciting and rewarding, and usually, very lucrative. If you have a head for numbers and a passion for financial planning, the financial sector might be the perfect fit for you.

What’s this career about?

Finance is all about managing money. It is a vast field with many different job opportunities. Here are some of the most common:

Financial Analysts provide guidance to businesses and individuals making investment decisions; they often assess the performance of stock market investments, real estate, bonds, and other investments.

Investment Analysts assess and recommend investment decisions, often for a fund or investment company.

Commercial Bankers work for commercial banks and provide financial services (e.g, loans, lines of credit, etc.) to businesses.

Certified Public Accountants (CPAs) prepare tax returns and advise individuals and businesses on tax planning, ensuring compliance with tax laws and regulations.
Personal Finance Advisors help individuals with budgeting, saving, investing, and other financial goals.

These jobs only scratch the surface of the finance sector. There are many other options for those who love working with numbers and want to pursue a lucrative career.

Finance jobs can be quite stressful. You are responsible for making critical decisions that could have a major impact on your company’s bottom line. That kind of pressure can be tough to handle day in and day out.

Subscribe to The Teenager Today print / digital editions to read the full article.

The post Love Numbers? Pursue a Career in Finance! appeared first on The Teenager Today.

One of the few aspects of the Indian development project that is supposed to have seen some recent success is education. As India continues to witness a surge in the number of students pursuing higher education, the importance of understanding and managing finances becomes paramount. The transition from college to a professional career is a crucial phase, often accompanied by financial challenges. This article explores the significance of student loans and financial literacy for Indian students.

The Rising Cost of Education

In recent years, the cost of higher education in India has seen a notable increase. According to the All India Survey on Higher Education (AISHE) data for the academic year 2020-21, the enrollment in higher education institutions crossed the 3.85 crore mark. With this surge in enrollment, there is a parallel increase in education and other related expenses. According to EduFund, education costs in India have climbed by around 10-12% between 2012-20. Not only the tuition fee, but transportation fees and examination fees are also hiked periodically which affects the overall budget.

Subscribe to The Teenager Today print / digital editions to read the full article.

The post Student Loans and Financial Literacy appeared first on The Teenager Today.

In a world where finance stays an intimidating and complex topic for most, there exists a beacon of hope, a young and determined female entrepreneur, Kashvi Jindal. Her story is one of an insatiable curiosity for all things financial, and an unwavering determination to turn her fascination into a force for good. From discussing hedge funds to the humblest conversations with household staff, Kashvi’s journey is an inspiring one through the corridors of finance, illuminated by the mission to empower those who often exist in its shadow.

Ever since she was a child, the world of finance has captivated Kashvi Jindal. Growing up with a father who founded a hedge fund, she was exposed to countless discussions about business and market trends. Even as a child, she could be found eagerly asking questions about finance, despite not fully grasping the concepts. This early fascination with finance became the guiding star that led Kashvi to enroll in an AP Micro and Macroeconomics course during her tenth grade.

As Kashvi’s interest in money management grew, she began engaging in conversations about financial matters with people from various walks of life and household staff like housemaids and cleaning workers at her school. Through these conversations, Kashvi became acutely aware of a pressing societal issue — the lack of accessible information about finance and the economy. It was during these exchanges that her passion to make a positive impact was ignited.

This spark of inspiration led Kashvi to launch Invest The Change at the tender age of 16. This platform aimed to provide individuals with a fundamental understanding of saving and investing.

Subscribe to The Teenager Today print / digital editions to read the full article.

The post Empowering Change: The Journey of a Young Fempreneur and Social Innovator appeared first on The Teenager Today.

TTT: Hello Jay. Welcome to The Teenager Today! Would love our readers to get to know you more. So, let’s get down to it! You mentioned that the seed for this venture was planted in your mind at the young age of 13, and you designed a complete framework draft for your website by 14. So how, at the age when I remember merely knowing that a stem is a part of a plant, did you acquire the knowledge about STEM and develop the start-up idea?
Jay: I have always had a natural inclination towards the sciences and mathematics. Textbook knowledge wasn’t enough for the scientific geek within me, thus I started researching to know more about science and familiarised myself with the concept of STEM. However, I very soon realised that my companions had little to no knowledge about the same. That was when I started thinking of designing a website which would be a go-to source for knowledge for not just my friends but for the entire world. Initially, the website was more of a blog page focusing on imparting knowledge about finances, economics, business news and entrepreneurship. Later, I focused the content on topics of business, finance and STEM.

TTT: What is MindCord? When was it launched and what is its current viewership percentage?
Jay: MindCord is an open-to-all blog page, not just for readers but also for writers who wish to express their thoughts or share their knowledge about STEM, business or finance. The website was launched in January 2020. For the first two years, it was just an informative blog site for readers to gain knowledge. However, in March 2023, we launched a monthly competition called The Next Frontier with an aim to enhance and boost our readership base. Currently, we have 60,000 active readers on our website with 50% viewership from India and 50% coming from the rest of the world.

Subscribe to The Teenager Today print / digital editions to read the full interview.

The post Jay Katariya: Teen Entrepreneur and Innovator appeared first on The Teenager Today.

Do you have excellent communication, negotiation and analytical skills? Do you like working in a fast-paced and challenging financial environment? Advising and counselling clients on appropriate investments and working as a stockbroker may be the career for you.

What’s this career about?

Stockbrokers deal with a variety of investments, including stocks, bonds and mutual funds. They invest in the stock market for individuals or corporations. Only members of the stock exchange can conduct transactions, so whenever individuals or corporations want to buy or sell stocks they must go through a brokerage house.

Brokers explain the workings of the stock exchange to their clients and gather information from them about their needs and financial ability, and then determine the best investments for them. The broker then sends the order out onto the floor of the securities exchange by computer or by phone. When the transaction has been made, the broker supplies the client with the price. The buyer pays for the stock and the broker transfers the title of the stock to the client and performs clearing and settlement procedures.

In order to provide the best advice to their customers, stockbrokers continuously research publicly traded companies, their products and finances. They also stay abreast of market trends and know which stocks offer good long-term and short-term investments.

Apart from work, stockbrokers always remain in touch with their clients in order to understand their needs. They constantly update them about the fluctuations in the market and advise them when to buy and sell and at what rates. At the same time, stockbrokers also ensure that their stock trading company also makes maximum profit in the long run. Initially, brokers spend many hours on the phone building up a client base.

Stockbrokers may specialize in either private client or institutional client work; in dealing or in advising; or in certain types of securities. The work is, mainly, sales-oriented and is conducted on the telephone. Since the industry is performance-driven, one has to be on their toes all the time to keep pace with the market movement.

All the operations today are computerised, with highly-trained and qualified specialists keeping a close watch on the market. One can survive in the stockbroking career only if they have a knack of thinking on their feet and be adaptable in an ever-changing environment.

PLUS!

• How do I get there?
• Key skills
• Institutes
• Employment prospects
• Pay packages

Read the full article by subscribing to the print or digital editions of THE TEENAGER TODAY.

The post A career as a Stockbroker appeared first on The Teenager Today.

Dear Richa, your dad loves you very much and does not want you to be upset or worried by the financial problems of the family. I am sure he can handle them, though he may not be able to, at this moment, to fulfil all the wishes of his children. Tell him that you appreciate his efforts and sacrifices and that what you really need is his love and not material things.

The post My dad is going through financial problems appeared first on The Teenager Today.

I am a student of class XI and have taken Commerce and Mathematics. I am looking forward to my ambition to become a C.A. How do I proceed after Class XII?
Vani Manchanda (13)
St Mary’s Convent Inter College, Lucknow

Chartered Accountancy is essentially a finance-related course that empowers you to certify all accounts including the balance sheet of an organization. It also gives you a better grasp of financial statements along with an extensive knowledge of tax laws, management accounting and corporate laws.

The Institute of Chartered Accountants of India (ICAI) is the only institute to provide training in this field in India. To be recognised as a C.A., a person must pass all the exams laid down by ICAI, and should be a registered member with ICAI (www.icai.org). Eligibility is 10+2 in any stream, Mathematics in 10+2 is not a compulsory requirement.

Chartered Accountancy education and training has three stages — the Common Proficiency Test (CPT), the Intermediate Professional Competence Course (IPC) and the final C.A. course. Dedication and hard work is a must to complete the course. The institute provides postal coaching for all the courses.

For CPT, students can enrol with the institute after Std X and take the test after plus two. The test is held twice a year in June and December. The course content comprises Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.  It is an objective-type test of 200 marks divided into two sessions of two hours each.

One is eligible for the IPC exam after nine months of study, after passing CPT. The IPC exam has two groups of seven subjects. On passing Group I, a student can register as an articled assistant for three years under a qualified C.A. The articled training is important for the C.A. course. They are paid a stipend during the training.

After clearing the IPC examination, register for the final C.A. course which consists of group I and II with eight papers. Students should compulsorily undergo two General Management and Communication Skills courses of 15 days each.

The post My ambition is to be a chartered accountant appeared first on The Teenager Today.

Finance and accounting are central to corporate activities. Finance executives oversee the flow of income and expenditures, and are the cash architects of a company’s strategic plans for the future.

What’s this career about?

Finance managers help individuals and companies develop plans that will ensure their present and future financial stability. They review a client’s financial goals and generate an appropriate plan for saving and investing that fits the client’s individual needs. The plan may focus on wealth preservation or investment growth and may even include estate and tax planning.

Typical duties include reviewing financial reports, monitoring accounts, and preparing activity reports and financial forecasts. Financial managers also investigate ways to improve profitability, and analyze markets for business opportunities, such as expansion, mergers or acquisitions.

The role of the financial manager, particularly in business, is changing in response to technological advances that have significantly reduced the amount of time it takes to produce financial reports. Now they spend less time producing financial reports and more time conducting data analysis, planning and strategizing, and advising senior managers and top executives. They often work in teams, acting as business advisors to top executives.

These managers are highly valued for their aptitude in research and critical thinking, and their excellent communication skills come in handy when preparing assessment reports or explaining complex financial ideas to clients.

They are called by different names like financial advisor (with certification), financial analyst, financial consultant, financial manager, but the work profiles are more or less the same.

How do I get there?

There are various options available in the courses of study. A bachelor’s degree in business administration, finance, accounting, economics or a related area is the minimum requirement to enter this field…

PLUS!

• How do I get there?
• Key skills
• Institutes offering Insurance training
• Employment prospects and pay packages

Read the full article by subscribing to the print magazine or the digital edition.

The post Careers in Financial Management appeared first on The Teenager Today.