CHERRY HILL, NJ, December 05, 2013 /24-7PressRelease/
-- Everyone wants to be financially secure. No one is born a financial genius. It is a skill set that must be taught and practiced. To earn and save money is a skill and discipline that is best learned before reaching adulthood and complete independence. Without learning to manage money, many people end up in a financial crises. However, for those planning ahead, financial professionals like Kirk Hogan Baur are ready to develop a future financial plan.
Kirk Hogan Baur has spent the last 16 years finishing in the top 20% of advisors. His skills and attitudes towards earning, saving, and investing money began early. Kirk Hogan Baur
began working at the young age of 11, when he took it upon himself to shovel snow and cut lawns for money.
There are positives and negatives associated with working as a teenager. Kirk Hogan Baur has heard just about all of them. But the value of money can only be understood if a teenager has to work to earn it. A recent article in the Huffington Post pointed to a survey that showed, "Compared to previous generations, recent high school graduates are more likely to want lots of money and nice things, but less likely to say they're willing to work hard to earn them."
This is absolutely a financial trap waiting to happen when teenagers can start applying for credit cards but are not ready for the responsibility of paying the debt back. The trap of falling into debt and not getting out quickly is one Kirk Hogan Baur
hopes more people learn to avoid. Unfortunately, too many people fall victim to predatory financial lendors whether it be payday advance companies or store credit cards.
Education on money matters is essential for students. In a time where it is becoming increasingly difficult for teenagers to compete for low wage jobs, the temptation to over spend or abuse credit is possible. Studies have even found that the majority of teenagers don't understand credit or debit. In a 2013 article of CNN Money, "87% of 12- to 17-year-olds reported knowing at least an average amount about managing finances." Unfortunately, their perceptions differed from the findings. "24% of them think a debit card is used to borrow cash," and "fewer than a third of teens understood how credit card interest works." According to the article four out of ten teenagers couldn't budget.
This is a crisis that only worsens as the teenagers become adults. Kirk Hogan Baur
regularly donates to a program that teaches financial literacy to military members and their families. He donates every month because the knowledge between spending and earning seems to be worsening.
Traditionally, money management skills were taught by parents and in school. Kirk Hogan Baur's clients come to him for professional advice because they often lack the confidence to manage their own money. This lack of confidence can now be found in everyday money management. According to Fox Business, "Nine out of 10 teens report their parents were good financial role models, while only 1 out of 5 parents say they are setting good financial examples."About: Kirk Hogan Baur
hopes more parents take the time to teach their children finance skills and that working gives teens management practice.