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FINANCIAL CHOICES FOR TEENS
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Welcome to “Smart Financial Choices for Teens,” developed by Newspapers
In Education (NIE) in partnership with BECU. This special section will guide
you step-by-step in your financial decision-making, from securing a summer
job to saving for college. We know it’s not easy to make these choices alone.
We’re here to help! This section directly addresses National Financial Literacy
Standards, so you’ll know what you’re learning will help you later in life.
Pages 2 and 3
Earning Income
Pages 4 and 5
Saving and Buying
Pages 6 and 7
Credit and Investing
Page 8
Protecting from Fraud
Earning Income and the
Importance of Education
How am I going to earn an income? How can I acquire this opportunity to
earn an income? The answers to these questions represent two of the biggest
financial decisions a person has to make. You’ll also want to ask yourself “what
do I want to do for a job?” and “how do I get that job?” You’re probably also
thinking about what you want to do for a career, not just a short-term job. Let’s
first take a look at the steps of developing your career.
Regardless of your career ambition, it will require education. Whether that’s
an advanced degree or a trade apprenticeship, you’ll need to build skills
and knowledge to be adept in your field. Take a look at the various types of
education beyond high school. There may be more choices than you thought.
TYPES OF EDUCATION BEYOND HIGH SCHOOL
Community or technical college
Community and technical colleges offer associate degrees that usually can be
obtained in two years. You may also find that attending a community college
and then transferring to a four-year university is more affordable than going
straight to a university. Many colleges also offer technical and professional
degree certificate programs.
Four year college or university
If you know that the career you’re interested in requires a four year degree
(or more education,) then the smartest choice is to carefully research which
universities might be the best fit for you. The factors in your decision-making
will include not only programs of study, but also cost, location and the
environment of the school.
Apprenticeship
You may associate the term “apprenticeship” with the construction field
or other trades, but many fields offer this hands-on opportunity to build
skills while working under the supervision of an experienced professional.
Learn more about whether an apprenticeship is right for you at
lni.wa.gov/TradesLicensing/Apprenticeship/Become/default.asp
.
Internship
Internships offer a chance to work for an organization without being a hired
staff member. Some internships are paid, but many are not. Regardless of the
compensation, many students find that an internship provides a “foot in the
door” to employment.
Volunteering
Even if you can’t secure a formal internship, volunteering is a great way to
get a feel for a field or organization. Unlike an internship, you may have more
flexibility in scheduling and designing the nature of your volunteer work. Both
provide valuable experience and look great on a resume!
Job shadowing
Job shadowing is an informal method to learn about a field without the financial
commitment of further education or the time involved with an internship
or volunteer position. Think of a career you’re interested in. Wouldn’t it be
valuable if you could actually see what a person who has that career does?
Job shadowing is your opportunity! You may already know someone who
knows someone in the field you’re interested in. See if you can ask your mutual
connections to direct you to that person to set up a time to talk about their
career and the possibility of doing a job shadow. They may
welcome you to their workplace to observe for a day, or more.
Should I start my own business?
Starting your own business can be very appealing and, in fact, is a smart
choice for many. Consider the pros and cons of having your own business
as you think about your career:
Pros
• You may be able to earn more money working for yourself than
an employer.
• You may be able to achieve a greater work/life balance being your
own employer.
• You can choose what kind of clients you work with and the type of
business you seek.
Cons
•
You have to handle the uncertainty of income and cash flow.
• You have to be self-motivated and self-directed.
• You may have to pay more for health benefits than you would if you
work for an employer.
Would starting your own business be a
good idea for you? Why or why not?
What types of education will your career
require? How else can you build your
skills to advance your career?
