Banking for Teenagers Concord NC

Kids learn their money management skills in Concord from watching their parents. The age of thirteen or fourteen may seem like a young age to introduce financial skills like managing a checking account. But before you know it, those teenagers will be away from home and living in a dorm on a college campus. Do you want to trust them to make financial decisions on their own with no guidance?

Jonie Parks
Matrix Wealth Advisors, Inc.
(800) 493-3323
831 East Morehead Street, Suite 760
Charlotte, NC
Expertises
Advising Medical Professionals, Cash Flow/Budgets/Credit Issues, Planning Concerns for Corporate Executives, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Financial Issues Between Generations
Certifications
NAPFA Registered Financial Advisor, CFP®

Giles Almond
Matrix Wealth Advisors, Inc.
(800) 493-3323
831 East Morehead Street, Suite 760
Charlotte, NC
Expertises
Advising Medical Professionals, Ongoing Investment Management, Planning Issues for Business Owners, High Net Worth Client Needs, Charitable Giving - Trusts & Foundations, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CIMA, CPA/PFS

Mr. Robert W. Suddreth, CFP®
(704) 262-2344
868 Church Street North
Concord, NC
Firm
Wells Fargo Bank, N.A.
Areas of Specialization
Asset Allocation, Banking, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning, Estate Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Business Executives

Data Provided by:
Mr. Trent Schloneger, CFP®
(704) 287-7686
845 Church St N Ste 205
Concord, NC
Firm
VALIC Financial Advisors

Data Provided by:
Mr. John F. Schwab Jr., CFP®
(704) 778-1167
9485 Autumn Fire Ave NW
Concord, NC
Firm
Resource Horizons Investment Advisory
Areas of Specialization
Asset Allocation, General Financial Planning, Investment Management, Retirement Income Management, Small Business Planning, Sudden Wealth Management, Unemployment Issues
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Cheryl Sherrard
Rinehart Wealth Management
(704) 374-0646
521 E. Morehead Street, Suite 580
Charlotte, NC
Expertises
Estate & Generational Planning Issues, Charitable Giving - Trusts & Foundations, Women's Financial Planning Issues, Planning Concerns for Corporate Executives, High Net Worth Client Needs, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, AAMS, ATP, CFP®

Marilyn Spencer
Rinehart Wealth Management
(704) 374-0646
521 E. Morehead Street, Suite 580
Charlotte, NC
Expertises
Tax Planning, College/Education Planning, Women's Financial Planning Issues, Middle Income Client Needs, Socially Responsible Investments, Financial Issues Between Generations
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Mr. Edmond T. Hartsell, CFP®
(704) 661-5423
131 Louise Dr SE
Concord, NC
Firm
Hartsell & Associates, Inc.
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Insurance Planning, Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $50,001 - $100,000

Profession: Legal Professionals

Data Provided by:
Mr. W. Brian King, CFP®
(704) 782-0010
51 Means Ave SE
Concord, NC
Firm
King Financial Corporation
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, General Financial Planning

Data Provided by:
Mr. L. Frank Irvin, CFP®
(704) 792-1360
PO Box 462
Concord, NC
Firm
Intercarolina Financial Servic
Areas of Specialization
Investment Management, Investment Planning, Securities
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Data Provided by:

Banking for Teenagers

Teens need money. They have more of a social life than they did when they were mere youngsters and that takes funds. Now that they have a job and are making money, parents wonder if they will manage their money well. It may be time for a checking account.

Kids learn their money management skills from watching their parents. The age of thirteen or fourteen may seem like a young age to introduce financial skills like managing a checking account. But before you know it, those teenagers will be away from home and living in a dorm on a college campus. Do you want to trust them to make financial decisions on their own with no guidance?

Of course you don’t want that. The solution would be to introduce those much needed skills while they are still within your realm of influence. So as not to overwhelm them, start slowly and introduce a checking account when they are ready.

A checking account is a way for teenagers to manage the money that they make from their after school or summer job. Before they start working, it is a good idea to sit down with them and discuss money matters. It is never a good idea to spend all of your money and leave nothing for savings if you can help it.

As a teenager, they can learn to “help it”. Dividing their income between a checking and a savings account will ensure that they still have money left at the end of the summer. To give them an incentive, ask them if they have a goal for the saved money. That will be their motivation to continue to save.

A checking account sets limits on your teen that are imposed by someone other than you. A checking account is funded by the money that is put into it. Teens will learn that if the well runs dry, they have to wait until the next pay period to get more. That is how parents have to deal with money and now they will learn too.

A debit card associated with the checking account makes transactions easier. Since the card carries a MasterCard or Visa logo, it can also function like a credit card with a preset limit but none of the finance fees and charges. Online banking allows your teen to check their account statements on a regular basis and track their spending.

A checking account is not a headache but an opportunity. Once a week, why not have a meeting to ask and answer questions that they have about money. As their confidence with money increases, so will the responsibility. As a reward, your teen can enjoy more freedom.

Should teens have checking accounts? I think that if they are ready then it is a step in the right direction. The more financial savvy your teenagers learn at home, the better you will feel when they are ready to leave.

Click here to read more from TheAdvice.com