Banking for Teenagers Greenville NC

Kids learn their money management skills in Greenville 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?

Mr. James Robert Buie, Jr., CFP®
PO Box 752
Greenville, NC
Firm
Wells Fargo Advisors

Data Provided by:
Mr. Denny W. Purser, CFP®
(252) 355-0032
710 Cromwell Dr
Greenville, NC
Firm
Purser Financial Solutions
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Stephen C. Brody, CFP®
(252) 321-0362
223 Commerce St
Greenville, NC
Firm
Greenville Financial Advisors

Data Provided by:
Mr. E. Joe Moore, CFP®
(252) 531-9882
323 Clifton Street
Greenville, NC
Firm
E JOE MOORE CPA CFP PA

Data Provided by:
Mr. Samuel R. Hylton, CFP®
(252) 321-7808
1440 E. Arlington Blvd.
Greenville, NC
Firm
Scott & Stringfellow, Inc.
Areas of Specialization
Retirement 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. James G. Taunton, CFP®
(252) 756-4700
PO Box 816
Greenville, NC
Firm
Professional Planning Services
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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



Data Provided by:
Mr. John Keais Hoyt Jr., CFP®
(252) 756-8222
1710 E Arlington Blvd
Greenville, NC
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning, Estate Planning, Insurance Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



Data Provided by:
Mr. David Hunt, CFP®
(252) 756-7005
205 Plaza Dr Ste B
Greenville, NC
Firm
Raymond James Financial Services, Inc.
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning, Elder Care
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Richard C. Britt Jr., CFP®
(252) 355-1761
695 E Arlington Blvd Ste 100
Greenville, NC
Firm
Wells Fargo Bank - The Private Bank
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Elder Care, Estate Planning, Insurance Planning

Data Provided by:
Mr. Hugh W. Thompson, CFP®
(252) 756-6942
704 Cromwell Dr
Greenville, NC
Firm
Ameriprise Financial

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.

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