Biz Kid of the Month
He’s not a kid anymore, but he’s definitely got a head for business. Ramit Sethi writes the blog I Will Teach You To Be Rich with more than 175,000 readers per month. He co-founded PBwiki, an online service that hosts millions of users per month.
What advice do you have for young people just starting to save?
There’s a lot of hype and nonsense out there. Just start with a trustworthy bank that pays a good interest rate and shovel as much money as you can in there.
What’s the best way to make sure you save enough?
Set up an automatic withdrawal from your checking to your savings account–it will save you so much time.
What resources do kids have to get involved in entrepreneurship and finance?
When you’re a kid, your biggest resource is time–you’ll never have that much free time again. Plus you have people around you who want to help you out. Most parents are willing to help out if you’re serious about saving, investing, or starting a business.
How do you save money with so many temptations to spend it?
Most people have no idea where their money goes. Just by becoming conscious of what you spend, I bet you can save 10% of what you make.
How did you get started with finance?
When I was going to college, I applied for dozens of scholarships. The first one I got sent me a check for $2,000 in my own name–big mistake. I invested it in the stock market and lost half of it right away!
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Next Month: Introducing Investments
What else can you do with the money you save besides put it in a savings account? Lots of things! Next month, we’ll start our two-part series on investing. Don’t miss it!
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