Part 1: What is Personal Finance
Part 2: The Easiest Way to Learn Personal Finance
Introduction to Personal Finance for Kids and Teens
This video explains the concept of personal finance in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about personal finance, or used as a money & finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.
Suitable for students from grade levels:
- Elementary School
- Middle School
- High School
The topics covered are:
- What is personal finance
- How learning about personal finance helps you
- Key aspects of personal finance
- Keys to financial success
- The easiest way to learn personal finance to achieve financial success
What is personal finance?
Personal finance is a broad term.
It describes the knowledge and practical application of various concepts of managing money for an individual or a household.
This includes managing income, expenses, saving, investing, borrowing and insurance among other things.
It’s an integral part of everyday life.
For example, preparing your monthly budget, setting up automatic bill payments, setting aside money and investing for goals, building an emergency fund, buying insurance, etc. all fall under the umbrella of personal finance.
Well, how will knowing about personal finance help me?
Money is the #1 reason for stress among adults. You don’t have to be an expert – just starting with the basics and building a strong foundation will go a long way in reducing the anxiety around money.
Learning about different strategies and concepts in personal finance has a multitude of benefits.
It helps you form good spending habits by learning to differentiate between needs and wants.
You’ll make the most of your income by becoming a savvy investor, which will not only help you grow your money but also help you save on taxes and fees.
You’ll learn to plan ahead for short term and long term goals, and strategically save and invest to achieve goals like buying a car or buying a home.
You will be able to save enough money for retirement so you can enjoy your golden years – and maybe even retire early.
You could also use smart money management to pay off credit card debt, student loans, or a mortgage early.
In short, personal finance is a key life skill that prepares you for the real world by helping you differentiate between good and bad advice, and make prudent financial decisions, to lead a stress-free, debt-free life.
Getting a handle on your finances allows you to focus on things that bring you joy and fulfillment.
What are some of the key aspects of personal finance?
Personal finance is all about smart money management, that’ll help you live within your means now, while ensuring a bright financially secure future.
While there are many areas of personal finance that every person should be familiar with, some important ones include saving, investing, conscious spending, budgeting, debt management, taxes, retirement planning, and insurance.
What are the keys to financial success?
While financial success might seem like a faraway dream, you just need to remember a few key things:
#1 Starting Early
Be it learning the concepts or actually investing your money, the earlier you start the better.
Most adults wait a long time before they start investing, in an attempt to save up a certain amount or learn everything they can. Not starting sooner is one of the biggest regrets for most people!
Whether it comes to avoiding unnecessary spending, paying bills on time, or investing consistently and not trying to time the market, being disciplined is crucial.
#3 Emotional Detachment
Most bad money decisions are caused by emotions, whether it is an impulse purchase, giving a big loan to a friend, or selling stocks in a panic.
When we take the emotion out of our money transactions, it is easier to make sound financial decisions.
What is the easiest way to learn personal finance so I can achieve financial success?
Unfortunately, personal finance is not taught in most of our schools, and even if included in the curriculum, it often tends to use resources that are either outdated or not geared toward kids.
This puts the onus on parents, who don’t always know where to begin. They often don’t think the kids are capable of understanding these concepts, as they themselves didn’t learn them till they were adults.
But don’t worry – there is a very simple way to learn about all the different concepts in personal finance.
Easy Peasy Finance does all the heavy lifting by creating videos that are animated, concise, fun, kid-friendly and in an easily digestible question and answer format. The breadth of topics covered include everything from budgeting and banking, to crypto and NFTs.
If that isn’t enough to convince you, Easy Peasy Finance has also won the Plutus Award for “Best Financial Literacy Content for Children” category, two years in a row!
So, what are you waiting for? Start using Easy Peasy Finance to learn about money and personal finance now!