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Question for the Money Doctors

Question submitted on Jun 5, 2012.


What is your advice for a teenager applying for his first job? this is my situation, and i would like to know what the experts on the subject of money have to say about it,how can i best save my money, and educate my self on things like investment, and just managing my money properly in general..


I have seven children and they have all survived their teenage years. I think the best advice for a teenager is to just get a job and keep it. Your first employer is taking a chance because you have never worked before so they know nothing about your work ethic. So just get a job and keep it for a couple of years. Try to get a good referral from that employer. Then you will have proven yourself in the workforce and others will be more likely to offer you a position in the future. I think that that is the biggest challenge most teenagers face: getting their first job.

The best way to save your money is to pay yourself first. You should take (at least) 10% of your money off the top and save that. If you do that every year for the rest of your life, you will be able to retire with a raise in pay.

For money management, I recommend Dave Ramsey’s Financial Peace University. The course is free. The study materials cost $100 but you may be able to get a scholarship if you ask. That course will teach you how to save and spend wisely. Just Google Financial Peace University and find a class near you by entering your zip code.

The last question is the most difficult. Where to invest. It used to be that you could just invest in a diversified mutual fund and hold it. Times have changed, however. We live in an era where our national debt is out of control and so is the growth of our money supply. Investments that made sense in the past no longer make sense. I recommend that you read a book called Aftershock, Second Edition. The author of Aftershock, David Wiedemer, is coming out with a book called the Aftershock Investor in August. I recommend that you obtain and read that book also. You will find that he recommends a "silly" portfolio of gold, foreign currency, and mutual funds and ETFs that short stocks and bonds.I think that kind of portfolio will make a lot of sense going forward. So with your first investment you should open a brokerage account and invest in a gold ETF.

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