1 . If you’re a teenager, you are in a very powerful position. Starting good money habits now will put you ahead for the rest of your life. Here are money tips for you.

Understand the power of time.

You probably aren’t making a ton of money right now, but that doesn’t matter. What matters is time.     1     Let’s look at an example: At the end of your summer job, you have $1000. You invest it at a rate of return of 5%. At the end of those 50 years, you will have $11,467.49.

Start a money saving habit.

If you start the habit of saving money now, that habit will always be with you. Every dollar you get, whether it’s a gift, an allowance, or pay from a job, get into the habit of saving a part of it. Half of it would be ideal.     2     The older you get, the harder it can seem to save even 10% of your money.

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There is so much information available on the Internet. You can find articles that will teach you how to make $100 fast. There are also so many personal finance books to choose from to learn about where to start. You can talk to your parents for advice on money management, too.

Avoid FOMO.

FOMO is fear of missing out on all the fun.     4     It’s important, though, to give up what you want now for what you want most. What you want now is to take the money you made at your summer job and go on Spring Break. What you want most is to graduate debt free or to be able to quit a job you hate because you have a big emergency fund to see you through to your next job. You may not like it when you’re eighteen.     5