For Teenagers & Parents

Financial Survival Kits for Teenagers & Parents

So many young people never truly learn how to manage their finances.

They might pick up a little here and there…. you know, earn money, spend it, maybe set a little bit aside… but when they do that, they’re learning how to get by, instead of how to build wealth. Then they get to the adult world, and it completely throws them for a loop.

This course is preparation for your entire life. Congratulations on starting early. You’ll learn things that even some people in their 30s haven’t figured out yet.

You’re going to completely structure your finances, and you’ll have to make smart financial decisions. It may be tough, especially for the 12 months as you are building important financial skills and habits. But folks, you’ll be glad you did it.

Here’s the best part: the program includes the full financial services of Sikes Financial, so you’re not alone during the course. First you’ll watch a few videos to get started, then you’ll be ready for your one-on-one meeting with your financial advisor.

Parents, you play a huge part in this, and you’re probably going to learn a lot about your own finances too. I hope through this course you not only get closer to your financial goals, but you also get closer to each other, because you’re working together as a team.

I’m excited for you. I know you’re excited to make some money moves. So let’s get started. Your goal is $20,000 in 5 years. Welcome to Financial Survival Kits for Teenagers and Parents!

Mr. Eric Sikes

As a parent of teenagers, he developed the Financial Survival Kits for Teenagers and Parents program to complement the core curriculum and lead parents to apply these skills with their teenagers and have meaningful financial conversations with them.

Is it possible for me to reach the recommended target net worth goal of $20,000, as a teenager, by only investing into one asset class like cash, securities, collectibles, real estate, or business ventures?

It is possible, but not likely and definitely not wise. All investments require risk, so you should diffuse risk by allocating funds across all asset classes. You don’t want your success to be at the mercy of one asset class’s performance. It is far more possible to reach the target net worth by taking advantage of diverse investment opportunities.

How do I increase my total monthly income to the recommended $750 per month, although I don’t foresee getting a part-time job?

Your part-time job is only one source of income available to you. You can look to increase your monthly income via compensation from school work (see school work payout structure), allowance/chores, business ventures, or interest and dividends from investments.

When should I start allocating my cash into other asset classes, like securities, collectibles, or business ventures in order to reach the target net worth goal of $20,000?

You should start as soon as you have met the recommended cash reserves amount of $9,000. You might need to build up some cash reserves to deploy toward one asset class first. For specific advice, you can discuss with your financial advisor during your one-on-one meetings.

How do I establish my FICO credit score as a teenager in order to reach the recommended credit score of 720?

It’s recommended that as a teenager you become an authorized user on 2 credit cards that have been established by the parent or guardian. These credit cards must report the credit history for the authorized user (teenager) to the credit agencies and will teach proper credit habits.

What’s the optimal amount of cash reserves should I maintain in a separate account at all times?

You can decide between two recommendations: 12 months of income or 12 months of expenses, whichever is greater. The recommended amount is $9,000 before funds should be deployed to other assets like securities, business ventures, or collectibles.

Is it necessary for me to have a monthly percentage budget as a teenager although most of my expenses are paid by my parents?

Yes, as a teenager you have day-to-day expenses. Once you build a percentage budget in the course, you can understand where to spend your money and why. This gives you a more organized and focused look at your expenses, so you will be better equipped to make wise financial decisions and avoid buyers remorse.

How is the course billed, and what is your cancellation policy?

After the one-time $97 setup fee, the course is billed 30 days in arrears (at the end of each 30 day cycle). You can cancel anytime with 30 days notice.

For Teenagers & Parents

Financial Survival Kits for Teenagers & Parents

Mr. Eric Sikes

Requirements

Features

Target audiences

Shape Your Wealth Journey Today

For Teenagers & Parents

Financial Survival Kits for Teenagers & Parents

Mr. Eric Sikes

Requirements

Features

Target audiences

Shape Your Wealth Journey Today

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