Franklin County

Personal Finance Principles Every Young Person Should Know – 2

            Research indicates that our children leave high school with little understanding of personal finance. The Jump$tart Coalition for Personal Financial Literacy has released financial principles that, if comprehended and understood by young people, will make a real, positive difference in their financial outlook.
            How many of the following principles do you know or do?

• Compare interest rates – from multiple financial services firms to get the best value for your money.

• Pay yourself first – before paying bills and other obligations, set aside an affordable amount each month in accounts designated for long-range goals and unexpected emergencies.

• Money doubles by the Rule of 72 – to determine how long it will take your money to double, divide the interest rate into 72.

• Your credit past is your credit future – negative information in credit reports can affect your ability to borrow at a later point.

      For more information visit www.jumpstart.org.

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		Franklin County University of Missouri Extension Center FranklinCo@missouri.edu Last revised: 08/21/08