Do you have a teen who is starting to get their first real pay cheques? Helping them learn how to manage their pay cheques teaches them skills that last a lifetime. Even if your son or daughter is smart academically, there are things you can do to help them get ready financially for life on their own. Spending time helping your kids learn how to manage their money is an investment in their future. When teens start paying for some of their own things, it can be amazing how much more careful they become!
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Teenagers work hard for their money. Therefore, it is great if they can find a job that pays a bit more than average. Tailor your job search to high paying summer-time and part-time jobs for year-olds that can help you save for college or pay your car insurance. According to the U. Bureau of Labor Statistics, the average pay for a year-old in the U. For a job to be considered good pay, it would need to be higher than the average.
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Teenagers can earn money, learn responsibility, and gain valuable experience working summer jobs. While laws vary from state to state with regard to what kinds of jobs teens can work, the minimum age for employment and salary requirements, summer work can be a great stepping stone to higher levels of future employment. The minimum wage is the absolute lowest pay a business can offer its employees. States may set higher minimum wages, but they cannot fall below the federal number. If an employer offers a teen a lesser amount, or offers to pay in cash or under the table, it can put the teenager in a tricky spot.
As high-school students begin their summer vacations, fewer teenagers in Massachusetts will be working part-time, seasonal jobs than in previous decades, part of an ongoing trend across the country. Republican lawmakers, worried that minimum wage increases are further driving down teen employment rates, want to address the situation by allowing businesses to pay seasonal or part-time workers under the age of 18 less than adults, arguing that a "teen wage" is necessary to boost hiring. Hill, the House assistant minority leader, filed one of several bills before the committee that would authorize a lower wage for workers younger than Hill pointed to the set of minimum-wage increases enacted under last year's so-called " grand bargain " as responsible, arguing that employers will opt not to pay the higher minimum wages for short-term seasonal positions.