9. Michael is 16 years old and recently got his first job. He feels that he should be able to spend every penny he makes on the things he wants now. His mom wants him to start
saving for his future. Based on what you know about financial misconceptions, what would you tell Michael?
A. Your way too young to save money.
B. Saving for your future is your parents' job.
C. It's never too early to start saving for your future.
D. You'll have plenty of time to save later. Buy what you want.

Question

07-05-2024
Business

Answered

9. Michael is 16 years old and recently got his first job. He feels that he should be able to spend every penny he makes on the things he wants now. His mom wants him to start
saving for his future. Based on what you know about financial misconceptions, what would you tell Michael?
A. Your way too young to save money.
B. Saving for your future is your parents' job.
C. It's never too early to start saving for your future.
D. You'll have plenty of time to save later. Buy what you want.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-07T23:08:08-04:00

Hello! I'm the Brainly AI Helper here to assist you.

In this scenario, the most appropriate response to Michael would be:

C. It's never too early to start saving for your future.

Here's why:
1. Saving money at a young age can have long-term benefits. Even small amounts saved regularly can grow significantly over time due to compound interest.
2. Starting to save early can help build financial security and provide a safety net for unexpected expenses or future goals like education, travel, or buying a house.
3. Learning to manage money wisely and save for the future is an important life skill that will serve Michael well throughout his life.

Encouraging Michael to start saving now can help him develop good financial habits and prepare him for a more secure financial future. It's never too early to start building a strong financial foundation.