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Financial Advisor Dishes Out Investing Advice for Teens

And it could potentially change the course of their lives...

You are never too young to start building your wealth. Investing is the quickest way to do. In fact, the sooner you start, the faster you can grow your wealth over time. Once you have that first job secured, start looking into how you can turn that money into more money. It's a lot easier than you think.

TikTok user Beth Botham (@bethbotham) explained one method teens could use to kick off their career in investing

When you're as young as 16, you can open up an individual savings account (ISA). This includes a cash ISA, a stocks and shares ISA and a lifetime ISA. Botham suggests teens open up a cash ISA. Stocks and shares are complicated and lifetime has a cap on how much you can deposit each year. Cash ISA is limitless. You want to maximize your savings as much as you can. 

"Do it," Botham said. "This is the time when you can financially start to secure yourself. So if you don't know what you're doing, open up a cash ISA. Put money in it. Done. Simple."

This is a great method to start growing your wealth young because you will earn interest on the money and the government cannot tax it. The only downside is that the money cannot be withdrawn until you are 18. By that time, you may be in college and living on your own for the first time. The money can be used to help pay your tuition, textbooks, rent and other expenses. It pays to start investing young.