Meet the trainer: Mina Black
It was an honor to have expert financial planner Mina Black lead our Teen Investing Boot Camp! Ms. Black is a personal finance and small business expert.
With years of experience as a Financial Advisor at one of the world’s largest wealth management firms, Mina works with individuals to help them develop their money management and business skills.
Mina Black is the founder of Wealth Essentials, an online personal finance and small business training company. She’s also a partner at Planancial, a financial planning firm providing advice to millennials. Look for Mina’s upcoming book, 7 Savvy Money Moves After College out in Spring 2013.
Mina on investing at an eary age:
Why is it important and absolutely essential to start investing at an early age? To take advantage of the power of compounding. Simply put, compounding is earning interest on top of your interest. If you get a 10% return on a deposit of $100, at the end of the year you would have $110. To really let your money grow, don’t withdraw the gains, let it grow so that you can earn interest on both the original deposit of 100 and the gain of $10. The longer your leave the money, the more likely your account will grow to a nice sizeable amount, so the earlier you start the better.
Mina on teen financial literacy programs at the library:
Unfortunately so many of us don’t know how to manage our money because it’s the one class we should’ve all taken in school but never did. This is why teen financial literacy programs are so essential. A lot of money mismanagement can be avoided through education and the earlier we have that education the easier our financial lives become.