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July 6, 2022 • Tony

How young people Spend Their Money

DO YOU SPEND YOUR FINANCES WISELY?

There are about 27.7 million teenagers in the US, and they spend about $63 billion annually. Young people sometimes spend a lot of money after receiving a paycheck, and they wonder why they should be paying pointless life insurance premiums at such a young age.

Teenagers in the United States are avid users of digital media, and they do most of their shopping online. Marketing to teenagers requires knowledge of the major influencers and causes that are important to them. According to survey results, today’s youth are passionate about a wide range of topics, from environmental concerns like environmentalism to musical icons like Taylor Swift, from Netflix to Chick-fil-A. Insurance, however, is not covered.

You are more likely to be healthy, single, and childless than anyone else. On the other hand, purchasing life insurance in your twenties or thirties can be a prudent financial decision. You’ll feel less strain if you start saving for retirement as soon as possible. The monthly withdrawal will be less at ages 25 to 30 than it will be at age 40.

Most people between the ages of 20 and 30 can find excellent term insurance plans at very affordable prices, even if they are unable to buy permanent life insurance. More importantly, some term insurance policies can last 20, 30, or 40 years, giving them protection for a reasonable price for the remainder of their working life.

Contact TMT Insurance to learn more about life insurance and to create a plan that will fit your needs now and in the future.

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