GERM Magazine sat down with D. Emil Weatherbee, wealth adviser, and asked him about best practices for high school and college students that want to use their money well. His advice? “It’s never too early to make your money work for you.”

GERM: Emil, thank you for making time for us today. I realize that time is money, so thank you also for your money.

Emil: Happy to meet with you. How can I make you wealthy today?

GERM:  Many of our readers are high school and college students who may feel they don’t have enough money to think about financial planning.  What advice would you have for them?

Emil:  First, it’s never EVER too early to begin managing your money.  With few exceptions, wealthy people gain and keep their wealth by understanding how money can work for them and by leveraging small amounts of money into larger amounts.

GERM: So, let’s start with our youngest readers.  What can high school students do with their money to make it work for them?

Emil:  First principle is save at least 10% of all money that comes into your hands.  Whether it’s from babysitting, birthday gifts, allowance, or a part time job, 10% should be saved and not touched no matter how small an amount that may seem.  That’s a practice you should continue throughout your life.

GERM:  That’s great advice.  I can see how that would add up over time.  What about our student’s who may not be working or don’t have a source of income?

Emil:  It’s important to use what you do have to create wealth for yourself.  For example, for many high school students, the best way to secure wealth for the future is to study hard and make good grades. I’m sure they hear that a lot from parents and teachers, but the truth in financial terms is that the difference between a 3.6 and 3.8 GPA can mean thousands of dollars in scholarship money.

GERM:  Wow, I never thought about it like that!   Let’s talk about students who may have a small amount of money that they have saved or earned from part time work.  Let’s say, for example, $50 per month.  Is that too little to begin investing?

Emil:  Absolutely not.  Even with $50 per month, clients can begin to build a portfolio.  My suggestion would be to contact wealth advisers or financial planners in their area and explain their goals.  For example, “I am a high school student looking to save for college.”  Or, “I’m a college student, and I want to start planning now for living on my own.”  Many finance professionals are happy to work with young clients and help them to establish productive saving and investment habits for the long term.

GERM:  That’s great to know.  I would have thought you needed more money to get started in financial investments.

Emil:  Not at all.  What you need to understand is how to make your money work for you.

GERM:  If you could recommend one book to our readers to help educate them about how money works, what would it be?

Emil:  No question.  I would recommend George Clason’s The Richest Man in Babylon.   It’s a short book written in the 1920s with stories and parables about how money works.  It’s an easy read, entertaining, and gives insights into money that are still helping people create wealth today.

GERM:  So basically, it’s never too soon to make money your minion?

Emil:  That’s right.  Good luck to your readers!

GERM:  Thanks, Emil.  We really appreciate your time and expertise!

 

    D. Emil Weatherbee is Executive Director at Global View Capital Advisers .