Basic Money Lessons You (Probably) Missed in High School

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The time value of money.

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(Joakim Carlgren/iStockphoto)

Saving a small amount each day can do wonders for your portfolio in the long term. For example, “Not spending $1.50 a day on a soda can have a big impact on a person’s financial future,” says David Bruzzese, coauthor of The Teen’s Guide to Personal Finance. This concept is particularly valuable for younger people, who can accumulate a lot of money over the years by taking simple steps to cut daily expenses.

Next: Savings account vs. checking account.

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