Imagine being 19, just starting your first job, and suddenly facing the big, scary world of adulting. It’s like being thrown into a Marvel movie without a superhero training montage. When one staff member overheard a young adult asking, "Do I pay taxes?" it sparked a realization that there are a whole bunch of money topics that deserve a fun and friendly breakdown. Let’s dive into the basics, shall we?

First up: taxes. If this young person is earning a paycheck, they absolutely need to know about taxes. It’s not just about paying Uncle Sam; it’s about understanding how tax brackets work and why withholding from their paycheck is like the government’s way of preemptively claiming their share of the pie. A simple way to explain it is to compare it to a video game where you level up, but each time you gain experience, a little bit gets taken away to keep the game balanced. Encourage them to file their taxes each year, even if they think they owe nothing. It’s like collecting all the trading cards, just in case they want to use them later when they have different financial goals.

Next on the list is credit. The concept of credit can feel as mysterious as the Upside Down in Stranger Things. It’s essential to explain how credit scores work and why they matter. Good credit is like having a VIP pass to the adult world—it opens doors to better loan rates, apartment rentals, and even job opportunities. Encourage them to start building credit responsibly by considering a secured credit card or becoming an authorized user on a responsible adult’s account. And remind them, just like in any good buddy cop movie, that with great power comes great responsibility. Pay those bills on time!

Bank accounts are another key topic. Not all accounts are created equal, so it’s important to differentiate between checking and savings accounts. A checking account is like their day-to-day sidekick, easily accessible for everyday transactions, while a savings account is more of a long-term partner, helping them build a nest egg for future adventures. Introduce them to online banking and mobile apps—these tools are like having a personal finance assistant right in their pocket. They can track spending and even set savings goals, which is like having a cheat code for reaching financial milestones.

Now let’s talk about RRSPs and TFSAs. These are Canadian treasures that can seem daunting, but they are crucial for anyone thinking about their long-term financial health. An RRSP (Registered Retirement Savings Plan) is like planting a tree that will grow into a mighty oak by retirement, while a TFSA (Tax-Free Savings Account) is more like a magic piggy bank where the money grows tax-free. Encourage them to contribute to these accounts early on, as the earlier they start, the more they’ll benefit from compound interest. It’s like starting a Netflix series—if they start watching early, they can binge all the way to a happy ending.

Finally, don’t forget about budgeting. Teaching them to create a budget is like giving them a map for their financial journey. Using the 50/30/20 rule can simplify things: 50% goes to needs, 30% to wants, and 20% to savings. This way, they can enjoy life while still preparing for the future. Remind them that budgeting isn’t about restriction; it’s about making conscious choices that align with their goals—like choosing whether to splurge on a new game or save for that epic concert.

By covering these essential topics, you’re setting this young adult up for success in the financial world. They may not have a superhero cape, but with the right knowledge, they can navigate their finances like a pro, ready to take on whatever comes next in their adventure.