Helping kids appreciate money
According to the Federal Reserve's April 2013 G-19 Consumer Credit Report, Americans owe a hefty $850.9 billion in credit card debt, or $ 6,890 per household. If we are going to raise money-smart kids, we need to teach them the potential perils of relying on credit cards, and explain to them (and even model) the benefits of using cash. Here are some great reasons to choose cash over credit.
Read MoreHave you set-aside ample time to regularly sit down and have “money meetings” with your children to discuss their money habits? If not, why not start now? And in addition to a successful school year, your children will also learn life long positive money habits.
Read MoreThrough the act of giving, children start to build an understanding of needs outside of their own. They begin to learn about sacrifice and thinking of others before themselves.
Read MoreIt's an uncomfortable thing to talk about. You're not sure how to bring it up, and your kids aren't jumping up and down to talk with you about it either.
Read MoreHow much allowance should I give my kids? What do other parents do? Is giving an allowance even a good idea?Many experts will say $1/week multipled by your child’s age is the “right amount”. To this, we say nonsense! Here is some quick information that really will help.
Read MoreAdam and Matthew are serial entrepreneurs and have boiled the subject of kids starting businesses down into 60 short and enjoyable pages. The look and feel is like that of a fun, colorful scrapbook rather than boring business book. I would definitely recommend it for parents with kids between the ages of 7 and 14.
Read MoreIn this last entry of the series, we cover methods to overcome obstacles, cynicism, laziness, and bad habits, as well as concrete ideas to getting started
Read MoreToday we learn that money can be created, and your financial IQ is the way to create it.
Read MoreWe continue the series and focus on Lesson 3: MIND YOUR OWN BUSINESS and Lesson 4: THE HISTORY OF TAXES AND THE POWER OF CORPORATIONS
Read MoreWith Summary #3, we focus on Lesson 2: WHY TEACH FINANCIAL LITERACY, and answer the question WHY DO THE RICH REALLY DO GET RICHER?
Read MoreWe continue the series on a book called Rich Dad Poor Dad and focus on Lesson 1: THE RICH DON'T WORK FOR MONEY
Read Morewritten by: Coach Funk, CFP® at www.SavingsCoach.comHanging out with my 10 and 12 year old nephews last weekend, I heard excitement in their voices when they looked up from their iPod apps and told me about cooking dinner for the family last week. They told me the great lesson they learned here is that they get to keep the PROFIT.
Read MoreThe “Lessons From” series are bite-sized summaries of books about financial literacy for parents raising money-smart kids.Today we start with a book called Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki, Sharon L. Lechter
Read MoreI received this in an email and thought it provided a great, easy way to picture our national debt by comparing it to a household budget.
Read MoreChristmas and birthdays are often a time when kids get a windfall of cash and gift cards. Should you let them run right out and spend it all? Whoa. Not so fast. An incredible teaching opportunity for your kids has just presented itself. Check out Bob's interview with Murray Feldman on Fox 2 Detroit about teaching your kids how to handle the gift of money.
Read MoreI'm giving my 6 year old a cell phone for Christmas. Whoa! Hold on. Let me explain. My daughter is really 6, and it's a real cell phone, but it's not going to have any cell phone service. I'm "repurposing" a gently used Android cell phone to provide a FREE and pretty darn sweet handheld gaming device for her for Christmas.
Read MoreToday’s kids will be tomorrow’s adults and we keep on hearing that so many young adults don’t have a clue how to write a check. We’re here to help! For the next goal your child achieves in FamilyMint, rather than whipping out the debit or credit card at the store, take your checkbook with you and make it a learning opportunity.
Read MoreWe had a mom write in with some ideas that she uses with her own kids at home. We thought they were great, so we wanted to share them with you.
Read MoreWith the national debt currently at $14.9 trillion, we hear a lot of talk about reducing our national deficit. My teen posed a question while watching a recent debate as to what the difference was between debt and deficit. Here's a very simple explanation.
Read MoreWhen it comes to being savvy about money, the line between what teens think and reality is as wide as the Grand Canyon. Most teens surveyed believe they are financially savvy. But when asked about specifics such as establishing good credit, balancing a check book or what a credit score is, the majority of teens were in the dark.
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