Teens crave independence and want to be taken seriously; and, as parents we have to find ways that they can assume more responsibility in a way they can handle. Money just may be the answer. While we make sure our kids learn reading, writing and arithmetic, there is something noticeably absent from their school education, and that is money smarts. Unfortunately, your teen may be able to go through life with little understanding of geometry but no one goes through life without having to deal Read on...
Motherhood, Money and Guilt
I had a dilemma. My husband’s birthday was fast approaching and I had no idea what to get him; the kids were just 12 months old and were too young to make something cute for him. Worse yet, he told me not to get him anything. He didn’t need anything. Seeing how I was no longer earning any money of my own, should I really run out and buy him something he didn’t want, and that he would end up paying for? Times like these made me miss my paycheck. I had adjusted to shedding my professional Read on...
Know the Game, Before You Play
You would never jump into a game and wager thousands of dollars without first knowing the rules. And yet, every year many parents do just that as they embark on the process of seeking financial aid for college costs. The truth is if more parents understood how the information on the Free Application for Federal Student Aid (FAFSA) is analyzed, they would take steps to place themselves in the most favorable light. Strategic positioning can really pay off if you know how the game is played. Read on...
Math that All Kids Will Love
Do you want to get your child’s attention and encourage them to save money? A little basic math will show them how they might become millionaires – if they start investing early. Consider this hypothetical example: A teenager has a part-time job and puts $2,000 of her earnings into a Roth IRA every year starting at age 16 and ending at age 20. Then, she leaves that $8,000 total investment to compound for 47 years at an average rate of 10.7%. Even though no additional money is added to the Read on...