How To Encourage Kids to Save Money
This is the first in a series of Kids and Money Quick Tips videos that I will be putting together. This first one is on getting kids in the habit of saving money.
Should We Reward Good Grades Monetarily?
An interesting article appeared this morning in The Sacramento Bee. Apparently college students can now make bets on their performance in school. Twenty-five bucks says I’ll ace this class. Fifty bucks, I bomb. It’s the genius of two guys, Steven Wolf and Jeremy Gelbart, who point out that, technically, it’s not gambling since students are betting on themselves and not others. It’s really about students, ahem, investing in themselves. So they created Ultrinsic, a site that allows college kids to…
Kids Earning Money? Set Up a Roth IRA
I took Nathan and Ryan to our broker this morning to discuss Roth IRAs. Both boys have jobs and I thought it was time to have them begin thinking about their retirement. John and I decided to match any money they made this summer, dollar for dollar, and, well, my boys have never been known to turn down free money. They were all in. I could have easily set up their custodial accounts online but I wanted the boys to…
Money Reflections
Excerpted from Beyond the Piggy Bank, a 15-Day Challenge One of the goals for this Challenge is to develop healthy attitudes about money in our children. Since YOU have the greatest impact on what your kids learn about money, it’s important to take a little time to reflect honestly on the money messages you are sending them. Ask yourself the following questions. To help clarify your thoughts, you may want to write your responses down on paper. ~What is my…
Teaching Kids to Set Financial Goals
Long story short, kids who know how to delay gratification tend to grow up to be adults with higher paying jobs, have happier relationships, are physically healthy, and are persistent in their pursuits. Let me know if you want the details to this longitudinal research. Using money, we have an unbelievable way to help our kids learn to delay gratification. It’s all about setting personal financial goals. There are three types of goals kids can set: ~to purchase a specific…