Holiday Gifts for Kids with a Financial Twist
Here are some useful tips and ideas for giving kids gifts that help them become saving savvy and money smart.
The Mystery Charge – A Teachable Moment
The cell phone bill came in. It was a little higher than usual, not by much, but enough to get me looking for the reason why. I consider the cell phone bill a fixed expense. Technically, it’s not since there is always the possibility that we could go over minutes at which point the charges skyrocket. I know this. Two teenage boys with their first girlfriends and, well, let’s just say they finally understood what I meant by girls can…
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…
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…
Yippee! I've Got Money! A Letter to Teens
I was asked to contribute an article to a book being published on kids and financial literacy (will share more on that later). Apart from being thrilled to have been asked, I happen to love writing, so I jumped at the chance. My given topic was ‘kids and budgeting’ and is a little longer than I usually post. But I think you’ll find it easy to read. Here we go: ~ Nice. You’ve got money. And if you’re like most…