Parents are now realizing more than ever the importance of providing their kids with information about money and business at an early age. In today's economy, we need to raise our kids to be self-reliant. Getting a good job is no longer a guarantee of financial security that it was in the past. Employees, even highly skilled ones, face an uncertain future that is ultimately in the hands of their employer, their geographical area and their industry.
The key concepts that parents should convey ideas that reinforce independence, self-motivation and entrepreneurship. Imagine your child having the freedom to graduate from high school with a secure, passive income source already in place. This lifestyle is possible if you empower them with the necessary tools starting from a very young age.
Here are a few ideas to teach entrepreneurial thinking to your children:
1. Clearly explain basic money facts. The basic ideas about money are simple enough that young children can understand them. You should cover:
* What is money and why do we use it
* How money is earned
* How money should be spent
* The importance of saving money
* Renting versus buying a home
* Assets and Liabilities
* Good and bad debt
* Relevant mathematical concepts like percentages
2. Build good money habits. We all teach our kids habits. We teach them to brush their teeth, to clean up after themselves. We also teach them money habits. Good money habits include providing value in exchange for money, living within your income, saving, investing and managing risk.
3. Require your kids to save a portion of their own pocket money or allowance. Kids learn to save by doing it. If they develop the habit of saving their money and watching it grow while they are young, these skills will extend into their adult lives.
4. Encourage your child pursue activities that they enjoy and have a passion for. Although every child will inevitably have to perform work they do not always like, they should also have work that they are passionate about and consider fun. This will help them develop a strong work ethic and a commitment to their future careers.
5. Talk with your child about your work experiences on a regular basis. Explain to them what you do, how you earn money and the importance of developing a career. Share both the positive and negative aspects of work so that they have a realistic idea of what the professional world is like.
6. Encourage your child to start their own businesses as soon as possible. Lemonade stands, babysitting and lawn maintenance are all great entrepreneurial jobs that your child can start at a young age.
7. Embrace technology with your children. Teach them to use computers, software and the internet as soon as they can walk and talk. There are a wealth of opportunities that technology can offer and the sooner your child has an understanding of technology, the better they will be able to compete.
8. Build a can-do attitude. When you're child says "I Can't", get them to replace this phrase with "I need more practice". When your child is faced with a challenging task, do not complete it for them, even if they ultimately fail. Kids are very good at minimizing the effort the invest in projects, and if they realize that complaining will get somebody else to finish they work for them, they will take advantage of this.
Thursday, June 25, 2009
Friday, June 19, 2009
Thursday, June 18, 2009
8 Ways to Boost Your Income
With less credit available and the economy taking a nose dive, more people are using their savings to supplement their diminishing incomes. In fact, 58% of Young adults are tapping into their reserves to keep their lifestyles afloat.
The most alarming aspect of this developing trend is that most Americans, young and old, do not have much savings in the first place. Making early withdrawals from long-term savings accounts, such as 401k and IRAs can also be very expensive and reduces the benefits of compounded returns.
If you are a young person looking to save money and build or hold on to whatever remaining savings you have, we have 8 ideas to cut costs and save your money.
1. Sell Your Junk: Using tools such as Ebay and Craigslist, it is easier than ever to sell old items that you no longer use. And with gold prices reaching record highs, it's a fantastic time to sell old jewelry.
You can also sell old tech junk, such as computers, printers and audio equipment. For example, Cellforcash.com pays up to $100 for used cell phones, depending on the model. And Hewlett-Packard offers a trade-in program that allows you to trade your old computer or another device for cash -- even if they are not HP products.
2. Get a Job: This may seem like a no-brainer, but in these times of record unemployment, simply finding a job might be the answer to many of your cash woes. Or for those who are already working, getting a second job can alleviate a great deal of cash stress.
Craigslist features hundreds of ads for part-time or short-term gigs, such as stuffing envelopes or helping out with seasonal work.Whether you are employed or in-between jobs, finding a second job is a great way to boost your income.
3. Sell Your Skills: If you have a unique, hard-to-find skill, such as music, art or technical know-how, you might considers teaching or freelancing to supplement your income. Music lessons, tutoring or teaching foreign languages are great ways to earn extra revenue in your spare time.
4. Re-Adjust Your Rent: If are currently living alone, finding a roommate or subletting a room in your house is a great way to bring in extra cash. You might consider renting out other spaces as well, like garage apartments or back guest houses.
Another option is to consider apartment management. Some apartment complexes will offer free rent in exchange for maintaining the facility or helping tenants out with day-to-day problems. You can usually find these opportunities in help wanted classified adds.
5. Claim unclaimed assets: There is a wealth of unclaimed assets out there, in the form of lost bank accounts, misplaced bonds and securities, unchased dividend checks and unclamined life-insurance benefits. Check the free site MissingMoney.com to see if any of the money belongs to you. You can also check Unclaimedassets.com to find assets held by the Federal government, including unchased social security checks, tex refunds and lost pensions.
6. Adjust you Tax Withholding: If you received a tax refund last year and your yearly gross income has not changed, you are paying too much in taxes. Use Kiplinger's Calculator to determine what your correct withholding amount should be. You will need to modify your W-4 with your employer to change your number of exemptions.
7. Get Paid for Stuff You Do Anyway: Most poeple have credit and debit cards tha tgive them rewards and chas bank when you make purchases. Start taking advantage of these benefits when buying everyday necessities. Just make sure you pay off your balances each month so you don't accrue interest charges.
Also, make sure that you're getting as much interest from your savings accounts as possible. Many high-yield online savings accounts are offering as much as 3% these days.
8. Hit Up Mom and Dad: As childish as this might sound, this is often the best way to save money. Moving back in with mom and dad, especially if they live in the same city, for a short period of time is a sure-fire way to increase your cash reserves.
There is also the option of directly asking to borrow money. If you choose this option, you should make it as professional and buinsess-like as possible, such as borrowing money to take a class or pay off debts. Your request should also immediately be followed by your explanation of how you intend to pay it back. You could even offer to pay interest and set it up as a publicly administered loan through CircleLending.com.
The most alarming aspect of this developing trend is that most Americans, young and old, do not have much savings in the first place. Making early withdrawals from long-term savings accounts, such as 401k and IRAs can also be very expensive and reduces the benefits of compounded returns.
If you are a young person looking to save money and build or hold on to whatever remaining savings you have, we have 8 ideas to cut costs and save your money.
1. Sell Your Junk: Using tools such as Ebay and Craigslist, it is easier than ever to sell old items that you no longer use. And with gold prices reaching record highs, it's a fantastic time to sell old jewelry.
You can also sell old tech junk, such as computers, printers and audio equipment. For example, Cellforcash.com pays up to $100 for used cell phones, depending on the model. And Hewlett-Packard offers a trade-in program that allows you to trade your old computer or another device for cash -- even if they are not HP products.
2. Get a Job: This may seem like a no-brainer, but in these times of record unemployment, simply finding a job might be the answer to many of your cash woes. Or for those who are already working, getting a second job can alleviate a great deal of cash stress.
Craigslist features hundreds of ads for part-time or short-term gigs, such as stuffing envelopes or helping out with seasonal work.Whether you are employed or in-between jobs, finding a second job is a great way to boost your income.
3. Sell Your Skills: If you have a unique, hard-to-find skill, such as music, art or technical know-how, you might considers teaching or freelancing to supplement your income. Music lessons, tutoring or teaching foreign languages are great ways to earn extra revenue in your spare time.
4. Re-Adjust Your Rent: If are currently living alone, finding a roommate or subletting a room in your house is a great way to bring in extra cash. You might consider renting out other spaces as well, like garage apartments or back guest houses.
Another option is to consider apartment management. Some apartment complexes will offer free rent in exchange for maintaining the facility or helping tenants out with day-to-day problems. You can usually find these opportunities in help wanted classified adds.
5. Claim unclaimed assets: There is a wealth of unclaimed assets out there, in the form of lost bank accounts, misplaced bonds and securities, unchased dividend checks and unclamined life-insurance benefits. Check the free site MissingMoney.com to see if any of the money belongs to you. You can also check Unclaimedassets.com to find assets held by the Federal government, including unchased social security checks, tex refunds and lost pensions.
6. Adjust you Tax Withholding: If you received a tax refund last year and your yearly gross income has not changed, you are paying too much in taxes. Use Kiplinger's Calculator to determine what your correct withholding amount should be. You will need to modify your W-4 with your employer to change your number of exemptions.
7. Get Paid for Stuff You Do Anyway: Most poeple have credit and debit cards tha tgive them rewards and chas bank when you make purchases. Start taking advantage of these benefits when buying everyday necessities. Just make sure you pay off your balances each month so you don't accrue interest charges.
Also, make sure that you're getting as much interest from your savings accounts as possible. Many high-yield online savings accounts are offering as much as 3% these days.
8. Hit Up Mom and Dad: As childish as this might sound, this is often the best way to save money. Moving back in with mom and dad, especially if they live in the same city, for a short period of time is a sure-fire way to increase your cash reserves.
There is also the option of directly asking to borrow money. If you choose this option, you should make it as professional and buinsess-like as possible, such as borrowing money to take a class or pay off debts. Your request should also immediately be followed by your explanation of how you intend to pay it back. You could even offer to pay interest and set it up as a publicly administered loan through CircleLending.com.
Monday, June 1, 2009
Alero Equities FREE Seminar on How Money Works
HOW MONEY WORKS: 1 Day FREE Seminar Educating Children and Parents How to Become Money Smart
Come join us on June 3rd 2009 for a free seminar on education Children and Parents on How to Become Money Smart.
- We will teach your children everything about how money works;
- We will show parents how to set up a bank account and a Roth IRA for their child;
- We will introduce you and your child to ABC Financial Literacy Project, where your child can learn everything about financial independence.
WHERE
Radisson Hotel
6161 Centinela Ave.
Culver City, CA 90230
WHEN
Wednesday, June 3rd, 2009
Starting at 7pm
I'M INTERESTED!
To request more information on this FREE Seminar or about other offers from ABC Financial Literacy Project, please contact us at (877) 4123-ABC. Or you can email us at info@abclearnmoney.org
WHO SHOULD ATTEND
All Parents and their children who want to learn about money and how to become a financially successfully individual.
www.ABCLearnMoney.org
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