moneyman
First Time Poster
Cash: $ 0.00
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Joined: 17 Sep 2004
Location: Nashville, TN
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| kids and money |
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Hello everyone:
I am a high school teacher, and my students desperately need your help. You can help by answering these 2 questions:
1- What do you wish your parents had taught you about money?
2- Share some stories/ real life experiences where you learned money lessons the hard way.
My students and I thank you all in advance. These answers are truly going to help these kids become financially literate!
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Fri Sep 17, 2004 2:14 am |
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ku
Member
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Joined: 03 Nov 2004
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If you want kids to be financially literate there are hundreds of publications on the Internet geared at younger people. The Commonwealth Bank of Australia has a Dollarsmart website that shows younger people how to earn, save, and invest money. The Federal Reserve also has a section on educating people on monetary policy.
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Sun Nov 14, 2004 12:38 pm |
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xboxundone
Senior Member
Cash: $ 67.83
Posts: 796
Joined: 19 Sep 2004
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| Re: kids and money |
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quote:
Originally posted by moneyman
Hello everyone:
I am a high school teacher, and my students desperately need your help. You can help by answering these 2 questions:
1- What do you wish your parents had taught you about money?
2- Share some stories/ real life experiences where you learned money lessons the hard way.
My students and I thank you all in advance. These answers are truly going to help these kids become financially literate!
1. and 2 Luckily my parents taught me a lot about finances. The biggest thing was that you have to earn your money and it doesnt just grow on trees. They also opened me up to saving money by making me put 1/4 to 1/2 of money i got for christmas or birthdays into a savings account or buy savings bonds (good return at the time). At the time i hated it but now i am greatful as i have 5000 sittting in bonds and savings. Also save younger the better even if it is 10 dollars a money into a savings account, compounded interest adds up 
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Sun Nov 14, 2004 11:32 pm |
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sa1_hotmail2
First Time Poster
Cash: $ 0.20
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Joined: 22 Nov 2004
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| Entry for studies |
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This entry is for studies on sa1.
chr
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Mon Nov 22, 2004 2:33 pm |
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ForgottenFreshness
Member
Cash: $ 0.94
Posts: 14
Joined: 23 Dec 2004
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1. Balanace your checkbook
2. I learned the hard way when I overdrafted twice in 1 month for a grand total of $160 in fees ($30 everytime)
it all hit at once, little things I bought for like $5 a piece
i still say it was the stupid websites fault for not showing an accurate available balance. but i learned that you can't just go by the website, you've gotta keep your own checkbook balanced as well.
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Thu Dec 23, 2004 2:59 pm |
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salem62
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Joined: 23 Dec 2004
Location: Detroit, MI
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My advice to help kids understand money is that throughout their life, they must consider themselves a business. They must treat their personal financial decisions as if they were running a business. They must ask themselves "If I were a business, would I be making a profit, or would I be bankrupt?" It doesn't matter how much money you make, the principles are the same.
1) The paycheck earned is the revenue.
2) The car payment, movie expenses, etc. are the business costs
3) At the end of each month, there should be profit. This profit is put into
savings. The profit should never be less than 10% of the revenue;
hopefully more.
4) The profit is used for investments that will increase the the value of the
business. Stock market investments, buying a home, purchasing a real
business, etc.
5) If these principles are followed money problems will not plague you.
If there is no profiit at the end of the month, expenses must be lowered or eliminated until profit is achieved.
I hope that helps!
Salem62
http://www.gettinbusygettinrich.com
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Thu Dec 23, 2004 7:50 pm |
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marotta
Senior Member
Cash: $ 81.84
Posts: 332
Joined: 19 Nov 2004
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| Ten Principles for Teaching Children about Money |
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Here are the ten most important principles to teach your children about money:
http://www.emarotta.com/article.php?ID=22
Ten Principles for Teaching Children about Money (2004-03-01)
Every purchase, investment, or donation can be a time to teach your children something about your values.
David John Marotta
Marotta Asset Management, Inc.
Fee-only Financial Planning
http://www.emarotta.com
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Thu Dec 30, 2004 9:13 pm |
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SnapThat
Senior Member
Cash: $ 26.48
Posts: 235
Joined: 07 Nov 2004
Location: Illinois
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Here's a useful place I found for teens looking to invest (and also some basic money management)...
http://www.fool.com/teens/teens.htm
Note: They (the Motley Fool) will be "gently" trying to sell the book Investment Guide for Teens. Personally, I did end up buying the book and think it's a great resource - and a fun read.
JavaHive - Get Paid to Post! | Inbox Dollars
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Fri Dec 31, 2004 4:09 am |
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Realtor1
Member
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Location: Elizabethtown Kentucky
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I wish my parents had been more informative about credit and savings.
To me those two are vital and to start young establishing credit and saving.
Biggest finacial blunder was taking a second mortgage out at a HIGH interest rate with a pre payment penalty, a 35,600 loan has already had 28,000 paid on it and now I need to pay almost 37,000 to pay it off!
Good luck to your class
Rick
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Thu Jan 27, 2005 6:18 pm |
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Keiron.A.Graffie
Full Member
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Location: Trenton,New Jersey,USA
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#1 What do you wish your parents had taught you about money?
Save, & spend saved money on ways to make more.
#2 Share some stories/ real life experience were you learned money lessons the hard way?
I was born, 06/01/86 & know it is 01/31/05. I should have saved everything. By 06/02/86 I should of had a piggy bank.
Meanwhile, throw 06/01/86 & 01/31/05 I should have only spent my money on things that would have returned a profit!
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Mon Jan 31, 2005 5:17 am |
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