Money Talk With Slater

Making Money Across the Board

Results for category "Kids and Money"

Reasons for Your Teen to Work (Part III)

Slater 0 Comments

Teen jobs help teens establish independence.

Working during school years encourages balance

Although it’s true that holding down a job can disturb school work, this strain is also a crucial lesson. Teens who work while still going to school learn about the hardships of an adult life full of responsibilities and have a chance to explore how they will balance all of the commitments as an adult.

Part-time job searching is a good exercise for future job searches

When an adult has trouble finding a job, it’s a huge deal, but teens who work to find employment don’t have so much at stake. Doing a job search as a teen is a good time to teach kids skills like filling out an application, putting together a resume, learning how to dress professionally, and learning how to give a good interview.

Learning these skills at a young age can help teens to be ready when it’s time to do a career-launching job search. This also includes learning not to procrastinate when either looking for a job or returning a phone call for an internship or job interview.

Part-time jobs may spark lifelong careers

One would hope that a teen’s part-time job as a dishwasher doesn’t turn out to be a career move. But work little odd jobs as a teen can prove to be a career booster. Teens who work in a restaurant in high school may be encouraged to start their own restaurant or bakery after college or become a chef. Others might be turned on to a field they might not have considered before. For example, a summer job at the local airport might spark an interest in aviation.

Teen jobs develop confidence

As teens work at a part-time job, they learn just how able they are, developing self-reliance and confidence. This can aid teens in being more independent and creating a sense of responsibility as a young adult.

 

Reasons for Your Teen to Work (Part II)

Slater 0 Comments

Teens can build connections through part-time work

Another good way that part-time work benefits a teen’s resume? References. By working part-time, teens can get contacts with adult employers that can act as references and give recommendations in the future. These connections may even be able to provide future job opportunities.

Students can help with their own college fund

Having a job as a teen helps develop a work ethic.

Obviously, teens want to spend their part-time earnings on the fun stuff. But they must spend it responsibly as well. By saving all or some of their part-time earnings, teens can put a big dent in their college expenses, relieving a load off their parents and eliminating costly student loans that can halt post-graduate financial growth.

Work offers a constructive use for free time

Teens who might be bored find something good to do in their hours after school. Working offers adult supervision for teen workers, giving them a positive activity after school. Keeping teens busy, instead of just talking and texting on their cell phone, just might be vital in keeping them out of trouble in the afternoon and evening.

Teen employment fosters a healthy transition to adulthood

Having a job is a vital stepping stone to adulthood. With a job, teens are able to practice self-reliance and independence. This is very true for teens coming from a life of poverty, giving them a chance to have a better life.

Teens who work may earn higher grades in school

Another good part of the balancing lesson that comes along with teen work: better grades. Research has shown that students who work 10 to 15 hours a week during the school year get higher grades than students who don’t work at all. It’s probably having a limited amount of time to get school work done inspires teens to actually do it rather than put it off and forget about it.

 

Reasons for Your Teen to Work (Part I)

Slater 0 Comments

When your teen works they are gaining valuable experience.

Working teens can be a double-edged sword. Research indicates that some teens could get lower grades and even get into trouble with alcohol and drugs as a result of after-school jobs. But for plenty, the advantages outweigh the risks. Building experience, self-reliance, and vital skills are among some of the top advantages many teens see from part-time work, and they’re among the top reasons for teens to get an after-school job. Read on and see the great reasons teens should work while in school.

Working makes adolescent life more affordable

Parents of teens today know how costly it can be to have a teenager in the house: electronics, clothes, even a car can all add up to big bills. Some families can afford these things for their teens, but not all can or want to pay for them. When teens get a part-time job, they are able to help with the cost of their expenses or completely pay for them.

Earning money provides an opportunity for financial education

Sure, children can learn about personal finance from getting an allowance. But that’s small potatoes. When teens start to earn their own money, the real lesson starts. As they earn money and spend it, parents have the chance to teach their children about responsible money management. Helping with car expenses and their college fund, making a budget, and learning just how much things such as gas and food cost are all lessons that are achievable with a teen’s paycheck.

Teens get valuable work experience

These days, the job market tends to favor those with experience over education. Although a college degree is still quite valuable, it’s even more valuable when linked with work experience. Students who are able to work while in high school and college can demonstrate this experience and build valuable entries on their resume. This also shows that they are able to productively balance work and education at the same time.

 

Getting Real About Allowances

Slater 0 Comments

Roughly 7 out of 10 parents give their children an allowance, according to a recent survey. On average, children in America receive around $68.00 per month ($814 per year), increased from about $65 per month in ’12. About 1 in 4 children gets $100 or more every month.

More than 50% of parents do this to teach their children that money must be earned. Some parents pay their kids per chore.

Nonetheless, since parents give out the allowance, they should be aware of some of these typical mistakes.

You’re obsessed with how much you’re giving the kids

Parents usually get caught up on how much they pay their kids. However, the amount matters less than the fact that you’re using an allowance as an opportunity to talk about money and how to manage it.

The most basic tool for teaching your kids about money is by giving them an allowance. Use it to get them started on understanding the concept of handling and talking about money, particularly about spending and saving it.

You offer an allowance to your son but not your daughter

While around 2 in 3 men say they received an allowance when they were a kid, only about half of women says the same. Experts say they still see this trend today. All experts agreed that this is highly unfair. Sons and daughters should be treated the same when it comes to getting an allowance.

You give the money with no strings attached

When you give your children an allowance, you should make them save some of it. This teaches them to save over time for items that they want and postpone instant gratification. It will also aid them to develop saving as a practice. It is recommended that children save around 1/3 of their weekly allowance.

 

Benefits of Letting Your Child Have That Lemonade Stand

Slater 0 Comments

We love inspiring children to be creative and passionate. When it’s warm outside, it’s the ideal time of the year for your child to open a lemonade stand! Lemonade stands are loads of fun and they teach children some important lessons.

Lemonade stands can be as simple or extravagant as you’d like. A common folding table and sign will work, or you can craft a custom shop. All you need do is set up in an area with a good amount of foot traffic and offer your goods to thirsty customers.

Here are the advantages children get out of having their own little business.

It exposes them to success

For many folks, the largest motivator is success. Once they have had a taste of achievement, they’ll want more. It doesn’t matter if they enjoy bringing in sales or creating an awesome product, they’ll increase their desire to succeed.

It puts their imagination to work

Designing and constructing a lemonade stand is a lot of work. Children will need to shop for ingredients, choose their recipe, make signs, and make the stand with plenty of appeal and flair. Then they get to use their ingenuity to come up with imaginative ways to draw in customers.

It helps them understand finance

Regardlss what we end up doing in our life, we have to have basic knowledge of finance. With a lemonade stand, they will learn about economics, such as how to calculate costs, how to figure out their losses or gains, and how to set a price. Moreover, they’ll get a true appreciation of the value of a dollar once they learn how hard it is to get one.

It builds independence and self-confidence

Help you can, let the children do all the work and only help by offering advice. You want them to feel a real sense of ownership with this project. They’ll learn how able they are and how hard work can get them where they want to be in life.

How to Open a Savings Account for an Infant

Slater 0 Comments

As a grandparent, you can help reduce some of your infant grandchild’s expenses by opening a savings account for her/him. Health care and college are just 2 examples of expenses that you can provide assistance with by consistently adding to the savings account. In addition, when your grandchild is older, you can aid in teaching them the value of saving by letting them help manage the account. Many banks provide savings accounts that are purposely tailored for kids.

Contact your bank to find out if it has savings accounts especially for children. Make a note of all incentives and benefits that are available and the requirements and minimal balance necessary to open the account.

Call other banks and inquire about their incentives and benefits to open a child’s savings account. Compare your bank’s incentives with the other banks and pick the one that best fits your needs.

Gather the necessary information to open the account. For instance, you need your grandchild’s social security number. If your grandchild doesn’t have a social security number, ask their parents to apply for one as quickly as possible. There are a few financial institutions that let you open an account for your grandchild without it as long as you give it sometime down the line.

Fill out the application and include yourself and/or the parents/guardians if you want them to be on the account. Even though you can visit a bank branch to open the account, many banks let customers fill out the paperwork online. Moreover, you can pick the date that you want your grandchild to gain access to the account on the application. This is very important because if you set it up for college, you want to make sure he or she doesn’t bother the money until then.

The Best Investment Gift for a Grandchild

Slater 0 Comments

Regardless if you have $1 to provide or $10,000, the finest investment gift for a grandchild is to start or give to a 529 savings plan.

“For grandparents who want to help their grandchildren pay for college, these make the most sense. You have a wide range of choices of where and how much you invest, and you can keep control if you want.

More relevantly, your investment increases without tax and qualified withdrawals, for expenses like fees, room/board and tuition aren’t subject to federal or state tax. Some states give a tax deduction if you go with your home-state plan.

In the meantime, saving money in a 529 plan will put little impact on the financial aid. By contrast, if you were to put money into a customary investment account in your grandchild’s name, those amounts would be factored into the expected contribution of the family.

If your grandchild gets a full college scholarship, don’t fret. You can just name another person as the beneficiary. The individual can be of any age and doesn’t have to be a relative.

If you have to cash out, you must pay a penalty, plus state and federal tax on any earnings. This shouldn’t be a deal breaker. The benefits of putting away money in a 529 plan overshadows the possibility that you won’t use the money for college.

There are a few ways to go about giving a contribution to a 529 account. The first is to start a 529 account in your name. You will be the custodian and you can designate your grandchild as the beneficiary. The benefit of doing it this way is control. You can regulate how the money is invested and you can modify the name of the beneficiary at any time.

Teaching Kids About Money and Saving

Slater 0 Comments

Teaching Kids About Money and Saving

 

Your 5-year-old little girl has actually started requesting cash to purchase sweets and also playthings. She undoubtedly has a mutual understanding of the concept of trading cash for things she wants or searchings for, but just what are the essential lessons you ought to show kids about cash and saving. You intend to see to it that she doesn’t mature right into among those youngsters that are regularly plaguing mom and dad for cash, adding charge card debts as a teen, and also not having any concept how you can conserve.

There are 10 basic cash skills that every kid ought to learn prior to they go into the teen years. It’s never ever far too late to discover, however a lot of children are much more responsive to suggestions from their parents before they struck the age of thirteen, compared to after.

Cash doesn’t expand on trees! One of the best known as well as oldest quotes around. It is very important that kids understand from early on that money is a restricted resource, that mama & papa’s savings account will ultimately run completely dry if they keep making withdrawals from it.

People go to function to generate income. Cash is something that should be earned, you are never ever visiting come to be economically protected relaxing refraining from doing anything, as well as expecting handouts from individuals.

Spend less compared to you earn. Many people these days are spending 10 % to 20 % above what they earn, producing a vicious circle of high credit card rates of interest, lengthy hours at the office to pay the bank card & sometimes bankruptcy. The expertise of ways to spending plan your cash appears to have been shed, ensure your kid learns this vital lesson!