Happy Financial Literacy Month! To kick off this high, holy month of financial literacy, I shared some tips with Beth Pinsker at Reuters on how to help kids learn how to save. Here’s the result of that interview. Thanks, Beth, for including me in this conversation with your readers!
Helping Kids Get Smart About Money
With all the conversation about “deflation” leading up to the Super Bowl this year, we thought we’d have a little fun and offer a positive twist. To help your kids “re-inflate” their savings, we launched our Super Bowl Giveaway for your chance to win a Money Savvy Football Bank. We are drawing names DAILY – so you have a great chance to win too! But, the giveaway ends February 1st at Midnight, so enter now at: www.msgen.com.
Grandparents I hear from are deeply invested in shaping money smart grandchildren, as many feel they fell short with their own kids.
Often, when I am working with parents on this topic, parents ask me how to involve their parents in the financial education of their kids. They, the parents, want to “manage” nana and papa’s input in a good way –
I know firsthand the power of a grandparent as I grew up with my grandmother in our home and everything she said – even if identical to my mom and dad – was brilliant. Everything mom and dad said, well, it was suspect!
To help grandparents leverage this role they play in their grandchild’s life, here are a few ideas from grandparents who have written to me Read the rest of this entry »
Time flew by so quickly last month that I nearly missed sharing some great news! In mid-December our new book, O.M.G. Official Money Guide for Teenagers, received a great endorsement from Jayne O’Donnell with USA Today. Here’s the article:
I haven’t heard yet what her daughter’s reaction was when she opened the book gift, but hope it will help when managing expectations and setting goals in 2015!
You can tell it’s the holiday season with the increased activity all around. This time of year brings the holiday lists too with a plethora of ideas for parents of what to give their kids this season – gifts we all hope will last long into the New Year. Our O.M.G. Official Money Guide book made a couple of those lists this season in Money Magazine and The Washington Post. Here’s what they had to say:
“The big challenge of our day, as it relates to the financial security of young people, is getting them thinking about their financial future now while they have 40 or 50 years to let their savings compound. Young people need to protect their identity and their credit score—two relatively recent considerations. Many of them are also committed to making a difference through giving, which is an uplifting trait of younger generations. Yet they are prone to scams and don’t know how to vet a charity. In OMG: The Official Money Guide for Teenagers, authors Susan and Michael Beacham tackle these and other basics in a breezy, colorful, cleverly illustrated booklet meant to hold a teen’s attention.” – Trouble Talking with Your Kids? Try This Book – Money Magazine/TIME by Dan Kadlec. Read the rest of this entry »
Each November, I sit down to write about gift-giving. I try to allay your fears that you cannot afford to spend enough to make your loved ones feel really loved. Or worse, that you will spend so much trying to fulfill their every wish that you will far exceed the amount your budget can bear. So this year, rather than telling you that there is more to the holidays than being a smart shopper, I’d like to show you.
Over the years, I have received many holiday gifts from my family. But each one has given me one special gift that stands out. Allison, my oldest, gave me five letters one year. The envelopes read: “Open when you need…Some Lovin’, Some Happy, Some Inspiration, Some Wisdom.” The letters within take my breath away each and every time I read them.
My youngest recently gave me a deck of cards hole-punched and kept together with two metal rings. The cover card reads: “52 Reasons Why I Love You!” I could barely get through the deck. Read the rest of this entry »
Woo hoo! Last week I was thrilled when Terry Savage was on WGN News sharing her annual gift-giving ideas – and kicked off her list with our Money Savvy banks and O.M.G. Official Money Guide for Teenagers book! I’m so grateful to Terry and her support through the years in our quest to help kids get smart about money. Here’s the link to the video. Enjoy!
As I was looking through some of the topics covered this year on the blog, I thought that a recap of one of the most “active” discussions would be perfect to add as the holiday season approaches – Key Money Phrases to Teach Your Kids. I am thrilled when the blog sparks a conversation for families and with our peers. I hope they help you and your family through this holiday season.
When you think about money phrases your children need know, what comes to mind? Adjustable rate mortgage? Compound interest? Minimum payment? Certainly, all of those are things your kids will need to understand at some point. But first they need to learn some others:
1. “I don’t know” - A tough one to say out loud.
2. “I need help.” – Help your kids think outside the box when they need money.
3. “I made a mistake.” – Tough to admit, and even harder to live with!
4. “I’m sorry.” – Not easy to say, but saying it can be incredibly freeing.
Kids need to do more than just learn these phrases. They need to become so comfortable using them that they become instinctive responses when they are faced with financial decisions, such as whether to choose an adjustable rate mortgage. With your help, and some open discussions about your own money experiences (bad and good), your kids can – and will – learn how to manage their own finances with confidence as they grow.
Yahoo! Finance Canada posted a great article Monday about kids and investing. Journalist Gail Johnson asked for my thoughts on this topic. Here are a few key ideas I shared with her (which were included in this piece):
• First, teach kids to learn how to save.
• Help kids learn to stop, think and reflect when considering what to do with their money.
• Ask kids to think long term (10 years out) when setting goals.
• Don’t underestimate kids’ savvy when it comes to money.
Here is the link to the full article: How young is too young to teach kids about investing? Yahoo! Finance Canada
Money Magazine’s November issue features a great article with ideas to help parents respond to the question from our kids that many of us fear: “Are we rich?” I was asked for some tips for this piece, so here are a couple ideas to help guide your response to younger children:
• Being “rich” is about feeling grateful, healthy and happy, not just owning things.
• Reaffirm that if your family is struggling financially, that it’s not their fault.
Here’s the full article: What to Say When Your Kid Asks, “Are We Rich, Mommy?” – Money Magazine
Have you already faced this question from your kids? If so, what worked? What did not?