What Every Child and Parent Needs to Know about Money, Investing, and the Markets

David Bianchi, author of Blue Chip Kids.
What every child and parent should know about money, investing, and the stock market.
Issues: What is money? different ways of paying for things; the difference between stock markets and stock exchanges; stock options; funds; analyzing companies; borrowing money; net worth; taxes, and much more.

100 Lessons for Joey + Raising Kick-Ass Kids + Blue Chip Kids

R.J. Licata, author of 100 Lessons for Joey.
100 things to teach your son (or daughter)
Issues: A collection of heartfelt advice on the importance of following one’s dreams and being a person of high character. This book is not only a loving tribute from a dad to his son, it is a thorough and timeless guide that will inspire a person of any age or walk of life to become the absolute best they can be. It serves as a reminder to us all that life is what we make it, and that there are no limits to our potential—except those we place on ourselves. Motivating and moving, “Lessons for Joey” will make you laugh, it will make you cry, and it will help you to realize that there is but one thing in this world more powerful than any other: love.

Robert Zeitlin, author of Laugh More, Yell Less.
A guide to raising kick-ass kids.
Issues:Dr. Robert Zeitlin has dedicated the last 20 years to raising his kids, helping the children under his care, and working with parents to raise the children that the future needs. With his wife Betsy, Robert has raised two amazing teens who are kicking ass and taking names. Working in schools, with parents in his community, and through his clinical practice, Robert has maximized his background in Clinical Psychology to create family and school cultures that produce courageous leaders and communicators.

David Bianchi, author of Blue Chip Kids.
What every child and parent should know about money, investing, and the stock market.
Issues: What is money? different ways of paying for things; the difference between stock markets and stock exchanges; stock options; funds; analyzing companies; borrowing money; net worth; taxes, and much more.

5 Tips For Putting Your Child on The Path of Financial Independence

the path to financial independence

the path to financial independence

Somewhere around your child’s 18th birthday, when he or she is just getting used to life on a college campus, credit card companies will begin making offers. By this point, it’s pretty late in the game to begin teaching your child about financial literacy, cyber safety, and investment strategies. Ideally, you would have started these lessons years ago. Still, there’s a big difference between “pretty late” and “too late,” so whether you’ve started or not, here’s what you need to keep in mind.

Know The Basics

Before opening the first credit card or checking account, your child should know the fundamentals of financial literacy. She probalby won’t need to be able to do an SEC filing but your kid should understand how to count money and make change, calculate simple interest, and create a budget. Studies show that 70 percent of young people don’t have these basic skills as they enter adulthood. That’s one of the major conributing factors to our national epidemic of personal debt. In the wrong hands, a checkbook or credit card can be a disaster that will linger for years, the first step on a nasty death-spiral of uncontrolled debt.

Stay Internet Safe

Getting deep in debt isn’t the only possible fallout from having access to money. Thanks to the Internet and e-commerce, thieves have access to an amazing array of ways to steal your money. If you go through bank statements carefully every month, you’ll have a good shot at identifying fraudulent or erroneous items. But not many adults do that–and even fewer young people. Instead, use LifeLock to send alerts for questionable transactions and inquiries to both the parent and child. This way you can make a habit out of checking accounts and turn the whole thing into a teachable moment.

Hope For The Best…

… but plan for the worst. Like the rest of us, your child has no idea of the problems that could come up in the future. That said, the life experience you’ve gathered over the years will give you a better chance of identifying patterns and protecting against the unknown. Start teaching your child how to save and budget for unforeseen issues (and don’t be shy about brushing up on those skills yourself).

Saving To Portfolio

Once your child understands the simple aspects of saving, upgrade him to a portfolio. Introduce him to more sophisticated financial tools such as stocks, bonds, and mutual funds. This can be a fun experiment where you track imaginary transactions of real stock. Start by investing an imaginary $2,000. Let your child pick stocks and watch them daily as they fluctuate. Be sure to factor in brokerage fees, and have your child track his gains and losses. When both of you are confident that he’s got a good grasp on how the markets work, you may want to experiment with small sums in the real world.

Create New Businesspeople

Finances and work are integrally related. Juan Casimiro, founder of Casimiro Global Foundation which provides entrepreneurship training to youth, believes that personal economic empowerment and global social leadership are directly linked. Introduce your child to the principles of social entrepreneurship. Teach her how to make money while creating a better world. Show your child that financial success can be achieved while still helping others thrive.

Straight Talk on Parenting + The Opposite of Spoiled

Vicki Hoefle, author of The Straight Talk on Parenting.
A no-nonsense approach to growing a grown-up.
Issues: Creating a blueprint of where you want to be; understanding that parenting is more about on-the job training and less about being perfect; bedtime bedlam, morning meltdowns; sibling squabbles; sass and backtalk; the trouble with tech.

Ron Lieber, author of The Opposite of Spoiled.
Raising kids who are grounded, generous, and smart about money.
Issues: Why we need to talk about money; how to start the conversation; the allowance debate; the smartest ways for kids to spend; how to talk about giving; why kids should work; how much is enough?

You Forgot to Do Your Chores? Again? Really?

Dear Mr. Dad, My wife and I are extremely frustrated that we are always seem to be reminding our children, ages 10 and 14, to do their chores. They know exactly what they’re supposed to be doing, but they’re constantly “forgetting”—even if it’s something they’ve done three times a week for the last six months. We’ve discussed this with some of our friends who have kids about the same age, and they all have the same problem. Is there some way to get kids to do their chores without having to nag them over and over?

A: Kids have been “forgetting” to do their chores since the beginning of time—and parents have been nagging just as long. I’m sure Ma and Pa Cro-Magnon got sick and tired of reminding their cubs to put their spears away or take the sabertooth out for a walk. No question, kids sometimes “forget” their chores as a way of getting out of doing them (an approach that’s often successful). But sometimes they really do forget—even after being reminded 174 times. Unfortunately, there’s no sure-fire cure for this kind of selective memory loss, but there are a few strategies that may help.
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Financial Fitness for Kids

[amazon asin=1607744082&template=thumbleft&chan=default]Joline Godfrey, author of Raising Financially Fit Kids.
A pioneer in increasing children’s financial literacy talks about thriving in a post-Madoff, post-subprime meltdown world.
Issues: Five financial development stages; essential skills children (of all ages) need to learn; observing your children’s money style and helping kids differentiate between wants and needs; connecting goals and savings; fostering an entrepreneurial spirit.