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Jonathan Tobin: Defending the Right to a Jewish State

Heather Hale: Compliment your kids without giving them big heads

Megan Shauri: 10 ways you are ruining your own happiness

Carolyn Bigda: 8 Best Dividend Stocks for 2015

Kiplinger's Personal Finance editors: 7 Things You Didn't Know About Paying Off Student Loans

Samantha Olson: The Crucial Mistake 55% Of Parents Are Making At Their Baby's Bedtime

Densie Well, Ph.D., R.D. Open your eyes to yellow vegetables

The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review June 7, 2007 / 21 Sivan, 5767

Teach children smart money tips that will keep them busy all summer long

By Vicki Lee Parker


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http://www.JewishWorldReview.com | (MCT) Many children know how to send text messages and upload photos to MySpace.com, but when it comes to financial matters, they appear far less savvy. When 3,006 seventh-graders at 20 schools across North Carolina were quizzed about credit cards, spending, saving, budgeting and other financial basics, the majority failed. Students scored an average of 47.7 percent, according to the Department of the State Treasurer. For example, only 30 percent knew that savings accounts are not very risky and a third said that credit cards were an extra form of cash.

State Treasurer Richard Moore said the survey results prove that schools should teach saving, budgeting and credit along with the three R's. In 2005, the General Assembly passed legislation requiring a financial literacy curriculum in high schools by the fall of 2007. But the lessons obviously could start earlier.

I talked to some local finance professionals, including Maureen Dolan Rosen, founder of The Cash Management Connection in Chapel Hill and author of "KIDSCASH," and Justin Bock, a former Wakefield Middle School teacher, to find out what you can do this summer to put your child on a financially sound path.

1. Think eBay. Children have a lot of "temporary assets," Bock says, such as clothing that they outgrow, sporting equipment they no longer use or video games they master. EBay is an excellent way to get rid of clutter and learn about the concept of supply and demand. Most children will be shocked to find that they can get only $10 to $15 for a Madden `07 PlayStation game that cost $50 new. Yard sales also teach money basics.

2. Start a business. This can be a neighborhood helper service (washing cars, mowing grass, doing odd jobs) or a pet-sitting service. If the child has computer skills, use them. The couple down the street that just had a baby might be interested in having a Web site set up to share photos. The lemonade stand still works just fine, too. Bock's nephew sold bottled water to the construction workers building new houses.

If the work involves going to a neighbors' home, parents might want to go along on the initial job interview and keep up with when and where the child is working. If the job involves pets, make sure the animal is child-friendly. Parents can show their children how to set up a budget, and the children can be responsible for advertising and scheduling. Who knows where this could lead?

3. Work at home. Have children do odd jobs that are not part of their normal chores, such as cleaning out the attic. Agree on hours to be worked and price. Sign a contract to make it official.

4. Start a newspaper for your street. It can include pictures from birthday parties, birth announcements and short interviews with some of the older residents. Charge 10 cents a paper. Put it online if your child knows how to build a Web page.

5. Sell vegetables and flowers from the family garden. Of course, the child should help in the planting, watering and harvesting.

5 WAYS TO SAVE

1. Open a savings account. Have your child decide what percentage of earnings he or she will save. An incentive to save could be a matching amount up to a certain dollar amount - just like mom or dad's 401(k). Or set savings goals, such as for every $10 saved, the family will contribute $1. This can teach the concept of earning interest. The State Employees Credit Union has an interest-bearing Fat Cat account for children up to age 12. Children can get access to it online to check their account whenever they want. Take children to the bank and have them go through the whole process with the bankers. Show them how everything works, and when they get their first statement, go over it with them.

2. Open a Roth IRA. If your child earns money with documentable income (parents need to keep records of the money earned), they might be able to open a Roth IRA. Contributions can later be withdrawn tax-free and penalty-free if used for educational expenses. Any interest earned will be taxed when withdrawn for those expenses.

3. Comparison-shop. This is a good habit to start young. EBay could help here, too. Children will see that they don't need to buy everything new. They can save a lot of money if they comparison-shop using print advertising or online resources such as PriceGrabber.com or NexTag.com. Consignment shops and yard sales are other tools.

4. Count coins. Get a coin sorter, preferably one with a clear case, because children like to see their money. In saving all their loose change, they quickly realize that every 25 pennies saved is a quarter and that quarters add up to dollars. Ask your child what financial goals he or she has, then help set up a system to reach that goal. Without a goal or a plan, they really aren't managing their money. Have them make a contract with themselves, committing to saving a certain amount toward their goal.

5. Open a 529 college savings account. Allow children to be a part of the process and to help choose their investment strategy. Have them choose a college or two they think they might be interested in, and then go to the college's Web site to find out how much tuition is to give them an idea of how expensive education is. Their own savings can be added to the 529 plan.

5 WAYS TO TEACH

1. Talk. Be honest with your children about your own money mistakes, and then be a good role model. If you're telling them to be careful with their money, do the same. And allow them to make their own mistakes. Nothing teaches good money habits like making mistakes that cost you. Don't bail them out.

2. Grocery shop together. Put your children in charge of picking certain items to buy and help them compare items by the price per ounce. Then have them decide what to buy based on price and quality. Put them in charge of coupons, too, and have them add up all the money saved. If you want, reward them by giving them the amount they saved or a percentage of that amount to put in their savings. Again, you are establishing a saving mentality.

3. Buy stocks. Allow them to choose the companies. This could be a business that makes something they use or like. Have children track the stock and discuss why a stock might be going up or down. There are Web sites that allow them to create mock online portfolios.

4. Play Monopoly and other games. This improves adding and subtracting skills, teaches children how to make change and could lead to a future speculating in real estate.

5. Set up a family store. Have the children choose the items to stock - pencils, video games, stickers. They can earn money (real or tokens) by doing chores or exhibiting good behavior and then spending it in the family store. For younger children, this helps with the concept that things cost money, and they can work on their adding skills. It also helps them learn to keep track of earnings, budget and save.

Every weekday JewishWorldReview.com publishes what many in in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

Vicki Lee Parker is a columnist for The News & Observer. Comment by clicking here.

Previously:

Warning: Don't trust the ATM
Reasons to beware of ‘We Buy Homes’
Too wise to fall for a scam
Untethering cell phone from carrier
Re-check your credit card rewards
Treasure might be buried in medical bills
Tax-time saving tip: Free filing is available
College money is waiting; don't procrastinate
Extended warranties rarely worthwhile
Too busy for tax planning? It'll cost you


© 2007, The News & Observer Distributed by McClatchy-Tribune Information Services

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