Parenting Information

Parenting Your Teenager: Kids and Money


Most teens go into the work world ill-prepared to manage the money they will be making. Even if their parents have attempted to teach them about money, they still haven't had the wonderfully frightening experience we have all had. You know the one: It's called ``getting to the end of the money before the end of the month.''

Here are some tips on teaching teens about managing the money they are about to make.

Once they get a job, here's what to do. Have them take the very first pay check and ... blow it. You might have been expecting me to say save it, buy a savings bond or something else responsible. Here's why I suggest having them spend it: They get to experience the benefits of hard work and have some fun.

After the first paycheck, here's how to handle every other paycheck, for the rest of their lives. I call this the 10 by 4 solution. With each and every paycheck, take 10 percent and put it in four different places.

1) First 10 percent: Pay yourself first.

Put this 10 percent in some form of savings that you do not touch until you retire. Begin this when you're young, and it's amazing what can happen. If a person starts at age 21 and puts just $1,000 a year into some kind of savings that will gain at least a 10-12-percent return a year (this is very doable, by the way), and did this for only eight years until age 29, and then didn't touch it until age 65, he or she would have accumulated almost half a million dollars.

2) Second 10 percent: Give it away.

If you are a person of faith, you've probably been taught to tithe. Whether it's tithing or simply giving to a favorite charity, giving away 10 percent teaches your brain an interesting thing: If I can give this away, there must be more than enough to go around. A nice way to feel.

3) Third 10 percent: Put this 10 percent toward getting rid of any debt that may have accumulated.

4) Fourth 10 percent: Save it up for something you really want.

For many kids that's a car. Or maybe a trip, a stereo or some nice clothes.

In this way, you are teaching your teen, from day one, how to live on 60 percent of his or her income, instead of the 110 percent that most of us live on.

Visit ParentingYourTeenager.com for tips and tools for thriving during the teen years. You can also subscribe to our f*r*e*e 5 day e-program on The Top 5 Things to Never Say to Your Teenager, from parenting coach and expert Jeff Herring.

  


MORE RESOURCES:

The Awkward Parenting Story I Probably Shouldn't Tell
Huffington Post
At a recent speaking event, a brave woman stood up and said to me, "G, can you tell us about your worst mom moment?" "Shoot. No." I said. "I can't. I'd like to, but I really can't here. I'll get us in trouble." But I can tell you here. I probably ...

and more »


PsychCentral.com

How Couples Play With Dolls Predicts Their Parenting Style, Study Says
TIME
Being parents often throws otherwise seemingly happy couples for a loop. (See: Jon Hamm and Kristen Wiig in Friends With Kids.) The stresses of having to monitor a new human 24/7, the triangulation of the relationship and the differences in parenting ...
Role-Play Before Delivery Can ID Potential Parenting IssuesPsychCentral.com
Expectant Parents' Play with Doll Predicts Later Parenting BehaviorOhio State University

all 14 news articles »


Deseret News

Parenting advice that changed my life
Deseret News
I did not want to make any parenting mistakes — but I certainly did. Most of all, I wanted my kids to grow up to be amazing Christians who stood firm on their faith and didn't budge. After three kids, I soon became aware of the fact that many parents ...



College Parenting 101
Huffington Post
Last week, my wife and I ventured north to the Emerald City for a college orientation at the University of Washington, UDUB. It brought back vivid memories, of a long time ago, when my parents and I stepped foot on the hallowed grounds of Syracuse ...



The Guardian

'Snowplough' and six more controversial parenting techniques
The Guardian
Each week anxious parents are bombarded with a new story about the dangers of a particular parenting style – this week it's “snowplough” mothers and fathers who are on the naughty step for clearing every difficulty from their child's path. But it can ...



5 Lessons About Parenting From the Movie
Huffington Post
At every point in your parenting life it is more important to love your child than it is to let them know how dreadful and disappointing your ex is/was. Trust me when I tell you that they will learn about the positive and negative qualities of their ...

and more »


The Cannabist

Parenting: Is your kid smoking pot? Looking for clues
The Cannabist
Parenting: Is your kid smoking pot? Looking for clues Do big spoonfuls equal marijuana use? (WikiHow, via Creative Commons license). “Observe your child's eating habits. Marijuana use increases appetite, and your child will eat more than a typical ...



5 Tips To Make Parenting Your Teen a Joy (for Real)
Huffington Post (blog)
Many parents expect the teenage years to be a trial they will have to endure. They've been warned that their previously successful parenting strategies are about to become useless and their previously delightful, loving children are about to become ...



How I learned to be a more mindful parent
Washington Post
Thinking back to my earliest parenting experiences, I remember being anxious and preoccupied when we had our first son. I was newly staying home after practicing school social work for three years, and I had a hard time adjusting to the slower pace of ...

and more »


Did you rely on parenting books when raising children?
Lawrence Journal World
“I bought them but I don't think I read them. I did rely on my parents.” — Lyne Tumlinson, leadership council, Lawrence. Photo of Kimberly Armenta. “No.” — Kimberly Armenta, office manager, Lawrence. Print · 1 comment · E-mail to a friend · Facebook ...


Google News

Article List | Index | Site Map
All logos, trademarks and articles on this site are property and copyright of their respective owner(s).
The comments are property of their posters, all the rest is Copyright © 2006 CanadaSEEK.com - All Rights Reserved.