eric seiger
Fox <b>News</b> Fair And Balanced | MSNBC Political coverage | Mediaite
If one believes that the cable news landscape is symptomatic of our two-party political system, then one also probably and predictably saw a different tone in last nights election results. Fox News presented its coverage with a patina ...
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Fantasy Football <b>News</b> Roundup, Week 9: The Likely Landing Spot For <b>...</b>
Checking in on the fantasy news of the day for Week 9.
eric seiger
eric seiger
Fox <b>News</b> Fair And Balanced | MSNBC Political coverage | Mediaite
If one believes that the cable news landscape is symptomatic of our two-party political system, then one also probably and predictably saw a different tone in last nights election results. Fox News presented its coverage with a patina ...
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Fantasy Football <b>News</b> Roundup, Week 9: The Likely Landing Spot For <b>...</b>
Checking in on the fantasy news of the day for Week 9.
eric seiger
Fox <b>News</b> Fair And Balanced | MSNBC Political coverage | Mediaite
If one believes that the cable news landscape is symptomatic of our two-party political system, then one also probably and predictably saw a different tone in last nights election results. Fox News presented its coverage with a patina ...
Probably Bad <b>News</b>: Warning FAIL - Epic Fail Funny Videos and Funny <b>...</b>
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Fantasy Football <b>News</b> Roundup, Week 9: The Likely Landing Spot For <b>...</b>
Checking in on the fantasy news of the day for Week 9.
eric seiger
Fox <b>News</b> Fair And Balanced | MSNBC Political coverage | Mediaite
If one believes that the cable news landscape is symptomatic of our two-party political system, then one also probably and predictably saw a different tone in last nights election results. Fox News presented its coverage with a patina ...
Probably Bad <b>News</b>: Warning FAIL - Epic Fail Funny Videos and Funny <b>...</b>
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Fantasy Football <b>News</b> Roundup, Week 9: The Likely Landing Spot For <b>...</b>
Checking in on the fantasy news of the day for Week 9.
eric seiger
eric seiger
eric seiger
eric seiger
Fox <b>News</b> Fair And Balanced | MSNBC Political coverage | Mediaite
If one believes that the cable news landscape is symptomatic of our two-party political system, then one also probably and predictably saw a different tone in last nights election results. Fox News presented its coverage with a patina ...
Probably Bad <b>News</b>: Warning FAIL - Epic Fail Funny Videos and Funny <b>...</b>
Login Cancel. Click to see G-Rated Pics and Movies Only. « Previous License Plate FAIL | Favorite Fan FAIL Next ». Probably Bad News: Warning FAIL. Probably Bad News: Warning FAIL. Submitted by: Unknown. Incorrect source or offensive? ...
Fantasy Football <b>News</b> Roundup, Week 9: The Likely Landing Spot For <b>...</b>
Checking in on the fantasy news of the day for Week 9.
The current economic recession may be the best time to teach our kids about money management. As the economy slows down and unemployment soars we are all faced with the need to be financially prudent and smart. And we need to teach and prepare our kids for future hard times as well. Financial literacy can help young people avoid poor financial decisions that can take years to overcome, but surprisingly, personal finance is not a mainstream course at most schools, leaving parents as the primary teachers of financial education. So, how can we as parents provide the best financial guidance and education to our kids?
Many teenagers and college students are living on the edge of financial crisis and many of them do not possess the knowledge needed to manage their money. According to a study by Nellie Mae, 76% of undergraduates in 2004 began the school year with credit cards and, as students progress through school, credit card usage swells. Ninety-one percent of final year students have a credit card compared to 42% of freshmen. Fifty-six percent of final year students carry four or more cards comparing to only 15% of freshmen. The same study also reported that 44% of students with credit cards say they make more than the minimum payment but generally carry forward a balance; and 11% of students with credit cards make less than the minimum required payment each month. Students who are financially inexperienced may be tempted to use their credit cards in excess and to live beyond their means. In addition, making excessive debt and late payments can damage students' credit ratings and make it more difficult for them to obtain credit down the road.
Financial education is an essential skill for kids to manage their way through life. With a little effort, parents can teach a subject that will have a profound impact on the rest of their kids' lives. Here are some ways you can help your children manage money better and get a head start on their financial future.
• Start early: You can start teaching kids about money as soon as they express a curiosity about the topic. You can teach your preschooler the concept of money and how we use it to buy things. When your child asks for something in a store, explain that it is not free and you have to pay for the item. You may also encourage your preschooler to save money by putting coins into a piggy bank. At this age, you could even introduce the concept of "needs versus wants."
• Make sure you understand the most basic concepts about money. Get familiar with money management and your own personal finance. Consider taking a free money management workshop at a community organization such as the Consumer Credit Counseling Service. Also, there are several useful websites about personal finance and money management, such as Kiplinger.com;Jumpstart.org and Kidsmoney.org. Check also LifeSmarts.org, an educational opportunity that develops the consumer and marketplace knowledge and skills of teenagers in a fun way and rewards them for this knowledge. LifeSmarts is free and available to teens in every state.
• Teach your children the difference between wants and needs. Explain to your kids that they should spend money first on things they really need, such as food, clothing, shelter, and school related expenses. The money left after paying for "the needs", can be used for "the wants", such as games, candy and movies. Also, teach your children how to plan ahead for a secure financial future. Encourage your kids to spend less and save more by setting some money aside in a savings account every month.
• Teach your children how to make a budged and keep track of their money. Whether you give them allowance or they make their own money, teach your kids how to write down a spending plan. On a sheet of paper, write down their monthly net income (how much they earn) and their expenses (how much they spend). List everything they use to spend money on, such as cloths, snacks, bus, gasoline, gifts and recreation. Subtract the monthly net income less the total monthly expenses and see how much is left. Explain to your children that monthly expenses must be lower than net income and that budgeting is a good way to take control of their finances.
• Talk to your children about the importance of paying all bills on time - this way, they won't have to worry about interest payments, and they won't end up having to deal with the vicious cycle of paying off one credit card with another.
• Teach your children how to use a credit card wisely. Discuss with your children what types of purchases are appropriate with a credit card and explain about fees and interest rates charged by the credit card's company. Tell them to keep a record of the credit card purchases they have made during the month, with a running total. When they have reached the amount they can afford to pay off at the end of the month, they should stop using the card until the next month rolls around. For teens, prepaid credit cards are a good alternative to regular credit cards, because they serve as a type of training wheels to ease young people into using credit wisely. A prepaid credit card allows parents to limit spending by funding the credit card via transfers from their checking account to the card. You can then monitor your teen's spending on the card with monthly statements or online.
• Talk to your children about credit report and show yours to them. If your children have their own credit card or banking account, obtain a copy of their credit record. Teach your children to check on their credit report on a regular basis. If there is an error on the credit report, they will know about it before it becomes a concern.
• Set a good example. This is the most important part of any financial education plan. If you don't manage your money wisely, don't pay your bills on time and always roll over your monthly debt; you cannot demand any good financial decision from your kids. Remember that the best way we can teach our children anything is by first setting the example.
Finally, try to make money management a fun and easy matter. Children learn faster than we do. The sooner you start teaching your children about money the sooner they will start using it wisely and avoiding poor financial decisions. This is by far the most valuable lesson parents can give their children.
SOURCES:
Employee Benefit Research Institute,"Youth and Money Survey", 1999
Nellie Mae,"Undergraduate Students and Credit Cards in 2004: An Analysis of Usage Rates and Trends", May 2005,
Employee Benefit Research Institute, "Kids & Money - Preschoolers through Teenagers"
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