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COLTRANE
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Posted: Thursday July 7th, 2005 18:30 |
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The Problem:
To teach our children to deal with money so in adult life they hopefully can avoid debt.
The Social Invention:
MONEY BANK is simply a money box with 3 compartments. The 1st is WEELKY POCKET MONEY, 2nd is MONTHLY SAVINGS and 3rd is FUTURE SAVINGS.
Each week when you give your child their pocket money most of them will want to go straight to the shop to spend it.
So why not give them a Money Bank and encourage them to save for the future. If your child puts some of their weekly pocket money onto their Monthly Savings they will soon learn that by the end of the month they have saved money and can afford nicer things or they can put some of that into their Future Savings which they can open every 3 or 6 months or even at the end of the year.
By teaching your children that it’s great to save from an early age, it will benefit them in their adult life.
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ozellh20
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Posted: Thursday July 7th, 2005 19:02 |
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You are certainly correct and God knows I wish I was aware during my teenage years and I would not needed student loans.
Heather
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kentreat
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Posted: Saturday July 9th, 2005 01:35 |
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| I have a good idea. Or least I think so. I have set some high goals for myself financially and maybe because of this i decided to help others, especially black families. Some people like to cling on to what they consider success so I try to show that in me first by saving and spending wisely. I usually show kids and their parents that saving can be like a game and I meet them at their level, from credit repair, buying first home and saving for a rainy day. So, I say, read a book or two on financial responsiblity and teach any distress family about financial empowerment. The worse that can happen is that you learn alot about your own goals. But you are definitely on the right track and thanks for looking out for our children's future. Peace.
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ozellh20
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Posted: Saturday July 9th, 2005 09:11 |
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| do anyone know any good financial books with an emphasis on saving?
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kentreat
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Posted: Monday July 11th, 2005 22:21 |
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Hey,
in response to your question about books about saving. I think that most wealth building books focus a chapter on saving. But there is a book called Building Wealth in a Paycheck to Paycheck World: 10 Steps to Realizing your Dream no Matter what you Earn by Paul Petillo. It teaches you how to save by kicking your debt, taking responsiblity for your money and retiring. Btw i read somewhere that when you want or wish for something its called a DREAM. When you plan and apply a tangible deadline (a contract to yourself in writing) its called a GOAL. Simple HUH? Here are a couple of tips that you can set a personal financial goal for yourself in the meantime. You should save 5-10% of your yearly gross salary in savings. So, if you make 20k u should have 1,000 to 2,000 in the back untouch every year. You should make an IRA deposit at around 3,000 per year if single. So, what i do is do my taxes claiming my maximum contribution in February and when i get my refund in lets say the end of March i make my deposit to my IRA by April 15th. Also, see if you job has a matching 401k and work it! Good Luck and have fun!
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ozellh20
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Posted: Tuesday July 12th, 2005 10:17 |
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thanks kentreat will order the book today
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mindpensoul
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Posted: Tuesday July 12th, 2005 14:16 |
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I'm currently looking to start my own buisness, but I don't know where to start. Can anyone give me insight on where to start.
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kentreat
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Posted: Tuesday July 12th, 2005 20:55 |
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the entrepreneurial section at the bookstore! There are even books that help you pick a start up business. Just think of all that tax benefit you get from your own business. Just make sure its not a hobbie disquised as a business or the IRS will question you. start thinking of a name and register it with your city hall and then the web (register.com) if you want to do business over the web 
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mindpensoul
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Posted: Wednesday July 13th, 2005 15:20 |
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| Kentreat I appreciate your advise. I was hoping to get some more advise from you regarding getting my own bisness started. You gave me some insight. However, I was hoping we can go more into insight personally like a one on one, or anyone else who may take this as some interest. Please reply back.
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LadyDay
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Posted: Wednesday July 13th, 2005 17:41 |
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@coltrane
such a brill idea. i may need to teach myself that too.
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lovingmymoment
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Posted: Wednesday July 20th, 2005 15:39 |
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| It's funny I should come across this topic because I just started teaching my 6 year old about saving her "pennies". I started her a bank account upon learning of my pregnancy but I want her to know what it's like to put money away and watch it grow. So, when a friend of mine gave her a bank book for her birthday I was too thrilled because now she can record everything dime she gets and add it up to see just how much she started with and how much she ends with. It's funny because she just logged in $10 the other day and asked with wide eyes "mommy look I have more RIGHT?!" lol.
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kentreat
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Posted: Wednesday July 20th, 2005 23:16 |
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u r awesome! what an inspiration. It made me think of a new saying.
A family that saves together stays together lol
ken
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umbrarchist
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Posted: Thursday July 21st, 2005 05:44 |
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Rich Dad, Poor Dad by Robert Kiyosaki
http://www.twbookmark.com/books/34/0446677450/chapter_excerpt10368.html
Your Money or Your Life by Joe Dominguez
http://www.simpleliving.net/ymoyl/default.asp
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lovingmymoment
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Posted: Thursday July 21st, 2005 14:47 |
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| *smile* thanks but I think it's important for all parents to teach their child(ren) the value of a dollar when their young. The young ages are the most impressionable ages. While my daughter loves to spend her money on things she want she also knows I must pay myself first.
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umbrarchist
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Posted: Saturday July 23rd, 2005 13:34 |
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lovingmymoment wrote:
| *smile* thanks but I think it's important for all parents to teach their child(ren) the value of a dollar when their young. The young ages are the most impressionable ages. |
SMILE - My father owned a grocery store. I started learning about money young. But my father said he didn't know accounting. I got the impression from him that accounting was difficult. That is what you will get from accounting books. THEY ARE FULL OF CRAP. The book RICH DAD, POOR DAD is easy. I would suggest you give it to your daughter after you read it and encourage her to ask a lot of questions.
http://www.bsu.edu/news/article/0,1370,-1019-11714,00.html
umbrarchist
Last edited on Saturday July 23rd, 2005 13:35 by umbrarchist
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kentreat
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Posted: Saturday July 23rd, 2005 16:39 |
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i have a real estate investment group and the book Rich Dad, Poor Dad by Robert Kiyosaki is a must read, well especially for us.
ken
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lovingmymoment
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Posted: Monday July 25th, 2005 14:49 |
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umbrarchist wrote: lovingmymoment wrote:
| *smile* thanks but I think it's important for all parents to teach their child(ren) the value of a dollar when their young. The young ages are the most impressionable ages. |
SMILE - My father owned a grocery store. I started learning about money young. But my father said he didn't know accounting. I got the impression from him that accounting was difficult. That is what you will get from accounting books. THEY ARE FULL OF CRAP. The book RICH DAD, POOR DAD is easy. I would suggest you give it to your daughter after you read it and encourage her to ask a lot of questions.
http://www.bsu.edu/news/article/0,1370,-1019-11714,00.html
umbrarchist
Thanks for the suggestion. I will definitely take you up on it.
Loving
Last edited on Monday July 25th, 2005 14:51 by lovingmymoment
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lovingmymoment
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Posted: Monday July 25th, 2005 14:49 |
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umbrarchist wrote: lovingmymoment wrote:
| *smile* thanks but I think it's important for all parents to teach their child(ren) the value of a dollar when their young. The young ages are the most impressionable ages. |
SMILE - My father owned a grocery store. I started learning about money young. But my father said he didn't know accounting. I got the impression from him that accounting was difficult. That is what you will get from accounting books. THEY ARE FULL OF CRAP. The book RICH DAD, POOR DAD is easy. I would suggest you give it to your daughter after you read it and encourage her to ask a lot of questions.
http://www.bsu.edu/news/article/0,1370,-1019-11714,00.html
umbrarchist
Thanks for the suggestion. I will definitely take you up on it.
Loving
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lovingmymoment
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Posted: Monday July 25th, 2005 14:52 |
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| Sorry for the repeat guys. My system is soooooooo slowwwwhttp://www. I can be impatient at times. *lol*
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