Barter to gold to cash to checks to . . . Venmo ???

"Can I pay you using Venmo?"

Odds are high you've heard that question from:

  • your lunch friends
  • your adult kids
  • and everyone else in your circle

Maybe you've taken the plunge and you now "Venmo".  

But perhaps you are thinking about it and need to know more.  Is it right for you?  We will explore this topic more in the coming weeks, but here's some food for thought to get you started.

What and Why is Venmo?  

This basically answers the need to carry around a checkbook when you need to pay friends, relatives, and acquaintances that don't have a more business-like method in which to pay them.  

In business jargon, this is a P2P or "Peer to Peer" payment method.  It's an app that you download to your smart phone and you pay your friends money you owe, and in turn, they can pay you as well.  The need to carry around a checkbook is reduced with this type of system, if both transaction parties are participating.  

Are there other companies...

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Lions, Tigers and Personal Identity Protection, Oh My!

Online information on our teens?  and Us?  Scary. Hackers, lurkers, information sells and more really exist.   But so often we overlook the small things that WE can do to reduce this concern.   

Let's kick up protection up a notch. 

Here are 3 ways you can up your protection game for your teen - and YOU.

  1. Social Security Numbers are gold.

    Sadly, the “bad guys” know that too.  It’s time to check your child’s social security number for earnings.  Someone might have used it to seek employment – and that someone might not be your “nearly-grown” child. 

 Register it for notification.  There’s a link in the above article as well for how to  report fraud if you find it.  Here’s hoping you go on this “hunting” trip and find NOTHING unexpected.

  1. But what about we parents?

    ...

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3 Ideas For Your Teen/College Child To Make Winter-Christmas Break Count - starting now.

JellyGeneration knows parents & students have more “need to know” than time. Join them on their journey as they break down financial and legal issues into practical and usable information.

Never Let a Good Crisis Go To Waste

Even a political phrase can be used in our daily lives. In fact, the upcoming holiday season offers high school and college-aged students just such an opportunity. We all crave control over our own financial destiny and the last two months of the year present not only a large need to get that control, but unparalleled possibilities in how to achieve it. Everyone faces how to avoid a cash crunch during the holidays. Time Inc., reminded us of why millennials see even more enticing advertising than other buying groups: The 4 Most Sought After Shoppers

The millennial generation gets a lot of attention from retailers. Americans in the mid-teens to late 20s represent the country’s largest demographic, so it’s understandable that...

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How does a credit bureau get information on you?

Inquiring minds want to know.  Right?

How do these bureaus get our purchasing history?  If you were to write down every single thing we buy, borrow, lease, etc. on pages, you'd call it a financial diary.  So who is writing those pages?  Of course, we are, but someone else is writing all of this down, too - credit bureaus and entries to our credit report.

How do "they" compile our financial diary?

Almost every time you buy something, or create any kind of financial transaction, it is likely being reported to one, two, or all three credit bureau agencies:  Experian, TransUnion, and Equifax.  In other words, from retailers to landlords, this information is sent to them for free.  

These credit bureaus compile this information and create credit scores on us using an algorithm.  Generally, the methodology used to create the number score is "Fico".  That's why you hear the phrase:  "I have high Fico Scores" or "my fico scores...

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Should you add your teen to your credit card?

SUMMARY:

The thought of adding your teen to your credit card might send you running for the hills, right?  Of course, this very topic is being discussed all over the US, probably right now.  

After you finish reading this, you will have a MUCH more informed idea of whether that makes sense at your house.  No fears!

What is an "authorized user" on your credit card?

It simply means that you add your teen as a person that can put charges on your account.  

Why would you consider adding them?  

I know.  I know.  You are thinking to yourself "I must be out of my mind if I do this." And yet, here are reasons why this might make sense for your house.  

  1. In a small way, this move might help them establish a credit history.  There are other ways to do this, but some parents choose this path.  
  2. You might need your teen to buy things on a regular basis on your behalf.  For instance, they may be able to drive and pick up...
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Credit Report Fraud in your child's name? Clues, proof, and how to fix it!

Hello.  

I'll never forget the night my husband after reviewing our college-aged daughter's credit card that she had "purchased" a 32" flat screen tv.  

WHAT?  We had her on a tight spending, she kept herself on a spending plan, and had never given us an ounce of worry in this regard.  But a FLAT SCREEN TV?  

Well, of course it turned out to be that her credit card # had been "skimmed".  In other words, someone had digitally lifted her credit card information while they had her credit card to check out with at a restaurant.  

True confession, however.  We had trained her to review her credit charges and look for irregularities.  Who discovered the error?  Her dad.  

Take heart.  No matter how many plans you put in motion, bad things can happen to good people.  

How do you know if your child's credit report/scores and more are in jeopardy?

Of course, review the charges.   Captain Obvious, right?  

What if...

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Trick or Treat: Teens, Safety, and The Learning Long View

Trick Or Treat: Teens and Safety

We will take the “treats” please!  Our favorite candy this time of year?  Popcorn balls and Butterfingers.  We know you have a favorite, too.  

Right about now, all our teens are doing the same thing we did at their age - strategizing for a fun gameplan on Oct. 31st

We thought long and hard about this week’s blog because we normally talk about helping other parents make the last season with their nearly-flown kids a roaring success. From preparing in high school for “life after English Class” to teen taxes, we’ve been there.  But Halloween safety and life-time payoff teaching moments?  Yes!

In point of fact, any safety guidelines we discuss here actually work no matter what the time of year or the event.  After football games, after class parties and after a group party at their best bud’s house all qualify.  Did we mention college?  Hmmm.

Also, every...

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What . . . my child might have a credit report ???

 SUMMARY 

Teen:  "Mom, can I have a credit card?"
Mom"No"
              OR
Teen: "Mom, can I have a credit card?"
Mom: "Yes"
 
What do these two answers have in common?
Either answer has the potential resulting in your child having a credit report in their name.
 
What's a credit report?  
Remember that diary that you may have kept growing up?  That's almost what a credit report is.  It's a "file" that holds all the information on your debt and payment history.  
 
How can they have a credit report on your teen?  
Possibly, here are 2 ways:
  • if you have added them as an "authorized user" on your own credit card, they might have a report in their name.  Some issuing companies report financial information for both the primary holder AND any authorized users.  You'll need to check with them.
  • or their identity may have been stolen resulting...
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Critical Checklist for your Teen and their Spending

Parents:

"Mom, can I have a credit card?"  

What a difficult decision it is to make as to whether to set your teen up with a connection to your (authorized user) credit card.  Who pays?  What is it for?  Is it to help you with family expense and ease?  

This video covers 3 power moves you will want to strongly consider if moving forward makes sense for your family.  

We think it can help you move the needle on safety, spending, and cross checks!

What else should you cover before they are gone?  
8 Critical Parent Teaching Steps before they fly off     We put our most strategic guidelines and concrete moves in this article. 

Have a great week.   And as we say ...

You CAN Have Success in the Middle of it ALL !

Pam and Holly
JellyGeneration Team 
 
PS 1: Like This?  Help us stay AD-FREE
If you found this helpful, would you mind hitting the "like" button?  We intend on keeping our educational...
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The $100,000+ Question

Carrie:  Mom, I’d like to go to ABC College, I think.
Mom:   Honey, how much does it cost?
Carrie:  Well, their website says it is $25,000 per year plus incidentals. 
Mom:   Incidentals?  Let’s assume that’s $5,000 for transportation, clothing and miscellaneous.
Carrie:  Ok, that’s $30,000 per year.
Mom:   {pauses}
Mom:   Honey, is it worth $120,000 to do this?

The above conversation is happening everywhere.  

But generally, what conversation is NOT happening? 

One week later the smart mom asks . . .  

Mom:  honey, after applying scholarships, loans and the like, we are still looking at $25,000/yr which puts us at $100,000+ for four years.
Carrie: Mom, does that work for us?
Mom:  We will try to swing it with your help, of course. 
Mom:  {pause}
Mom:  Honey, have you thought about whether college is right for what you want to do?

 So what do...

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