Hi Parents:

Welcome to the next episode in our Parent-52 Series.  Each week we outline a parent power move in helping your teen become their best.  

Today's move?  Help them set up their new financial base while capitalizing on life-skill learning opportunities they need to know.

Links mentioned in this episode?

1) Intro to Financial SetUp, Episode P1:  https://www.jellygeneration.com/blog/super-charge-your-parenting-in-2020

2) Want to Receive The Parent 52 Series in your InBox with a BONUS?

Click Here --->>>   Just tell us where to send it

Hi Parents:

Welcome to the next episode in our Parent-52 Series.  Each week we outline a parent power move in helping your teen become their best.  

Today's move?  Help them set up their new financial base while capitalizing on life-skill learning opportunities they need to know.

Links mentioned in this episode?

1) Want to Receive The Parent 52 Series in your InBox with a BONUS?

Click Here --->>>   Just tell us where to send it

2) Intro to Financial SetUp, Episode P1:  https://www.jellygeneration.com/blog/super-charge-your-parenting-in-2020

3) . Last Week's Episode:  https://www.jellygeneration.com/blog/P2

Odds are you’ve never thought of your teen as “rich”.   In fact, you are probably wondering, as I did, if my child even understands the “value of a dollar”.  Oh how I wish I had a nickel for each time my mom said that to me. 

Does any of this sound familiar?  If so, rest assured it is a conversation going on all over the country for parents of teens. 

Note: at the bottom of this article you will see 3 steps to helping your child move the needle in this huge learning category.   

But more to the point, let’s get to that word “rich”.  Whether rich is having a cool million in the bank, or having enough to keep yourself clothed and fed, it’s all wrapped up in the same mindset:  controlling your money. 

Financial Follies

If I could wave my magic wand and get what I want for you out of this article, it would be to not only educate and convince you of the importance to starting your...

I was in a local deli recently. 

What did I have with me?  On my tray was a book covering financial concepts and savings to read as I ate.

As I paid for my lunch, the cashier (in his early 20’s) noticed the book and asked “why are you reading that?”

It's an easy answer for me, “the more I learn, the more I can share, and hopefully help other parents with less time that have “almost flown” kids along the way.”

My new-found cashier-friend replied “can I tell you my story?”  By now I am thinking, gosh, I’ll never get to eat my lunch and read my book but I am the friendly type and said “I’d love to hear.” 

(Remember, he is behind the cash register and in his early...

Welcome to HS and College Homecoming.       

But what else is Homecoming? 

It's like hiding veggies in the spaghetti-o’s.  (fyi, I tried that, it that doesn’t work !)

Homecoming provides teachable moment all wrapped up in scoreboards, yard lines, and cheering.  One of the huge items on my list to teach my kids was money management.  Do you have a teaching list yet?   Doing so helps you reduce worrying and sleepless nights.  

Remember those $400 jeans?  This amount was spent by a parent for...

This conversation, with slight modifications, can be heard in households with teens everywhere.

And "this, that, and the other thing expenses" are coming. . .

How can you use this to your advantage? (be sure to read all the way to the bottom for a mock-agreement you can adapt)

Do The Parent Mental Money Flip and Take The Challenge

Actually, spending can bring opportunity.  Perhaps they have a job. Perhaps they have an allowance for doing things around the house. Perhaps none of these applies and you have them do things around the house but choose to give them...

Have you ever wondered what’s in billionaire Warren Buffett’s wallet? 

Here are just a couple of points about Mr. Buffett you might want to know.

• He drives an “average” car.
• He has lived in the same house for 60+ years, bought for $31,000.
• 98% of the time he uses cash when purchasing items.

Wow. 

Burying The Lead

I was pleasantly surprised by what I learned.  No, driving a Ferrari or moving to a new home every 5 years isn’t wrong.  But “burying the lead” is that this billionaire lives semi-frugally when he could buy almost anything he wanted.

How Many Times Have You:

• gone clothes shopping (shoe shopping, groceries, etc.) and didn’t remember what you needed?...

 As it turns out, your teen can do amazing things with small amounts of money.

It’s probably already burning a hole in their pocket.

They’ve been swamped by ads targeting their age – everywhere.

We parents know the temptation.

So do our kids.

But what if you could help them launch the $100+ that grandma gave them into an amazing, long term, educational AND exciting adventure? 

YOU CAN. 

Small amounts of cash CAN deliver a powerful punch.

Here are 3 pieces of advice we’d give them if they had even just $100 available.  These are not listed in any particular order. 

1) Micro-investing 

Yes, there are companies that will accept small dollar amounts and invest them for your teen. Generally, these companies will ask online questions to determine the best place to invest these small amounts.  You will, of course, want to be at the computer while your teen answers them.

Just think of the learning both you and your teen...

"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...

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...