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Teens Required to Learn Money Management in High School

Amber — Tue, 11 May 2010 15:21:26 +0000

The following article is from TeenMoneyMakingIdeas.Com:Here’s something that we advocate a lot here at Teen Money Making Ideas: educating teens in money management. And now even high schools are going to be requiring teens to take money management classes before they can graduate.

With high gas prices, a weakening economy and lingering questions about the future of student loans, money management skills are more important than ever. Soon all high school students will be required to take a money management class to graduate, and experts said those skills could help students remain in college.

“There was a recent statistic where college students were dropping out of college because of credit card debt,” said financial consultant Eddie Moore. But some teenagers have been piling up credit card debt, as well.

“What I find working in the high schools are, kids are quite comfortable using (credit) cards,” Moore said. “They have no problem shopping and having a good time, but they really lack knowledge of the card.”

Eddie Cobb, 15, and Shaakira Sargent, 16, are among a group of teens who will spend part of their summer increasing their financial knowledge.

“I buy shoes clothes and other things, like games and movies,” Cobb said.

The teens will learn about saving money, budgeting spending, giving and investing. They will set a summer savings goal, set up a bank account and donate a portion of their savings to the charity of their choice.

“I’m in the 12th grade and I’ll be in college soon, and I really want to learn how to mange my money so I won’t mess up my credit,” Sargent said.

Ohio is below the declining national average for financial literacy among teens, and Moore said he hopes programs like this help turn the tide.

“We hope to have a good picture of finances over the five weeks that motivates students to learn more,” he said.

Source: www.wlwt.com/money/16603178/detail.html

What’s your opinion about this? Should teens be required to learn money management in high school?For more information like this, visit TeenMoneyMakingIdeas.Com.

How generous are you with your money?

Erica — Mon, 15 Mar 2010 16:01:16 +0000

The following article is from TeenMoneyMakingIdeas.Com:You know what the old folks say – money is just like sand, the more tightly you hold on to it, the more that it slips from your grasp. So how hard and how tight do you hold on to your money? Are you very protective of what you have because you know how difficult it is to earn it? Or are you the type of person who gives as much as you receive?

Here’s our poll for this week:

For more information like this, visit TeenMoneyMakingIdeas.Com.

Are you Good With Money?

Erica — Tue, 09 Mar 2010 17:04:50 +0000

The following article is from TeenMoneyMakingIdeas.Com:So we’ve talked about having your own teen business and have discussed several ways of making money online. We thought it would be important to know as well if you’re good at keeping money as much as you are making them. Do you have surefire ways of saving what you’ve earned, or do you spend them immediately after you have them in your hands? Are you good with money? Take the quiz below to find out.

You received $100 from your parents as a birthday gift. What’s your plan?
A / Deposit at least half of the money in the bank before spending the rest on what you want.
B / Put it straight into my college fund. I can do all the partying I want to do once I’m older.
C / Road trip! Party! Shopping spree! This is the time to spend money guilt-free. Besides, it’s your birthday!
Your lemonade stand just made a whopping $350 today because of the afternoon heat. What do you do with it?
A / Buy additional materials like juicers and pitchers to anticipate even higher demand.
B / Deposit in the bank and update my records immediately.
C / Buy that pair of shoes I’ve been eyeing all month. Now that I have the means to buy it, why waste the opportunity?
You are out with your friends for your weekly get-together. It’s now time to pay the bill. You:
A / Give money for your share, and maybe more if you have any to spare. If you get change back, it’s cool. If not, it’s cool, too.
B / Get the bill and compute for how much everyone has to pay exactly plus tax.
C / Pay for the whole dinner. Why not? You can afford it. Your friends will appreciate the gesture.
You have a meeting with a potential client that you need to impress. You:
A / Dress smart, leave the house early and take public transportation that will not mess up your attire. Meet at a quiet coffee shop or at the client’s office.
B / Suggest an online conference via Skype and webcam. More convenient and such a money-saver.
C / Have lunch or dinner at a popular restaurant. If you want to impress, you have to go all the way.
After paying all your bills, you are left with a pocketful of change. What do you do?
A / Save half in a coin bank at home, keep the other half in your pocket in case of emergencies.
B / Keep all in the bank. A penny is a part of a dollar, too.
C / Give away to those who want them. They serve no purpose to me whatsoever.
Your last business idea sucked and you have no money left. Your plans:
A / Come up with another business idea and try again. Get a job in the meantime if necessary.
B / This will totally never happen to me because I have my future planned since day one.
C / Thank god for parents. I can live off their charity, right?

Your score:

Mostly A’s = You’re Getting There
Sometimes you can’t help but splurge a little. It’s okay, it’s human nature. But you’re also conscious of money’s importance to you, which is a good thing. You also know when to back off and have a little fun – that’s important, too. You’re the type of person to spend money if you can afford it, but you can also refrain from doing so if it’s not within your budget. As for your business, you know when to let go of the money in exchange for potential profit – this is good business thinking, and might get you far in the future.

Mostly B’s = You Can Be A Bit Uptight
So you are probably rich right now, or about to be. That’s good. You hold tight to your money, and you know its value and how much it affects your life. You give money a big priority, and there’s no doubt that with this attitude you are bound to be successful one day or another. Just remember though, that sometimes it’s not all about the money. You have to learn to let go of it a little bit, if you want to enjoy life and the relationships around you.

Mostly C’s = You Are Spending Too Much
You live in the moment and are very carefree. On one hand it’s a great attitude towards life, on the other hand, if not controlled it can also become the road towards bankruptcy. You need to learn how to control your spending habits, and to know when to use up the cash and when not to open your wallet. You have to live within your means and not present a front just to impress other people. Also, you need to invest more efforts towards learning how to become financially independent, and not just relying on your parents. You also need to take care of your business’ funds – just because you make money doesn’t mean that you have to spend all of it.For more information like this, visit TeenMoneyMakingIdeas.Com.

Which Celebrity Millionaire do you Most Admire?

Erica — Mon, 08 Mar 2010 11:22:28 +0000

The following article is from TeenMoneyMakingIdeas.Com:They’re all around us today – celebrity millionaires who have become so much more visible in the recent years. Some are in the show business, some belong to the cream of the crop of the technology world, some are owners of huge properties, and some have dabbled in almost everything. Celebrity millionaires have their faces everywhere – billboards, our television, the internet – some for good reasons and others not. Which celebrity millionaire do you most admire and why? Do you like them because of their success story, or who they are now that they are powerful and influential? Do you think their fame and wealth are well-deserved?

For more information like this, visit TeenMoneyMakingIdeas.Com.

Dictionary of Dough

Steve / moneywizkid — Wed, 03 Mar 2010 08:50:11 +0000

The following article is from TeenMoneyMakingIdeas.Com:So you’re making money, or starting a business. You might be thinking of creating a bank account for yourself, or dealing with other potential business partners. Everywhere you go, you talk about money, or hear people talk about it. But what do those financial terms really mean? How can there be so many words pertaining to the same thing? Here are some money terms to help you brush up on your vocabulary and shift your career into high gear:

appreciate: In financial terms, this means “to increase in value.” Something appreciates over time if it is worth more now than what it used to be before. For example, comic books, limited action figures and baseball cards are items that have the potential to appreciate over the years.
asset: This is stuff that you own that has value to you. For example, your computer is an asset because it is your property and you use it in your business. Same goes for your house, car, jewelry, and many more.
acquisition: When a company buys another company, or has enough stocks to be a major player in the business and take over, this is called acquisition. For example, Google made YouTube its acquisition for $1.65 billion in an all stock transactions.
balance: This refers to the remaining amount that is either left in your bank account after you have withdrawn money, or the remaining amount that you still owe someone and still have to pay.
bankruptcy: This is the situation of not having enough money to pay people that you owe. You have a huge debt that should be paid, but unable to do so because of lack of money. Usually when you officially declare that you are bankrupt, the government requires you to give up all your possessions and find a way to pay the people that you owe as soon as possible.
bond: This is a loan that you can get from a business or even the government, in exchange for a promise to pay them back with interest. In most cases, an interest rate is given as well as a date where you should pay this.
checking account: A bank account where you are allowed to issue checks. People use checks as another form of money. You can issue this to people if you don’t have money with you, and they can just encash it in the bank later on. You have the responsibility of making sure though that you still have funds in your bank account before you issue checks, otherwise the check will bounce and you will be questioned about it.
credit card: This is a plastic card that allows you to buy something and pay for it later. Whenever you buy something, they charge it to your card but your money in the bank is not lessened immediately. It’s like letting you buy something right away using a loan, hence the term “credit”, but with a promise that you will pay for it later. The bank will then send you a bill listing everything that you have previously bought, and you can pay it in your own arrangement. Just remember though that if you don’t pay your bill in full right away, you may be charged with interest.
debit card: This is also a plastic card that allows you to buy things, only this time your bank account is lessened once you make the purchase, hence the term “debit.” This is handy if you don’t feel comfortable carrying a lot of cash with you. You can just give your card and they will charge the amount there. Think of it as an electronic wallet. As always, like the credit card, make sure that the bank account tied with your debit card has enough money in them else your card will be useless.
depreciate: The opposite of appreciate, this means “to decrease in value.” A used car can depreciate over time if you don’t take care of it. Same goes with rare toys that you have taken out of the box and played with, because it loses it’s mint condition.
interest: This is a percentage that the bank pays you in exchange for letting them hold on to your money. Usually if you keep your money in your bank account for long periods of time without withdrawing from it, you tend to get a higher interest.
liability: This is the amount you owe to people who have lent you money, for example, car loans, house loans, educational loans, etc.
liquidity: This is the ability to be able to convert your assets into cash quickly without losing too much value or money over it. For some businesses it’s important that they have some assets that can be easily liquidated in case of emergencies.
net worth: This is how much your business is worth. This is usually computed by subtracting the total amount of your liabilities from the total amount of your assets.
savings account: A savings bank account is where you can put your money for safekeeping. While it is there, your money earns interest at a certain rate.

Do you want to know the meaning of more financial terms? Let us know in the comments!For more information like this, visit TeenMoneyMakingIdeas.Com.

What is the Best Incentive for you to Succeed

Steve / moneywizkid — Tue, 02 Mar 2010 20:13:24 +0000

The following article is from TeenMoneyMakingIdeas.Com:We all have our reasons for pursuing our dreams or going on different career paths in life. Some get a job out of necessity, others just want to gain experience. Some spend money only when really necessary, others buy stuff just because they can. In today’s poll, here’s what we want to know from you guys: What is the best incentive for you to succeed? Are there any specific reasons why you would want to be successful someday? What is the main thing that is driving you towards pursuing your goals?

Don’t forget to share with us your stories in the comments section!For more information like this, visit TeenMoneyMakingIdeas.Com.

How Would you Spend your First Million?

Erica — Fri, 19 Feb 2010 17:17:57 +0000

The following article is from TeenMoneyMakingIdeas.Com:It’s always the one constant dream that I’m sure all of us have. To be rich and famous, that’s what – and maybe to some the fame can come and go, as long as the money is there. Maybe you’ll get it through long, rigorous and exhausting hard work. Maybe you’ll get lucky and win somewhere. Maybe you’ll inherit, maybe you’ll received it as a reward. Either way, when the time comes, we want to know: How would you spend your first million?

For more information like this, visit TeenMoneyMakingIdeas.Com.

Holy Smokes! You’ve Got a New Webmaster!

Erica — Mon, 01 Feb 2010 10:38:18 +0000

The following article is from TeenMoneyMakingIdeas.Com:Hello, everyone. My name is Erica. I will be your new webmaster starting today Which is pretty neat, I’d like to add.

I would like to take the time to say that I am excited to be here! I am in my 20s, but let’s keep that a secret. If you ask me I’m still sixteen, and will forever be. But anyway – yes, I was a teen once, and yes, I did want to earn money, too! And how I went several lengths to do that. Back then using the internet was just synonymous to sending emails, reading jokes – which still goes on today, by the way – but we didn’t know that there were a lot of ways to learn and be productive, much more, learn tips on how to earn money! And this site does that exactly. And this site is FOR YOU.

So I will look forward to exciting and meaningful discussions with you guys and gals right there at the comments section, at all the articles that caught your interest. Don’t be afraid to ask questions or respond to what other people have said. Play nice, and share information when you got it You can also tell me what topics you would like to read or appear here, or ask me stuff if you need help with your profile and all that jazz. I’ll be happy to help.

Looking forward to discovering new tips and tricks with you all.

For now, I leave you with this:

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” — Ayn Rand

For more information like this, visit TeenMoneyMakingIdeas.Com.

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Just How Far Would You Go For Money?

Amber — Sat, 16 Jan 2010 09:58:57 +0000

The following article is from TeenMoneyMakingIdeas.Com:Some people would sell themselves online at ebay for money, while others would sell nude pictures of their mother. What about you? How far would you go for money?

Take the poll below and tell us your thoughts.

For more information like this, visit TeenMoneyMakingIdeas.Com.

Where to Find Free College Money

Amber — Mon, 10 Mar 2008 08:38:31 +0000

The following article is from TeenMoneyMakingIdeas.Com:Most college students can attest to the difficulty of finding a way to pay for their university education. The average college tuition today in the United States is about $30,000 a year, a price that the average college student will find staggering and difficult to face. Even with any assistance they can obtain from their parents and college jobs, students will most likely need all the help they can get to pay for their college educations. There are many sources available for free college money that will enable students to afford their education and graduate with as little debt as possible. In utilizing these sources, be sure to research each opportunity to ensure its suitability for you.

The most reliable way for students to find help in funding their education is through college scholarships. Most universities offer free college money to students who fit their scholarship requirements, but unfortunately, these funds are often limited and extremely competitive. For students who do not meet the rigorous requirements to obtain these scholarships from the university of their choice, other options are available.

One website that lists scholarships for students is Fast-Web. This free website helps students make other important educational decisions, such as choosing a college and finding jobs and internships. Fast-Web provides detailed and personalized results in searches by requiring users to fill out a questionnaire. By using websites such as these that list scholarship opportunities that are lesser-known to the average person, students can optimize their chances of finding free college money.

Scholarship Xperts is a free website to find free college money (US residents only). They offer a fast, easy & free scholarship search service. Additionally, they offer a time-saving service and customized information that students, parents and educators want with a name they can trust. Best of all, Scholarship Xperts is a member of the Better Business Bureau and has been endorsed by Sallie Mae, Kaplan, and Yahoo! Education. Their free search service has been voted “Best of the Web” by Forbes.com since 2003. In order to search for free college money, you must complete their online questionnaire which they use to find free scholarship money to suit each individual student. No purchase is necessary but to do a seach, you must complete their scholarship questionaire.

Grant Research provides the most comprehensive database for federal and private grants on the Internet. This information is invaluable for any person or institution who would like to take advantage of the billions of dollars given away by the government each year. When you sign up to their website you also receives a free 14 day trial enrollment in their free college money Online Help Center. This includes 24 Hour Email Access to Grant Specialists, Funding Instruction Courses, Recently Updated Grants and access to their Grant Writing Specialists. Grant Research was recently featured on ABC news and MSNBC News.

Another great source of free college money is through filling out a FAFSA form at fafsa.ed.gov to receive a Federal Pell Grant. Depending on your income, you may be eligible to receive a government grant to assist in paying for college expenses including tuition, rent, and food. Additionally, students in certain majors may be eligible to receive a National Science & Math Access to Retain Talent, or SMART, Grant which can provide up to $4,000 in students’ junior and senior years of college. Students can receive a SMART Grant by becoming a recipient of a Pell Grant and fitting other requirements. These governmental education programs can be a great source of free college money to students who are eligible to receive funds.

Fedmoney.org is a helpful online guide to federal grants and loans available to students. This free website enables students to browse through the various programs offered by the government to assist college students and decide which grants and loans might be right for them.

College-scholarships.com is another source for finding scholarships online. In addition to scholarship information, this website has compiled a list of useful college information, including addresses and telephone numbers of various universities’ admissions offices and email addresses and telephone numbers for scholarships, and links to universities’ online applications. These tools will prove useful for students interested in learning more about colleges, applying online, getting directly in touch with people in charge of admissions, and locating sources of free college money on the internet.

The key thing to remember when searching for free college money at these and other websites, is you should be prepared to be patient with the process. For example, you should be ready to go through the step of filling out their questionaires in order to access their scholarship database. Many scholarship matching services will require you to fill out a questionaire before they will allow you access to their information. In most cases, they use this information to match up the information you entered with what may be a suitable grant or sholarship for you. If you don’t have the time and patience to deal with this, then this may not be the avenue for you to obtain free college money. However, if you can be patient with the process, then the rewards can eventually pay off.
For more information like this, visit TeenMoneyMakingIdeas.Com.