Making Kids Money Masters

Black Friday…Is it worth going?

December 10, 2018

Since 1952, Black Friday has been the beginning of the Holiday shopping season. Black Friday falls the day after Thanksgiving and has become a shopping tradition for all.

When you think of the term “Black Friday”, many Americans think of crowds, long lines and stress. A lot of retailers are starting Black Friday sales on Thanksgiving, the Wednesday before and the Monday after. Retailers even resorted to having sales on Monday dubbing it as “Cyber Monday.” READ MORE


Uh-Oh! How to Prepare for Halloween at the very Last Minute

October 30, 2018

Halloween creeped (no pun intended) on you and is tomorrow. Are you prepared? Halloween requires a lot of supplies to ensure a ghoulish time such as candy, costumes and decorations. I am going to teach you how to do this all last minute. (No pressure)

 

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How to Talk to Your Children About Money

October 8, 2018

 

Not sure how or when to have the “money talk” with your kids? Come hear our team from Money Masters, Inc. and Walter the Vault speak about the importance of children’s financial literacy.

Saturday, October 13, 2018

Freeport Memorial Library

114 W. Merrick Road | Freeport, NY, 11520

 

Free admission!


Time to Enjoy the Fruits of Your Lemonade Stand

August 15, 2018

Time to Enjoy the Fruits of Your Lemonade Stand

 

When the work is done [How to operate a lemonade stand] and your child’s lemonade stand has closed for the day, there is still another life lesson [lessons from a lemonade stand] for them to learn. No doubt your child is excited to have made some money and wants to run to the store to buy a new toy, but this is the time to teach children about what to do with the money they earned.

 

Don’t spend it all. Learning to save and manage money is crucial to building wealth and a secure financial foundation and it is never too early to teach your kids this lesson. A piggy bank is a great way to start. Have your children put some of the money they earned (as well as other money they get) into a piggy bank. Explain that the objective is to fill the piggy bank with dollars and coins and save this money for the future. You can discuss saving for short- and long-term goals, so they understand how they can afford to buy things and how long it takes to save for something they really want. It’s all about understanding the value of money.

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When Life Gives You Bad Lemons…

August 15, 2018

When Life Gives You Bad Lemons

Your children want to set up a lemonade stand. You think it’s a great idea because it can teach them many life and money skills (link to first post). But sometimes, it may not go as smoothly as you thought. Here’s a few hurdles your kids may encounter and how to help your kids through it:

 

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When Life Gives You Lemons … Make Money!

August 10, 2018

Let’s talk lemonade stands. National Lemonade Day is August 20th, and we’re here to bring awareness to one of the most fun and creative ways your children can make some pocket change. It’s their first dollar earned, their first “business” and possibly, their first experience with success/failure.

To your kids, it’s just another summer activity. To you, it’s an opportunity to introduce them to important life skills they will need- and ultimately, thank you for. Here are some of the skills children both learn and obtain from running a lemonade stand:

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Conversations in finances to teach children

January 30, 2018

NADYA NATALY/HERALD

Money affects everyone regardless of age. The worry increases with age as bills and responsibility change over time. However, according to the Long Island-based financial advisors, Money Masters, Inc., conversations about money should start at an early age.

“Our goal is to raise children that grow into prosperous adults who have a healthy relationship with money,” said Richard Weinstein, co-founder of Money Masters. “We want them to have money literacy.”

On Jan. 22, the Freeport Memorial Library welcomed Weinstein to the monthly Financially Fit workshop to tackle the question, “How do parents talk to their children about money?”

Freeporters interested in mastering the sticky world of finances, while learning new ways to have conversations with their kids attended the workshop in hopes of tapping into new resources.

“I don’t think people see the need for this, but this is starting to be a topic of discussion,” Weinstein added. “Parents are reluctant to talk to the children about money because they don’t feel comfortable. It’s a void and we’re trying to fill that void.“

Weinstein is a business owner of a New York City-based electrical contracting firm for over 30 years walked, parents and grandparents, through different steps they could raise money-smart kids. Through the workshop, Weinstein introduced Walter the Vault, a cartoon character he created in efforts to help children better understand the fundamentals of money.

On the Money Masters’ website, walterthevault.com,Walter the Vault stars in a collection of games, coloring pages, puzzles and spending charts centered around spending, saving, budgeting, financial goals and earning.

According to Claire Lynch, vice president of business development at Money Masters, parents should start conversations with children at a young age in efforts to start developing a healthy relationship into adulthood. An approximate, 72 percent of parents say they’re reluctant to talk to their children about money, says Weinstein.

“It is overwhelming for parents to explain fiancés to their kids. We hope our guide can help answer parents answer their kid’s questions,” Lynch said.

Weinstein recommends parents to find ways they can teach the children how to earn money around the house by assigning chores or even shoveling snow. Another suggestion was to give the children a weekly allowance. However, the most important thing to do, says Weinstein, is to keep track of the money and store it in a safe place.

“You wake up in the morning you plan out your work day and health day,” Weinstein said. “You should put that same emphasis in your planning your financial day — what am I going to spend, earn, save or donate.”

 

http://liherald.com/freeport/stories/conversations-in-finances-to-teach-children,99558


Ringing in the New Year with Resolutions…And Sticking to Them

January 24, 2018

Ready or not, 2018 is here! Most people see a New Year as a perfect opportunity for a fresh start. 40% of Americans made New Year’s resolutions for 2018,[1] but the reality is, not all Americans will maintain their annual promises.

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How to Have a Stress Free Black Friday

November 20, 2017

 

It’s finally here, the biggest shopping day of the year!

Black Friday is the most anticipated shopping event of the year but it’s also potentially the most problematic. Whether you shop at 1:00 am or 10:00 pm, Black Friday shopping can be overwhelming. Here are some tips on how to have a stress-free day.

1. Plan Ahead

It is important to prioritize where you want to shop and what you want to buy. Make sure you look at the Black Friday advertisements to see the store’s deals and operating hours.

Plan what you want to purchase. Shopping on Black Friday is always filled with crowds. It is best to know what you are looking for so you can save time and money.

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Teaching Kids to Give Back…Ronald McDonald House Fun Run

November 17, 2017

As I wrote in a previous blog, I have been jumping on the “Thankful Train” and looking for ways to teach my kids to give back. But the more I thought about it, I realized I needed to emulate giving back as well. We usually donate money to charities that are important to us but we didn’t think it was enough to show our kids that we were taking action ourselves. So my husband and I volunteered to be our childrens’ school captains of a charity fun run supporting the local NYC Ronald McDonald House. Over 30 schools in NYC participate with over 1,000 runners. The kids raise money to support their run, in turn supporting the Ronald McDonald House.

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