Making Kids Money Masters
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:
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
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.
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.
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.
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.
Everyone seems to be jumping on the Thankful Train in November, including me and my kids. A few weeks ago I started to think of ways I can teach my kids to give back no matter how small. Fortunately, my children attend a school where giving back is important and part of their education. So luckily for me I didn’t have to look too far.
Halloween is a day of entertaining tricks, delicious treats and ghostly costumes. Throwing a Halloween party is a great way to ensure a “spooktacular” time for your kids and their friends!
Decorations are a must have for your child’s Halloween party!
Get some pumpkins, spider webs, lights and bats to “spookify” your home.
You can either make your own decorations or purchase at any store. Stores like Party City, Target, Wal Mart and Jo Ann’s Fabrics carry an array of halloween decor, candy and treats.
Carol Sankar an international business consultant spoke at a Ted-X talk and said, confidence, this is the missing link that makes women successful. She calls it the “confidence factor.” Is it the way girls are raised or society that makes them less confident?
Women are as successful but are less confident than men, according to a report titled “The Status of Undergraduate Women at MIT.”
Many women suffer from the imposter syndrome. Facebook COO Sheryl Sandberg told us before Lean In, was published: “There are still days I wake up feeling like a fraud, not sure I should be where I am.”
This happens with my friends all the time. If they are applying for a job, they will not throw their hat in the ring if they don’t have all the qualifications. Let’s say they have 8/10. They will not apply. Men on the other hand will have 3/10 and go for it!
In the midst of the sentiment that you are surely feeling during this time, there’s a lot to think about to prepare your college student for the next four years. One of the things you are probably thinking about is whether or not you should get them a credit card.
Where did the summer go? It’s time to dust off your annual Back to School shopping list and get shopping!
Back to School shopping can be overwhelming, especially when your child is getting older and needs different supplies than previous years. There are a lot of stores that are currently having sales to make your Back-to-School shopping experience seamless and affordable.
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