Home
>
Parenting
>
Parenting Your Teenager: Kids and Money

Parenting Your Teenager: Kids and Money

Most teens go into the work world ill-prepared to manage the money they will be making. Even if their parents have attempted to teach them about money, they still haven't had the wonderfully frightening experience we have all had. You know the one: It's called ``getting to the end of the money before the end of the month.''

Here are some tips on teaching teens about managing the money they are about to make.

Once they get a job, here's what to do. Have them take the very first pay check and ... blow it. You might have been expecting me to say save it, buy a savings bond or something else responsible. Here's why I suggest having them spend it: They get to experience the benefits of hard work and have some fun.

After the first paycheck, here's how to handle every other paycheck, for the rest of their lives. I call this the 10 by 4 solution. With each and every paycheck, take 10 percent and put it in four different places.

1) First 10 percent: Pay yourself first.

Put this 10 percent in some form of savings that you do not touch until you retire. Begin this when you're young, and it's amazing what can happen. If a person starts at age 21 and puts just $1,000 a year into some kind of savings that will gain at least a 10-12-percent return a year (this is very doable, by the way), and did this for only eight years until age 29, and then didn't touch it until age 65, he or she would have accumulated almost half a million dollars.

2) Second 10 percent: Give it away.

If you are a person of faith, you've probably been taught to tithe. Whether it's tithing or simply giving to a favorite charity, giving away 10 percent teaches your brain an interesting thing: If I can give this away, there must be more than enough to go around. A nice way to feel.

3) Third 10 percent: Put this 10 percent toward getting rid of any debt that may have accumulated.

4) Fourth 10 percent: Save it up for something you really want.

For many kids that's a car. Or maybe a trip, a stereo or some nice clothes.

In this way, you are teaching your teen, from day one, how to live on 60 percent of his or her income, instead of the 110 percent that most of us live on.

Visit parentingyourteenager.com for tips and tools for thriving during the teen years. You can also subscribe to our f*r*e*e 5 day e-program on parentingyourteenager.com

quick home cleaning Glenview ..

In The News:

FBI warns cybercriminals are stealing family photos from social media to create fake proof of life images in virtual kidnapping scams targeting victims.

Instagram's new 'Your Algorithm' tool lets you control your Reels feed in real time. The app now gives you power to customize what videos you see.

Major Marquis fintech breach exposes 400,000-plus Americans' data through unpatched SonicWall vulnerability, with Texas hardest hit at 354,000 affected.

Free up iPhone storage fast by clearing large photos and videos from Messages app. Simple steps for iOS users to delete attachments without losing chats.

Scammers are flooding inboxes with fake tracking alerts that mimic real carriers, exploiting the holiday rush to steal logins and personal data.

The Fox News AI Newsletter brings you the latest news on AI technology advancements and the challenges and opportunities AI presents now and for the future.

Texas family reunites with missing 11-year-old cat Grayson after 103 days using Petco Love Lost's AI photo matching technology and community help.

Tired of AI customer service loops? These insider tricks help you escape "frustration AI" and get real human help when you need it most for urgent issues.

Unlock richer audio from your streaming apps with simple tweaks to volume normalization, equalizer settings, and quality preferences for cleaner sound.

Scammers are sending fake Facebook settlement payout emails that mimic legitimate notices from the privacy settlement administrator to deceive users.

Holiday shopping scams surge as fake refund emails target distracted consumers during Black Friday and holiday seasons, costing Americans billions annually.

The AI-powered IRMO M1 exoskeleton features four modes, including turbo, eco, training and rest for hiking, running, cycling and sports with eight-hour battery life.

OpenAI announced upgrades for its ChatGPT Images platform on Tuesday, saying the program can now make more precise edits and produce images more quickly.

Chrome for Android now turns web articles into AI-powered podcast conversations. Get hands-free browsing with Google Gemini's natural audio summaries.

LastPass faces $1.6 million fine from U.K. regulators after 2022 data breach exposed 1.6 million users. Password manager failed proper security controls.

Petco disclosed a data breach exposing customer Social Security numbers, financial account details, and driver's license information due to a software error.

Baseball teams can now analyze complete swing mechanics in normal training environments using Theia's markerless AI system that processes standard high-speed footage.

Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.

MIT develops needle-free glucose monitor using light technology. Revolutionary device could replace painful finger pricks for diabetes management.

The ClickFix campaign disguises malware as legitimate Windows updates, using steganography to hide shellcode in PNG files and bypass security detection systems.

Researchers from Osaka Metropolitan University designed a 21-foot dome that combines aquaculture and hydroponics to create a self-sustaining urban food system.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

ChatGPT data breach exposes personal info of users through partner Mixpanel. OpenAI confirms names, emails compromised in security incident.

Android rolls out Emergency Live Video for 911 calls, letting dispatchers see real-time scenes during emergencies. Great for holiday travel safety.

Malicious Chrome and Edge extensions collected browsing history, keystrokes and personal data from millions of users before Google and Microsoft removed them.