Teaching kids how to value money, how to balance a checkbook, and how to understand the purpose and use of a credit card are not taught in our school system. We systematically overlook these critical topics because our educational structure focuses only on the financial aspects as they relate to us in adulthood.
It is vital for kids to understand the value, usages, and respect of this exchange tool; call money, at an early age. This will convey the monetary value of our currency to kids, so they can understand money during the most receptive phase of their life – the adolescent stage.
A credit card is not a license to shop uncontrollably; credit cards are used and recognized all over the world as an acceptable form of monetary exchange. This instrument gives the cardholder significant buying power to purchase items at will – when used in a sensible manner.
Responsibility is the act of doing the right thing and making the right decision in any situation. It takes a responsible person to save money, balance a checkbook, use a credit or debit card, plan for college and shop smartly.
Are you responsible? ________
Kids Under$tanding Money
From Chapter One – Savings Account
As Tamari and Rojay converse back and forth about dividing their newly found money, Deena, the oldest of the bunch, says, “A penny is the lowest currency we have in this country, so, as Tamari said, ‘We can’t divide it evenly.’She pauses for a second, with direct eye contact on the penny, she continues, “This penny will be mine and the next penny that we find will go to Tamari, because she’s the next…
From Chapter Two – Checking Account
Each month, Julio notices his parents writing out the bills religiously, so one day he asks his papa, “What is that paper you’re writing numbers, words, and then signing your signature on?”His papa looks at him and says, “These are checks. We use them to pay our bills and make purchases with the money in our checking account.”
From Chapter Five – Smart Shopping
Lisa’s best friend, Carla, drove up and toots the horn, signaling the start of several hours of shopping at the mall.But before Lisa can take a step out the front door, her mom approaches for a hug and kiss goodbye, and to instruct her little angel to shop responsibly, and to also remind her, that this ease of spending has gotten a lot of kids into financial trouble over the years.
From Chapter Six – Preparing For College
Going to college is not a free pass out of your parents’ house to have fun for three to five years; it’s a true test of your ability to live and survive away from home on your own. This period will set you up for the unexpected challenges the world has to offer in the future.Apply for all the scholarships your have access to and prepare for your SAT and/or ACT examinations early to maximize the best score to make yourself more marketable
Chapter Nine – Retirement
Planning your retirement from an early age will allow you to secure a retirement exit point to leave the work force. You should also; plan an exit strategy to allow yourself the lifestyle you would like to live when you retire.Putting money in a financial vessel, such as a Roth or a traditional Individual Retirement Account (IRA) and taking the stock options from your employer, will significantly prepare you for a retirement.
R. Edward Norwood was born in The subject of money is not taught in our school's curriculum, so, he’s passionate about exposing this topic to kids at an early age. He enjoys finance and provides financial help to family and friends, but, he’s most passionate about providing children’s literature to develop future financial habits to our youths.
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