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Parenting your teenager: kids and money - parenting


Most teens go into the work world ill-prepared to administer 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 encounter we have all had. You know the one: It's called ``getting to the end of the money ahead of the end of the month. ''

Here are some tips on beliefs teens about administration 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 pregnant me to say save it, buy a savings bond or a bit else responsible. Here's why I advise having them spend it: They get to come across the reimbursement of hard work and have some fun.

After the first paycheck, here's how to carry out 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 atypical places.

1) First 10 percent: Pay manually 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 anyone 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 come back 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 about half a million dollars.

2) Agree with 10 percent: Give it away.

If you are a character of faith, you've almost certainly been educated to tithe. Whether it's tithing or cleanly bountiful to a darling charity, benevolent away 10 percent teaches your brain an attention-grabbing thing: If I can give this away, there must be more than an adequate amount to go around. A nice way to feel.

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

4) Fourth 10 percent: Save it up for a touch you certainly want.

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

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

Visit ParentingYourTeenager. com for tips and tools for blossoming all through the teen years. You can also subscribe to our f*r*e*e 5 day e-program on The Top 5 Clothes to Never Say to Your Teenager, from parenting coach and practiced Jeff Herring.


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