Managing Your Money For All Ages Plr Ebook

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Table of Contents

Chapter 1:
Beginning Early to Do Better – The Lemonade Way
Chapter 2:
Teaching Kids to Manage Money
Chapter 3:
Money Management for Teens
Chapter 4:
Money Management for Families
Chapter 5:
Money Management for Home Business Ventures
Chapter 6:
Managing Money when the Chips are Down
Chapter 7:
Protecting Yourself from Illegal Money Management Schemes
Chapter 8:
Investing Money
Chapter 9:
Money Management Strategies
Chapter 10:
Money Management for the Future

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Teaching Kids to Manage Money

“Money is like a sixth sense without which you cannot make a complete use of the other five.” – W. Somerset Maugham

Teaching young children the importance of managing money responsibly can help them live fuller and well balanced lives as adults, using all six senses to maximum efficiency. They will have learnt their ABCs as tiny tots, but as growing kids you can teach them the five Bs of effective money management:

Budget – Let your child outline his or her needs in a typical month and plan a budget around these costs. Provide for recreation and reading as well, you don’t want Jack or Jill to be dull children!

Balance Sheet – Print out a simple balance sheet template and teach them how to enter their debit and credit every day. At the end of the month they will know exactly where they stand, thus imbibing a sense of fiscal responsibility. They will understand that there is no such thing as a free lunch! And that a dollar saved is a dollar earned.

Board meeting – Discuss and communicate with those associated with your income and expenditure. If your children need additional money all the time and cannot manage within their pocket allowance, you can help them prioritize their spending. Explain to them that skipping lunch with the intention to eventually buy a PlayStation also amounts to misappropriation!

Bills – Teach young Jack or Jill to collect every bill, receipt and piece of paper related to his pocket money income and spending. That will also help them prepare their balance sheet easily.

Banking – Open a junior account in their name and let them operate it. Accompany them to the bank and let them understand the various aspects of banking and money management. You might just have a successful Wall Street professional in the making. They should be ready to roll by the time this recession is out!

In the course of your money management discussions over breakfast, they may also ask you about another B – “Dad, what’s a bailout?!!” If you teach them sound financial ethics when they are young, their company won’t ever need a bailout for sure, when they have one!

Summary

Teenage is the right time to do a lot of things. Like, learning the importance of money, for example!

Money Management for Teens

“Give me the strength to change the things I can, the grace to accept the things I cannot, and a great big bag of money.” – An unknown 13 year old.

This version of the Serenity Prayer is often on the mind of your teenager. How are they going to get that great big bag of money? But even more importantly, how is he or she going to manage the small amount of money that you give them?

First let us calculate how much money they need. Standard costs would include school lunch money, book money, money for field trips or outings and a weekend entertainment allowance. Don’t forget to add a reasonable amount for magazine subscription and books and music CDs or DVDs. Teenagers must be encouraged to explore the arts and knowledge. Add to this an allowance for household chores carried out by your son or daughter. Keep the allowance flexible. If he or she should require new football shoes for the season as they old ones are worn out, you will have to cover that as well.

Once a budget is fixed, tell your teen that these costs have to be adhered to. You may find that he or she is skipping lunch to save and buy something else that they desperately want. Talk with him and understand his needs, but be firm that allocated funds have to be used for the agreed purpose only.

Teach them to maintain a simple balance sheet. They may also be earning additional money by delivering papers or working part time at the local pizza store. From the balance sheet they will know where they stand at any time and they will also understand the responsibilities of money management.

Maintain transparency in all accounts. Insist that you ‘audit’ their accounts periodically so that you know the allowance is not being abused. But also be sensitive to his or her need for privacy. When they know that you respecting them as a trustworthy money manager, they will try and will up to that trust.

Other Details

- 1 Ebook (DOCX, PDF), 45 Pages
- 1 Salespage (HTML)
- Ecover (JPG)
- File Size: 908 KB
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