tag:blogger.com,1999:blog-7765204152075197877.post2445839780859299839..comments2023-03-22T04:02:34.512-04:00Comments on MoneyTrail.net: Teaching Your Kids about Money: February EditionPam at MoneyTrailhttp://www.blogger.com/profile/04120369681070540769noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-7765204152075197877.post-29469911923489062732012-04-08T16:58:13.220-04:002012-04-08T16:58:13.220-04:00A very good one Pam. I will sure start off my bank...A very good one Pam. I will sure start off my bank. My kids have been saving (supervised by me of course) and have been itching to have their fingers on their savings ever since. I believe this will motivate them to keep saving. Thank you so muchUsiere@Financial Freedom Inspirationhttp://www.financialfreedominspiration.com/noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-63590027319272919362012-02-06T09:53:11.078-05:002012-02-06T09:53:11.078-05:00Thanks for sharing your link, Marie. I am going t...Thanks for sharing your link, Marie. I am going to check it out right now!Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-54030155898147308602012-02-06T09:50:26.209-05:002012-02-06T09:50:26.209-05:00Thanks Pam. I did blog about it - several times. ...Thanks Pam. I did blog about it - several times. Here is a link to the first post and if you are interested, you can follow the trail from there with other links in each post.<br />http://blog.familymoneyvalues.com/2011/04/grandmas-money-camp-teaching.htmlMarie at FamilyMoneyValueshttp://blog.familymoneyvalues.comnoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-91728195104022555912012-02-05T13:19:32.416-05:002012-02-05T13:19:32.416-05:00Hmm... I wish I could tell you exactly, but I was ...Hmm... I wish I could tell you exactly, but I was certainly in the single digits. At that point I was already pretty number-interested... and, in retrospect, an online virtual stock account would have been awesome.<br /><br />At this point? Transaction fees have come down quite a bit from when I had my fake account - we're almost to the point of real stock accounts, haha.PKhttp://dqydj.netnoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-18881277942090715342012-02-04T08:24:33.919-05:002012-02-04T08:24:33.919-05:00When one of my sons was in the 4th grade, they par...When one of my sons was in the 4th grade, they participated in a business fair at school. He and his partner created a new cookie, called "The Smookie". It was a smore type cookie --- two graham crackers, marshmallow fluff in the middle and the whole thing dipped in chocolate. They priced them at 75 cents a piece. They got a few complaints (from parents mainly) that the cookies were over priced, but they sold out and made a $15 profit. Great lesson for business, supply & demand, marketing, etc.!Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-14565865432076665072012-02-04T08:20:44.791-05:002012-02-04T08:20:44.791-05:00Cool! I'll bet that encourages lots of great ...Cool! I'll bet that encourages lots of great conversations!Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-21065357134463377772012-02-04T08:18:43.259-05:002012-02-04T08:18:43.259-05:00I think the key is finding what motivates your chi...I think the key is finding what motivates your child so that they make their own decisions. Easier said than done, right?Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-9069921902359461072012-02-04T08:01:45.974-05:002012-02-04T08:01:45.974-05:00It is so much easier to make this sort of thing in...It is so much easier to make this sort of thing interactive for kids these days. being able to log into an account and check a balance, or watch stocks in real time. I really like these savings tips, but loved the entrepreneurial one even more. Lemonade stands are out, thinking outside the square is far more important.Shaun @ Money Cactushttp://moneycactus.comnoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-66062237312623454202012-02-03T21:31:14.356-05:002012-02-03T21:31:14.356-05:00Lots of great stuff to consider. :-) My daughter h...Lots of great stuff to consider. :-) My daughter has had a saving account and a CD since she was little. She enjoys putting money into them and seeing how much interest she earns.Jen @ Master the Art of Savinghttp://www.mastertheartofsaving.comnoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-42734926359070997122012-02-03T14:53:00.322-05:002012-02-03T14:53:00.322-05:00Great ideas! I like the idea of encouraging kids t...Great ideas! I like the idea of encouraging kids to save by paying interest on their money.Tim @ Faith and Financehttp://www.faithandfinance.orgnoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-80773845293957493762012-02-03T08:30:52.118-05:002012-02-03T08:30:52.118-05:00The reason he set the interest rate so high was to...The reason he set the interest rate so high was to entice the kids to save and to give immediate feedback. Of course, the kids were also allowed to spend their money so it was up to them to determine the amount that they chose to leave in their account each month. However, you raise a good point. Parents need to make sure that the money program they use with their child fits into the overall family budget. You shouldn't give your child $10 a week or 5% a month just because that is what their friends get. Choose the program and the amounts that fit your family.<br /><br />How old were you when you started with virtual stock markets? I haven't done any of this with my kids but am getting very interested in trying out some of the great resources available.Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-15400126309624052032012-02-03T00:54:51.717-05:002012-02-03T00:54:51.717-05:00Interesting stuff - but I can see an older child b...Interesting stuff - but I can see an older child bankrupting her parents with 5% monthly interest. Perhaps you'd have set interest rates like the Fed?<br /><br />I'm currently childless, but I like the idea of getting my children into stocks as early as possible. My father set up a 'virtual account' for me... which entailed paper and the Wall Street Journal. Even then I was into AAPL, I recall...PKhttp://dqydj.netnoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-57230178955670724942012-02-02T16:02:55.485-05:002012-02-02T16:02:55.485-05:00Thanks Bill. That is good to know. There is so m...Thanks Bill. That is good to know. There is so much information out there that it gets muddled! I recently heard that 529 plans should not be in a student or parent's name so that it cannot be considered as part of the family's wealth subsequently making it easier to qualify for aid.<br />Will check out that article as well. <br />THanks again.Keyuri Joshihttp://www.ontheballparent.com/blognoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-47255214079254616212012-02-02T16:01:04.524-05:002012-02-02T16:01:04.524-05:00That's very kind of you. Will check out the a...That's very kind of you. Will check out the article.Keyuri Joshihttp://www.ontheballparent.com/blognoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-8130487967529620042012-02-02T12:36:46.653-05:002012-02-02T12:36:46.653-05:00First of all, kudos to your son for having stock a...First of all, kudos to your son for having stock and a nice savings account. What a great "heads up" he has on tackling the world of financial investments.<br /><br />Our oldest child will start college this fall and we have recently been going through the FASFA application process. Here is a great article that covers the basics of Roth IRA's and their relationship with financial aide.<br /><br />http://www.bankrate.com/finance/college-finance/roth-conversion-may-impact-financial-aid-1.aspx<br /><br />Lynn O'Shaughnessy also writes great material about college topics and frequently covers financial aid topics. http://www.thecollegesolution.com/Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-19735370307185484652012-02-02T12:27:09.392-05:002012-02-02T12:27:09.392-05:00Keyuri, I asked finance guru Dan Kadlec about your...Keyuri, I asked finance guru Dan Kadlec about your Roth IRA concern for your 16yo. His response: "only if the student takes a distribution to pay tuition. otherwise no impact http://www.finaid.org/savings/retirementplans.phtml "<br /><br />See https://twitter.com/#!/FamZoo/status/165123060637253632Bill Dwighthttps://www.blogger.com/profile/18111536057225186993noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-65705803906940282742012-02-02T11:48:50.253-05:002012-02-02T11:48:50.253-05:00These are excellent points. We have a 16 year old...These are excellent points. We have a 16 year old who owns Apple stock and has a bank account with a substantial savings. We were just about to open a Roth IRA for him but are learning that this could hurt him in qualifying for financial aid in college. It doesn't make sense to be penalized for being personally responsible!keyuri joshihttp://www.ontheballparent.com/blognoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-87037700629333790062012-02-02T10:21:02.227-05:002012-02-02T10:21:02.227-05:00Thanks, Marie. Grandma money camp? I LOVE the co...Thanks, Marie. Grandma money camp? I LOVE the concept. Have you blogged about it? I would so enjoy reading about what you do with your grandkids. Feel free to put up a link to a blog post about money camp.Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-38240814870540500312012-02-02T10:14:35.118-05:002012-02-02T10:14:35.118-05:00This is a great idea. I always love to read thoug...This is a great idea. I always love to read thoughts on educating kids. I do a Grandma money camp in the summer for my grandkids to try to help teach them financial literacy concepts.Marie at FamilyMoneyValueshttp://blog.familymoneyvalues.comnoreply@blogger.com