Want Your Kids Gone? Gotta Let Them Fail!

“I hope when my kids are in their 30s, and I’m in my 60s, that they come back to live with me for a few years.” Said no parent, ever. Why are so many kids moving back home?  And why are they now moving back home not in their 20s, but now in their 30s? A recent Pew analysis of 2012 numbers found that 36 percent of young adults aged 18 to 31 were living …

Eight Reasons to Hate Your Mortgage

I used to have a lot of respect for The Wall Street Journal.  They’ve got some pretty smart writers there.  I saw an article recently, though, that blew my mind.  The gist of the article is revealed in the title: “Nine Reasons to Love Your Mortgage: There’s an Upside to All That Debt” There are no reasons to love your mortgage.  Teach your kids this.  Personal debt is an evil – or at the least, …

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Kids Can Contribute to an IRA! No, Really!

Believe it or not, your kids can be making contributions to an IRA (Individual Retirement Account) at any age – provided they have some income. The benefits of having an IRA are awesome: investments grow tax-free in these accounts, so they get the full benefit of compound interest without taxes getting in the way. Kids also have the option of tapping into their IRA if needed for college expenses, and can someday take out up …

Quarters at Dairy Queen: Teaching Little Kids to Earn Money

Eight years ago when we started our kids on a budget we had no idea what we were doing. We decided we wanted to teach our kids to earn money, but we really weren’t sure how it would all turn out.  So we pushed through and figured it out and, for the most part, it went really well. But our kids were 7 & 8 years old at the time.  Since then, people have asked …

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What Caused Me to Kill My Kids’ Allowance?

Last week we held our annual family meeting (details were given out in our June newsletter, which you can still receive by entering your email in the box to the right on our site), and I threw a surprise on the table that shocked everyone: I told them that there would be no allowance paid this summer. I’ll admit, it was a spur of the moment decision. Tracie and I didn’t talk about it before hand. I …

Unique Ways for Your Kids to Earn Money This Summer – Kid Businesses

Babysitting, lawn mowing and dog walking are all things that are commonly thought of as summer jobs for kids.  There are so many other ideas out there that get overlooked, especially for kids that are teens but not quite old enough to get job outside the home.  Summer jobs are a great way for kids to continue their financial education and to practice managing a budget. A weeks ago, Twin Cities Live, an afternoon talk …

Why We Teach Kids About Money: Part Two

Just a few weeks ago, the new and revised copy of Investing in Your 401k Kid was released in paperback.  Yippee!  If you’d like a copy, you can snag one here. One of the additions we made when releasing the print version was to add a Preface.  We’ve commonly explained our reason for coming up with our kids’ budgeting plan as a way to teach kids about money, but there was another reason why we’re doing this …

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Dogs Can Teach Kids About Money, Too

If you have a family pet, and kids older than seven or eight years old, it’s likely that you’re giving some of the responsibility for taking care of the pet to your child. This is a great idea – it not only helps teach a child some responsibility and compassion, but it also makes your life just a bit easier. For older teens, you might think of upping your game, for an even bigger payoff: …

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Chore Magnets – A Creative Chore Chart

We’re big fans of having kids do chores just as a way to “pull their own weight” around the house – but we’re also fans of having extra chores available to earn some spending money, or some other privileges.  Chore Magnets are a great way to get your kids motivated into taking on some bonus jobs around the house. Here’s how it works: Make a list of jobs you’d like done around the house.  Some …

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Too Hard to Teach Kids About Money? Give Up!

Recently I read a story in the Huffington Post that made me cringe with disbelief.  The article was about teaching kids to manage money and on some points I could agree.  But then she made the following comment about parents who forget to give an allowance on a regular basis: “So, skip the guilt trips and stop trying. How about this radical thought: When your kid needs money for something that you know he needs …