You are searching about Christmas Presents For A 1 And A Half Year Old, today we will share with you article about Christmas Presents For A 1 And A Half Year Old was compiled and edited by our team from many sources on the internet. Hope this article on the topic Christmas Presents For A 1 And A Half Year Old is useful to you.
Money Management For Teens
“My 18 year old son is driving me crazy. He has a great summer job and every penny he makes is spent on clothes, phone calls and parties. I tried to encourage him to save some of his salary , but he refuses to listen to me. How can I make him understand the importance of good financial management?”
Talking to your teen about money management can be a thankless task. I remember my mother’s pleas many years ago when she tried to encourage me to save, and I remember her advice coming in one ear and the other. The good news is that at some point I saw the light, so there is always hope!
How do you get your teenager to understand the importance of starting a savings and investment plan early? As with any other communication issue with a reluctant listener, it’s crucial to present your discussion from their perspective. If you try to force your ideals and tell him why you think saving is essential, he might just ignore you, like I did many years ago.
Let’s try to see things from your teen’s perspective and imagine some of the reasons they might not want to save right now. Then let’s look at some alternatives that would convince him to reconsider a savings plan.
1. He has no knowledge of savings
The best time to teach children to save is when they are very young and impressionable. Once a child is able to grasp the concept of money, the idea of saving some of it should be introduced in a fun and easy-to-understand way.
In your case, it’s not too late to help your son learn how saving can improve his life. He may be reluctant to save because he doesn’t know much about money. You need to bring it to life with the investment in a way that a teenager can appreciate. For example, you can send him an email that introduces him to some websites that are great for learning more about investing, like http://www.investopedia.com. You can also download biographies of successful young investors like the inventor of Yahoo.com from the Internet and forward them to him.
2. He thinks savings will deprive him
Review any messages you may have sent your son about saving and spending. Did he get used to hearing you say he couldn’t get something because you couldn’t afford it? Did you give him money for Christmas instead of the toy he really wanted? He may have associated being thrifty and saving with an inability to have the best things in life.
Remember that most children live for immediate gratification. Now that he’s making his own money, he might decide he wants to cash in on his hard work right away. Show him that instead of robbing him of pleasure, an early savings plan can help him amass a lot of money that will provide him with many opportunities. For example, if he invests J$4,000 per month at a net interest rate of 5% and increases his savings amount by 10% per year, at age 25 he will have over half a million bucks! Search online for “savings calculator” to find a website where he can play with the numbers to see how much he stands to gain by investing.
3. He thinks saving is not fun.
Let’s face it, saving can seem like a chore if you don’t understand how to invest and it keeps you from getting the consumer goods you really want. In the busy life of a teenager, saving can seem boring. How can we “energize” the investment plan?
If your child likes the idea of a challenge, why not give them a savings challenge? One option could be to see how fast he can save towards a specific goal. Tell him that you will match his savings if he reaches it within a given time. One of the rules of the game is that he will have to keep it intact for at least five years.
You can also teach him how to invest through the “Rich Dad” board game, “Cash Flow 1013”. He and his friends can learn to invest in an exciting way. I have also seen it available in a few places in Jamaica.
Keep in mind that despite your best efforts, your son might not immediately follow your advice and start saving. However, one day in the future, he will remember motherly advice and begin his investment plan, just like I did.
Copyright © 2006 Cherryl Hanson Simpson
Video about Christmas Presents For A 1 And A Half Year Old
You can see more content about Christmas Presents For A 1 And A Half Year Old on our youtube channel: Click Here
Question about Christmas Presents For A 1 And A Half Year Old
If you have any questions about Christmas Presents For A 1 And A Half Year Old, please let us know, all your questions or suggestions will help us improve in the following articles!
The article Christmas Presents For A 1 And A Half Year Old was compiled by me and my team from many sources. If you find the article Christmas Presents For A 1 And A Half Year Old helpful to you, please support the team Like or Share!
Rate Articles Christmas Presents For A 1 And A Half Year Old
Rate: 4-5 stars
Search keywords Christmas Presents For A 1 And A Half Year Old
Christmas Presents For A 1 And A Half Year Old
way Christmas Presents For A 1 And A Half Year Old
tutorial Christmas Presents For A 1 And A Half Year Old
Christmas Presents For A 1 And A Half Year Old free
#Money #Management #Teens