A few teenagers out there might have landed summer jobs and by now are full swing into part time employment. It’s a great time to introduce a few money concepts to teens. Help them open a checking and savings account. Introduce them to payroll taxes (always fun learning you don’t actually get to keep your hourly wage times all those hours). Encourage teens to set some long-term savings goals with their summer earnings.
Parents can also encourage teens to file a tax return and contribute the amount of their teen’s earned income (up to $5,000) in a Roth IRA in their name. Can you imagine dumping a couple thousand into a Roth IRA when you’re 16? Talk about getting a jump on becoming a millionaire!
The Frugal Roundup
Restaurants Where Kids Eat Free. Here is a great list of places to take the kiddos for free food. (@Generation X Finance)
How To Avoid The Personal Development Plateau. This article specifically talks about blogging but it can be translated into any part of personal development. (@Marc and Angel)
The Dead End of Home Ownership. Steve takes on the age old question about home ownership. He makes some great points which everyone should check out. (@brip blap)
How to Negotiate For a Used Car. Surprisingly, I know plenty of men who let their wife do all the talking at car dealerships! (@The Art of Manliness)
Best of the Rest
- The Root of Our Money Problems
- Give Yourself a Time and Money Raise
- Six Things Your Parents Never Taught You About Money
- I Wish Money Could Buy Happiness
- How to Have More Me Time
- 5 Major Credit Card Mistakes and How To Correct Them
- How to Eat Healthy and Inexpensively
- How to Attract the Best Tenants
- Seven Habits of Financially Healthy Couples
- Know When to Buy What
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{ 3 comments… read them below or add one }
In our house, my wife is the boss.
I agree, my wife is a better negotiator than I am – she doesn’t care what the sales guys think – she just speaks her mind.
I wish I had opened a Roth IRA after my first job too – instead of blowing all my money on all sorts of electronic gadgets (which back in those days were things like cassette decks – oooh high tech!). Sigh – what could have been.
As a former business owner and a current high tech manager I have one word of advice to parents:
Go ahead and network to help your kid to find a job BUT make sure your teenage child is the one who asks for the job, via email or in person. CRITICAL.
It’s very important to most hiring managers that the kid has independent skills.
I can’t tell you how perfectly this one screening technique has worked to find good workers (juvenile or otherwise)