With roughly 14 days left until August 2018 concludes, students and families-alike are making last-ditch efforts to enjoy the remainder of Summer 2018. Such effort includes a tried-and-true event: utilizing Labor Day to host one barbecue to rule them all or squirting out the last drops of sunscreen needed for an all-day adventure of sand and sun at the local beach. Thus, whether you are ending the summer with a bang, or are using the remaining hours of sun to reflect, I am certain of three things: 1.) Parents and guardians cannot wait for their child to be occupied with textbooks and homework 2.) A majority of students are rolling their eyes at the thought of hearing the first bell ring 3.) We educators need a vacation from our vacation. As a result of the above emotions, I have resolved to use my finals days of calm before the storm for good -- engaging in financial literacy-related Twitter chats with one of my favorite financial gurus, Winnie Sun, The Wealth Whisperer (@SunGroupWP).
Titled, Modern Day Money Tricks: Cash In On Tips To Take Control Of Your Financial Life , the nearly hour-long chat was dedicated to helping individuals unpack a multitude of things such as how our early introductions to money have shaped how we not only define money, but how we allow money to control our lives, which ultimately becoming a part of our identities. As always, it was an honor to tweet alongside women economists, educators, and financial advisors and financial professionals (as a whole) who eat, breathe, and sleep improving the financial lives of everyday citizens. Such a mission mirrors my own daily determination in achieving this goal and more. As such, I encourage you to click the above link, read the transcript below, and let me know what your responses would have been to keep the conversation flowing! Q1: What does money mean to you? WW: Money is an essential tool that allows you to navigate (often freely) from one point to another. While money should not define an individual, unfortunately money and strata (tax brackets, socioeconomic status, etc.) are a part of identity. #WinnieSun Q2: What do you like to do to make sure your money works as hard as you do? How do you think this differs from previous generations? WW: I am advocate of saving, whether the method be manually saving 10% of earned income each pay period, or setting up automatic saving with my bank. In this age of fluctuating economies, it is crucial that every dollar be properly invested, used, and saved. #WinnieSun Q3: Keeping your budget tight or making more money: which is more important? WW: Keeping your budget tight for sure! Again, in this era of uncertainty, it is important to have a routine that works for you. This is why I am also a proponent of strict budgeting. Developing a habit of conscious spending is important for the long-run #WinnieSun Q4: What is the best method to paying down debt and not digging yourself back into a hole? WW: Every method will be unique to every individual and their income level. Thus, if your income only allows you to pay the bare minimum every month, do so proudly. Do not be ashamed if you can't pay slightly more. #WinnieSun Q5: What are the pros/cons to automating your finances? WW:The pros of automated finances is that the difficulty of remembering to make payments is eliminated. As such, lending houses know which date to retrieve the funds from your account, as well as the set balance every month. #WinnieSun Q6: How do you save, spend, and prioritize money wisely to create more cash flow in your budget? WW:I have multiple excel spreadsheets dedicated to monthly budgeting and saving. Therefore, I use those figures to live within my means. #WinnieSun Q7: What money saving myth is the most destructive to believe and why? WW: Buy Cheap. While in theory, buying the cheaper item is cost effective, it will cost you more over time due to poor quality. Whether the item is clothing or electronics, cheaper materials break and tear faster, which means you will have to replace it frequently. #WinnieSun Q8: What is your favorite financial hack and how has it changed your financial game? WW: Keep your receipts! Again, because excel spreadsheets are my go-to for budgeting and saving, I use my receipts to keep track of purchases as well as monitor future spending. #WinnieSun Q9: What financial blogs, podcasts, or content creators do you enjoy? WW: To start, and proudly plug, my first go-to for all things finance is http://wealthwithwhitney.weebly.com . Next, my favorite financial Twitter handles are: @council4econed, @NEFE_ORG, @MyFabFinance, and @LLevine #WinnieSun Q10: How do you create clear, sustainable financial goals, and how do you go about creating a plan to get there? How do you maintain the discipline needed to stay on course? WW: I utilize a "Money Diary" to manually write goals, steps to achieve these goals, and to track successes + failures. I am constantly amending goals and the strategies needed to achieve them, so I am never short on things to do. #WinnieSun Q11: What is on your financial bucket list? If all goes according to plan when do you imagine you will achieve it? How you plan to celebrate? WW:One of many goals on my financial bucket list is to secure the necessary funds to possibly self-publish my financial literacy manual. Through continued saving, as well as income earned from outside projects, I vow to be successful in this feat. #WinnieSun Q12: What tips do you have for diversifying income streams to increase your cash flow? WW: Have your 9am-5pm, or 10am-6pm, then earn income through your passion project. Essentially, utilize your creativity, skills, and talents to produce amazing content and then secure payment for it. #WinnieSun Q13: What are the pros / cons to using cash vs paying with a credit card? WW: I find sense in using both cash and credit. Again, because every individual and their financial needs are unique, using cash or credit will be unique as well. As long as credit card bills are paid on time, and cash is present in an account, use what's best. #WinnieSun Q14: How can understanding your credit score improve your overall financial health? WW: Understanding your credit score tremendously impacts one's financial life. Thus, if your score is below 650, then you are more than aware that there is no financial wiggle room to live above your means. Readjustments must occur and fast! #WinnieSun Q15: What apps/websites do you use to create and stick to your financial game plan? Tag them. WW: Goodbudget, Mint, NerdWallet, Wally and more are used to organize my financial life. #WinnieSun Q16: What money lesson do you wish you knew earlier on in life? WW: I wish I had learned "The Rule of 72", compound interest, and saving tips and tricks earlier. #WinnieSun
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Parents and guardians, stop and look at your watch if you have one. Do you notice anything peculiar about the hands? While the school bell is slated to toll at 7:30am, your watch says there is 15 minutes left of your child’s high school graduation. As you snap back to reality, you realize that it is 8:00am and your child is set to begin their final year of high school – senior year. Roughly 16 years ago, you were waving goodbye to your child, and subsequently peeking through the window of their classroom, as they embarked on the first day of Pre-K. Now, it appears that past feelings of anticipation and excitement have resurfaced as you help your child navigate the complexities of senior year.
One of the cliché, yet definitive and tried-and-true, components of senior year is the development of senioritis. As defined by Merriam-Webster seniorities is the “ebbing of motivation and effort by school seniors as evidenced by tardiness, absences, and lower grades.” Thus, as a senior’s motivation gradually wanes, it will be paramount that their parent or guardian provides the necessary energy to complete pressing tasks. Such tasks will include completing college applications, coursework, extracurricular activities, final exams, and more. Moreover, with every ball being juggled in the air, and every task successfully crossed off “To-Do” lists, I urge families to prioritize time to a final task: honing financial literacy skills. Prioritizing this time can occur during either the fall or spring semesters, or during the first, second, and third trimesters (depending upon the school Academic Calendar). Once you and your teenager have solidified dates and times, begin preparing your lesson plan. One of many pertinent topics of conversation can include the costs of college and standardized testing applications. It is widely-known that college application and exam costs are high, with fee waivers not often presented as alternative methods of payment. As a result, if your teen has not adequately saved a portion of their summer employment earnings (if they were fortunate to secure employment), then you, the parent or guardian, may incur the costs. Therefore, to avoid frantically footing the bill, ensure that you and your teen thoroughly research the various college application costs, as well as standardized testing deadlines and fees. Another topic of importance to discuss is paying for senior dues. Senior dues are comprised of prom, senior trip, yearbook, and other miscellaneous fees with ironclad due dates (final payments are often made in the spring). As such, stress to your child the importance of early-action discussions that are transparent, so as to equally avoid wildly writing last-minute checks that will be sure to bounce! In the end, your notes should consist of a bevy of topics, including methods of payments for these costs. One method of payment to re-explore is employment, after-school employment to be exact. With all student employment, though, it is important that potential employers allow for maximum flexibility; employers should always have your child’s academic and social interests at the core (especially if they are committed to extracurricular activities). Moreover, if your teen previously held a summer position that was not outdoors (amusement park, summer camp, or water park for these will be closed for the season), making a possible return should be explored. Thus, if your teen’s demeanor was exceptionally pleasant, performance evaluations were solid, and their work ethic was exemplary, send an email to inquire. Conversely, if your teen did not participate in summer employment, let the investigations begin. When job hunting, pay close attention to frequent “Help Wanted” postings, as well as referrals from family and friends. While it is no secret that job hunting is exhaustive, utilizing technology can simplify the process. As such, employing search engines such as www.indeed.com, www.idealist.com, www.linkedin.com, and www.monster.com provide job seekers with a plethora of employment options that can be narrowed down to best fit needs. Next, be sure to have your child research industries and positions that are of high interest. For example: if your child is an animal enthusiast, research paid employment at veterinary offices or opportunities to become a dogwalker (should your teenager be physically able to complete such a task). Exploring “dog walking” further, one should remember to be realistic when setting hourly rates. For example: depending on your geographic location, the length of blocks and sidewalks will vary. Thus, for medium walks, set the rate between $20-$30/hour. For hour-long walks, set the rate between $50-$60/hour. Another after school employment opportunity is centered around tutoring. With the domestic and global academic stakes higher than ever, it is imperative that North American high school students excel. Therefore, if your teenager’s mastery of core subjects is exceptional, and they possess interpersonal skills, explore open tutoring positions. Tutoring positions can include but are not limited to assisting elementary school students, preparing middle school students for approaching state exams, or helping fellow high school peers grasp Geometry. For prospective tutors in New York City, contact Huntington Learning Center, Kumon, and The Sylvan Learning Center to inquire about hours and pay rate. Moreover, private tutoring enables your teen to not only set up their own work schedules and pay rate but helps to develop self-sufficiency skills. Additionally, through frequent positive word-of-mouth referrals, a steady clientele can be developed. With a bevy of option to explore, it is now time for your teenager to create, or polish, their résumés. An essential document tied to the job application process, your teen’s résumé should detail their education, employment experiences, extracurricular activities, and skills. While your teenager may not hold an extensive work history, their academic honors, leadership initiatives, summer employment or volunteer opportunities will suffice. Furthermore, as your teenager progresses throughout the job application process, it is imperative that comprehension levels of how to both dress for success and successfully interview be up-to-par. The goal is to yield positive results. Thus, as a result of much preparation, your teenager should have aced their interviews and have subsequently commenced their after-school employment. Now, the next phase on the road to adulthood is accumulating earnings. So, as your teen begins to bring home a steady paycheck, encourage them to pay for expenses. In addition to paying for senior dues and expenses, also encourage your teen to save. Even if your teen fails to remember the fundamentals of saving, and as a result proposes that you help pick up their financial slack, resist feeling disappointment. On the road to budding fiscal independence, it is often common for adolescents, and adults, to fall short on executing goals. Therefore, if your teenager seeks your assistance and guidance in staying on track, provide the best emotional and financial support possible. Helping your teenager manage their part-time income is a component of our overall mission: developing solid financial literacy skills. Moreover, because your teen is in the midst of their final year of high school, they will be enrolled in a semester-long Government and Economics course, with the latter being dedicated to financial literacy. Thus, as senior year progresses, and approaches its eventual end, lesson plans should include practical and realistic solutions to not only paying for prom, the senior trip, and yearbook, but life after high school. Additionally, lesson plans should mirror your child’s current financial life – one that includes earning minimum wage. As a result of your teen living paycheck-to-paycheck due in part to earning minimum wage, being proactive about finally honing comparative shopping and goal-setting skills during their final year and beyond will be crucial. Likewise, because every teenager and their cognitive capabilities are unique, the rate at which concepts will be comprehended will vary. Nevertheless, the tools being taught should be clear and concise enough to grasp. Finally, lesson plans should seek to motivate your teen into researching additional fiscal applications and tools. Remember, the multitude of goals to be achieved is to not only have your teen properly define money, and its variety of functions, but to develop an encompassing relationship with money, too. Knowledge of financial literacy serves as a core foundation for the development, and application, of positive fiscal behaviors. Ultimately, these positive habits lead to financial success. |
WhitneyEducation enthusiast whose mission it is to see Financial Literacy receive well-deserved shine. Archives
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