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Eight top money tips to teach your children

Fin 24 – Lameez Omarjee

“In a world loaded with influences from the media, it’s important to get children to learn how to manage their money before they are misguided by other information they have access to, warn the experts. For Lance Solms, managing director at Itransact, being a responsible parent means more than just playing catch and reading a bed time story – it involves being there for your children and giving them the best possible start in life. It also means providing them with valuable financial lessons they can use when they are ready to leave the nest.” (more)

Want to raise a financially responsible child? Here are some key tips

The Milwaukee Wisconsin Journal-Sentinel – Diana Dombrowski

“Wendy Pitlik-Plehn, a family and consumer sciences teacher at Sheboygan South High School who has been teaching personal and family finance for more than 20 years, shared a few things parents can do to raise kids who are more financially responsible. Modeling a mindset for financial success is one of the most important things parents can do, Pitlik-Plehn said in an interview. The following is a list of ways she said parents can do that:” (more)

Financial Education: Revisited

Forbes – Jodi Cook

“A third of millennials will never own their own home, personal debt continues to rise and the social pressure to consume has never been so intertwined in the fabric of our existence. Financial education became a statutory requirement of the British national curriculum for secondary schools in 2014, but what it means to the next generation is more than learning how much change to expect from £5 if you buy two apples and an orange.” (more)

College Decision Day Brings Relief, Excitement And Big Worries About Money

KQED News Mind/Shift – Elissa Nadworny

“Across the country, schools celebrate the achievement in different ways. Some hold assemblies where students get up and announce their decisions. In other places, students wear their college gear — a T-shirt or ball cap or sweatshirt. Walk down any high school hallway — or sit in a college adviser’s office — and you’ll likely hear a chorus of “Where are you going next year? What’s your school choice? Where are you going?” That’s what I hear in an adviser’s office at McKinley Tech High School in Washington, D.C. The room is abuzz with activity. Students are filling out scholarship prompts, trying to access their financial award letters to inform last minute decisions and announcing their final college choice to anyone who asks.” (more)

Financial literacy can hold key to college success

Ed Source – Melissa Fries

“Picture this: Sonya, a low-income student at a California high school, receives an acceptance letter from the University of Hawaii. While the tuition is higher than a public university in California, she decides to go to Hawaii, even though it means that both Sonya — not her real name — and her mother would have to take out loans. After two semesters of lackluster grades, Sonya loses her merit-based aid and has a hold on her student account (also known as a bursar’s account) due to an outstanding balance because of a lack of payment, so her transcript cannot be released to transfer her credits. She is now in debt, out of school and stuck. With some financial guidance, Sonya could have been facing much better prospects.” (more)

Kids needs tax education

News Herald – Juliann Talkington

Juliann

Regardless of whether you believe taxes are crucial and helpful or unnecessary and unfair, it is important that your kids understand the concept of taxation, how tax money is collected and used, and what they can do to influence tax policy.

Here are a few kid friendly facts you can share with your children.

There are a lot of taxes in the U.S.
Individuals are taxed on property, purchases, income, wages, facilities use (tolls), and dying (death tax). Companies pay duties, tariffs, fees, registrations, and employment taxes. They pass these extra costs onto consumers as higher prices, which means individuals ultimately pay for business taxes.

U.S. taxpayers have little say on how tax money is spent.
Once the taxes are collected by a taxing agency, taxpayers have little control on how the money is allocated. As a result, it is critical that voters consider all tax referenda carefully. If a taxpayer does not like a tax he/she can circulate a petition to have the tax recalled, run for office, and/or work to get different politicians elected.

Taxes increase the power of the government.
Tax revenues give government entities control over large budgets, which can create problems with corruption as companies and individuals lobby to obtain projects bid by the government.

Taxes fund a wide variety of programs.
Taxes are used to pay for everything from roads and bridges to special projects like studying methane emission from dairy cows.

Private sector worker taxes pay for government jobs.
When someone works for a public school, a public college or university, the TSA, the military, a company who executes government contracts, an organization that receives government grants etc. his/her salary is paid by people working in the private sector. Even though government employees pay “taxes”, these “taxes” just reduce the cost of that worker, since the taxes go back into the pool of money used to pay government salaries. As a result, it is impossible for the government to operate without loans or tax contributions from private sector workers.

Tax marketing is often different from tax implementation.
Taxpayers are often more willing to approve taxes for education, so government agencies will sometimes market a tax as a way to improve schools without restricting the money to schooling.

Once your kids have an understanding of taxation they can make sound economic decisions for themselves and help their communities make wise choices about taxes and community services.