Last week, a national organization that devotes its energies to teaching kids about money came to my school. The teachers at the school were quite excited, because financial experts were coming to teach the kids about money. I know what you're thinking - 'But, Steve, you're an expert on financial literacy, why don't you teach it?" Simply put, sometimes the kids (and teachers) will listen to outside experts, rather than the one that works in the building. Teachers had been polled last year about bringing this organization into the school. I suggested very strongly, that even though the organization teaches about financial literacy, their program… Read More

How do you teach your child to plan for the future in a society that values instant gratification? Society says: If you want a big screen TV, put it on your credit card. If you want a new house, get a huge mortgage that you can just barely afford. Kids imitate what adults do. You, the adult, have to set an example for your child. Kids need to understand the consequences of good and bad planning. Good planning means setting money aside on a weekly or monthly basis for that big ticket item you want. Bad planning refers to being in debt up  to your ears. What example are you going to set for your child? Read More

Are your kids going to be mooching off of you when they are in their mid-thirties or even older? Picture yourself loaning money to your 35 year old on an ongoing basis, because your adult child has no idea how to manage his or her own money. What do you think the chances of getting your money back are? How much money could you fork out to your adult child, without your finances being impacted negatively? Please don't get me wrong; there are times that you might have to help your 35 year old financially when he or she is in a bind. However; there are some adult children who seem to think that the Bank of Mommy and Daddy are their own personal… Read More

I’m amazed at a story I heard recently. A young lady was angry at an ATM (ABM), because it wouldn’t give her any money. Little did she realize that the machine would only pump out money if there was money in her bank account. She seemed to think that by putting her bank card into the machine that she had an unlimited supply of money. The sad thing is that this actually happened. What is even sadder is that this person had absolutely no concept of how money works. Kids have to understand the concept that money does not grow on trees. Simply handing money to a child, without having to exert any effort gives the child a sense of entitlement.… Read More