Prepare for job loss, natural disasters, medical bills, and other personal catastrophes by building a cash savings account (a bank account!) that equals 3-12 months of annual income. Hopefully the balance of your cash account will eventually protect you from poverty during retirement. Think of your cash savings account as an emergency fund during years of employment and a retirement fund during retirement.
Financial necessities of life are the same for all people, but sadly, few of us possess a complete set. Most people are unaware of the five main necessities:
Protection begins at birth with the personal safety provided by caregivers to ensure food, shelter, healthcare, and a healthy lifestyle for children. Our best chance for living a full, meaningful life includes safeguarding the well-being of young people (and dependent adults), saving for unemployment, and seeking consumer protection.
Skills are the learned abilities of reading, communication, thinking, and performance. Education and experience provide these skills. High school graduates are more likely to find employment than high school dropouts. Trade schools and higher education improve your chance for employment after high school graduation.
Income is the money received as a gift or earned as a reward for work. Either way, income is essential for paying the usual expenses of living and recovering from financial hardship. Use a budget to plan for paying current and future expenses.
Savings are the valuable items we set aside for future use. One example is the use of a food pantry to store food at home in case of a food-shortage in grocery stores. The loss of income due to unemployment or disability is almost certain to happen at sometime during life. Saving money in an insured bank account is strongly recommended for everyone. Investing money to pay for future expenses is also strongly recommended.
Sharing with other people brings personal satisfaction and strengthens your community network.
Copyright © 2020 Douglas R. Knight
References to books and online materials are sorted by age groups from pre-schoolers to grandparents. URL links are printed in blue letters to provide quick access to a website. Click the computer’s mouse on those letters.
- Dollars, by Mary Hill. Welcome Books (™): Money Matters. Danbury, 2005. Teaches children to recognize and count money.
- Spending and Saving, by Mary Hill. Welcome Books (™): Money Matters. Danbury, 2005. Examples of good ways to use money.
- money: https://www.usmint.gov/learn/kids/about-us/mint-facilities. Explains where money is made and provides educational games.
- money: https://youtu.be/amIalU3Shqc. Teaches children to recognize and count money.
- counting money: https://youtu.be/amIalU3Shqc .Teaches children to recognize and count money; monitor the ads.
- The Kids’ Money Book. Earning, Saving, Spending, Investing, Donating. by Jamie Kyle McGillian, Sterling Children’s Books, New York, 2016. Author encourages children to earn and use money wisely.
- Money $ense for Kids. by Hollis Page Harmon, Barrons, Hauppauge, 2005. An age-appropriate explanation of investing.
- Investing Money. by Helen Thompson, Mason Crest, Broomall, 2011. A thorough and useful explanation of investing.
- Personal Management. Boy Scouts of America Merit Badge Series. Brent A. Neiser, et al. 1996, 2012. A brief guide to personal finance.
- APP for chores: https://busykid.com . An app that helps pre-teens earn an invisible allowance and manage the earnings.
- money: http://www.themint.org/kids/. Describes uses of money; a brilliant “try it” tab provides calculators and quizes.
- money games: www.kidsfinance.com. Download drawing tasks, word puzzles, and more for school children.
- game of track a dollar bill: http://www.wheresgeorge.com/. Solve the mystery of where your dollar bill been recorded in our financial system.
- business ideas: https://www.businessnewsdaily.com/9098-business-ideas-for-kids.html. Parents can help their child start one of these businesses.
- custodial Roth IRA: http://time.com/money/4193253/kiddie-roth-ira-child-retirement-savings/ . A description of the custodial Roth IRA. Discuss it with your parents.
- custodial Roth IRA:- https://www.fidelity.com/retirement-ira/roth-ira-kids . Rules for owning a custodial Roth IRA.
- counting Money: https://youtu.be/Z7hwaeaDk-I. An introduction to purchasing power and practical accounting; skip the ads!
- all the stuff that matters: https://www.cdc.gov/bam/index.html. Good advice for having a sound mind and body.
- business ideas: https://www.pinterest.com/pin/197876977350534040/. A posterboard of business ideas for pre-teens.
- The Teenage Investor. How to Start Early, Invest Often, and Build Wealth. Tim Olson, McGraw-Hill, New York, 2003. This teenage author gives a complete explanation of the methods, risks, and rewards of investing in financial markets.
- A Gift to My Children. A Father’s Lesson for Life and Investing. Jim Rogers. Random House, 2009. A successful investor’s good advice to teens.
- Dollars & Sense. A Kid’s Guide to Using- not Losing- Money. by Elaine Scott and David Clark, Charlesbridge, Watertown, 1916. A practical explanation of our financial system.
- Neale S. Godfrey’s Ultimate Kids’ Money Book. by Neale S. Godfrey and Randy Versogstraete. Simon & Schuster, New York, 1998. An illustrated introduction to personal finance.
- The New Totally Awesome Money Book for Kids. by Arthur Bochner, Rose Bochner, and Adriane Berg, Newmarket Press, 2009. For pre-teen and teenage entrepeneurs.
- TeenVe$tor. The Practical Investment Guide for Teens and Their Parents. by Emmanuel Modu and Andrea Walker. teenvestor.com. Guidance on ways of earning an investment return.
- Street Wise. A Guide for Teen Investors. Janet Bamford, Bloomberg Press, Princeton, 2000. A narrow view of investing, focused on the time consuming of investing in stocks.
- Exploring Business and Economics. Investing Your Money. Fred Barbash, Chelsea House Publishers, Philadelphia, 2001.
- Confessions of a Scholarship Winner. Kristina Ellis, Worthy Publishing, Brentwood, 2013. An inspiring story of a teenager’s quest for earning $50,000 in scholarships.
- online financial literacy: https://teachbanzai.com/ . A free interactive learning tool for pre-teens and teens.
- money management: http://www.themint.org/kids/. Suggests wise use and safeguarding of money; a brilliant “try it” tab facilitates financial planning.
- money talks (2 languages): http://moneytalks4teens.ucanr.edu/ . An interactive program for financial training.
- small business ideas: https://smallbiztrends.com/2016/11/business-ideas-for-kids.html . 50 business suggestions for teens.
- business ideas: https://www.howtomakemoneyasakid.com/ways-to-make-money-as-a-kid/ . 200 business suggestions.
- interest rate: https://www.thebalance.com/what-is-the-interest-rate-on-loans-or-savings-315437. Describes the kinds of interest that you earn and pay.
- money market: https://www.investopedia.com/university/moneymarket/ . A tutorial on various low-risk investments with dependable returns.
- U.S. Treasury securities: https://www.investopedia.com/university/20_investments/18.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 .A tutorial on safe investments in government bonds with dependable returns.
- certificates of deposit: https://www.investopedia.com/university/certificate-of-deposit-cd/?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 . A tutorial on safe investments in banks with dependable returns.
- broker ratings: https://topratedfirms.com/brokers/brokerage-firm-reviews.aspx. A guide to brokerage firms that offer investment accounts and services.
- stock transfer agents: https://www.astfinancial.com/transfer-agent-services; https://stockplans.broadridge.com; https://www-us.computershare.com/Investor/ ; https://www.shareowneronline.com/UserManagement/WFIndex.aspx . Custodians of stock investments; beware of the fees.
- calculators: https://www.360financialliteracy.org/Calculators . A collection of useful calculators from estimating various financial costs.
- child labor laws: https://www.thebalance.com/children-as-employees-397364.
- planning for college: My Future, My Way. First Steps Toward College. A workbook for middle and junior high school students_pdf. Federal Student Aid, U.S. Department of Education. July, 2017. Available online at https://studentaid.ed.gov/sa/resources#efc.
- student aid, federal: www.studentaid.ed.gov . More federal advice about planning for college.
- compare colleges: https://www.collegedata.com. Allows comparisons of colleges, costs of admission, and calculators.
- paying for college: https://www.khanacademy.org/college-careers-more/college-admissions/paying-for-college/introduction-pfc/a/timeline-paying-for-college . A useful timeline; review it with your parents!
- AP students: https://apstudent.collegeboard.org/home . Learn about advanced placement (AP) courses in high school.
- community college admissions: http://www.cscc.edu/admissions/getstarted/. A sample website; there are others!
- private college admissions: http://otterbein.edu/public/FutureStudents.aspx. A sample website; there are others!
- public university admissions: http://undergrad.osu.edu/apply/freshmen-columbus/apply-step-by-step . A sample website; there are others!
- trade school aid: https://careerschoolnow.org/financial-aid. How to get financial aid for trade school.
- managing college costs: https://www.mycollegeoptions.org/Core/SiteContent/Students/Advice/College-Resource-Center/For-Parents/Paying-For-College/Managing-College-Costs.aspx. Advice on preparing a budget for college.
- federal student aid (FAFSA): https://fafsa.ed.gov . A tool for filing the FAFSA form.
- institutional student aid (CSS): https://cssprofile.collegeboard.org/. A tool for filing the CSS form.
- college advice: www.collegedata.com . Impartial advice about selection, application, and financing college; potentially useful tool.
- student aid, merit vs need: https://money.howstuffworks.com/personal-finance/college-planning/financial-aid/gpa-financial-aid1.htm . A discussion of GPA and other factors affecting financial aid.
- student aid, child’s Roth IRA: https://www.kiplinger.com/article/college/T042-C002-S001-roth-iras-and-financial-aid.html . This good news was published in 2007, so be sure to verify in FAFSA’s latest guidelines.
- income protection allowance for students: https://thecollegefinanciallady.com/2016/07/13/income-protection-allowance-for-students/ . The first several thousand dollars of a student’s annual earnings were excluded from the FAFSA calculation of EFC in year 2016; be sure to verify the exclusion in FAFSA’s latest guidelines.
- scholarships: https://www.scholarships.com/. A search tool.
- grants for national service: https://www.nationalservice.gov/build-your-capacity/grants. Contains a listing of funding opportunities.
- scholarships and financial aid: https://www.fastweb.com/about . A search tool.
- self-evaluation of college stress: http://www.ulifeline.org/self_evaluator . A tool to help you, a friend, or family member to evaluate the possible emotional stress of college.
- estimator, college financial aid: https://studentaid.ed.gov/sa/fafsa/estimate.“FAFSA4caster” helps estimate your eligibility for financial aid.
- how the Economy works: how the economic machine works, by Ray Dalio, (YouTube). Good & bad debt, plus a superb explanation of our Economy!
- compound interest in a Roth IRA: https://youtu.be/6dzpNd3megg. Hannah will spark your interest in saving for retirement.
- playlist for entrepreneurs: https://www.youtube.com/user/BizKidsTV/playlists.
- who should go to college?: https://youtu.be/iPrnfM7LNDE . A thoughtful challenge to your expectations of college.
- why go to college?: https://youtu.be/WZjhwWvzdbs . A review of the benefits of attending college.
- college prep by low income high school girls: http://www.foxsearchlight.com/stepmovie/. The trailor for a motivational documentary.
- paying for college: https://www.khanacademy.org/college-careers-more/college-admissions/paying-for-college . Kahn Academy’s playlist of videos on paying for college. Review them with your parents!
- FAFSA and CSS: https://www.khanacademy.org/college-careers-more/college-admissions/paying-for-college/financial-aid-process/v/overview-of-fafsa-and-css-profile . The first in a playlist of 4 videos on preparing applications for financial aid.
- institutional methodology (IM) for CSS profile: http://learn.collegeboard.org/higher-ed-institutional-methodology/ . A good explanation of CSS application for financial aid in private colleges.
- transfer from 2-year college: https://bigfuture.collegeboard.org/find-colleges/college-101/tips-on-college-transferring-from-a-2-year-to-a-4-year-college. A good strategy for reducing costs of 4 year colleges.
- beware of scholarship displacement: https://www.khanacademy.org/college-careers-more/college-admissions/paying-for-college/introduction-pfc/v/watch-out-for-scholarship-displacement . A potential negative impact of outside (private) scholarships on college financial aid.
- custodial Roth IRA: http://irakids.com. Hannah opened her IRA after she began earing a taxable income at age 12 years. Visit her website to learn more.
- shopping mall safety: http://ftc.gov/youarehere . Valuable training on how to be smart and safe consumers at shopping malls.
- The Index Card. Why Personal Finance Doesn’t Have to be Complicated. Helaine Olen, Harold Pollack. Penguin Publishing, New York, 2013. Read my book review in http://wp.me/p1LlDo-KQ.
- The Little Book of Common Sense Investing. John C. Bogle, John Wiley & Sons, Inc. Hoboken, 2007. The scope of this book concerns investing wisely and cheaply in the U.S. stock market. See book review in http://wp.me/p1LlDo-qI.
- All About Index Funds, second edition. Richard A. Ferri, CFA. McGraw Hill, 2007. Author describes the market indices, high-risk index funds, and low risk index funds.
- Investing Made Simple. Anthony L Loviscek & Randy I Anderson, Broadway Books, New York, 1992, 2003, 2004. An excellent description of investment choices accompanied by the advantages and disadvantages of those investments.
- Stocks for the Long Run, 3rd Ed. Jeremy J. Siegel, McGraw-Hill, New York, 2002. An authoritative textbook on investing in stocks.
- Investing in REITs, Real Estate Investment Trusts. 4th Edition. Ralph L. Block, Bloomberg Press, Hoboken, 2012. A thorough explanation of the risks and returns from REITs.
- How to make your money last. The Indispensable Retirement Guide. Jane Bryant Quinn, 2016, Simon & Shuster, New York. 366 pages. The author is an acclaimed financial journalist who advises people about financing and reinventing life after leaving the workforce. Here’s a link to my book review, http://wp.me/p1LlDo-JE.
- entrepreneurs: https://www.entrepreneur.com . A gateway to podcasts and articles about successful entrepreneurs.
- investments: https://www.investopedia.com/university/20_investments/. A gateway to 25 types of investments encountered by adults.
- investor publications: https://www.sec.gov/investor/pubs.shtml. Securities and Exchange Commission.
- lending money: https://www.moneytalksnews.com/tired-loaning-money-friends-and-family-heres-how-stop/ . Good advice on responding to requests for loans from friends.
- monthly budget: https://www.moneycrashers.com/home-personal-budget-categories-monthly/. Offers ideas for making a practical budget.
- monthly budget: https://personal-money-management.utah.edu/blog/posts/2016/the-jars-system-the-secret-to-building-long-term-wealth.php. Offers a simple way of budgeting to build wealth.
- long-term financial goals: https://www.moneycrashers.com/setting-long-term-personal-financial-goals-examples/. An outline for making a financial plan.
- investment mistakes (updated 5/21/18): https://www.investopedia.com/articles/younginvestors/09/common-mistakes-young-investors.asp . Outlines an investment strategy for young people.
- money basics: https://www.smartaboutmoney.org/Courses/Money-Basics . Tutorials on spending & saving, credit & debt, insurance, investing, and employment; a good review for delinquent investors and latecomers to financial literacy.
- youth rescources: https://www.investor.gov/additional-resources/specialized-resources/youth-resources. Sober advice about investing and investment fraud is found in the Students tab.
- taxes: https://www.irs.gov/forms-pubs/about-publication-17 . A guide to paying taxes.
- college planning: bigfuture.collegeboard.org . Good information for middle school and high school students.
- CLEP: https://clep.collegeboard.org . College Level Examination Program (CLEP) exams aim to help adults earn college credits toward graduation.
- grad school admissions: http://law.capital.edu/JD_Application_Instructions/ . A sample website for law school.
- majoring in money: https://news.salliemae.com/research-tools/majoring-in-money. How college students and young adults manage their money using mobile payments.
- student loan for undergraduate students: https://www.salliemae.com/student-loans/smart-option-student-loan/ . A discussion of loan options; choose wisely.
- retirement savings plans: https://www.irs.gov/retirement-plans . An authoritative government publication that defines all tax-protected retirement plans for employed and self-employed workers.
- retirement accounts: https://money.usnews.com/money/personal-finance/articles/2014/12/19/7-retirement-savings-accounts-you-should-consider . Author includes the health savings account in her list of 7 types of retirement accounts.
- retirement accounts: https://www.cnbc.com/2017/08/09/definitive-guide-to-retirement-savings-accounts.html. Advice on saving for retirement.
- 401(k) retirement plans: http://www.pensionrights.org/factsheet-topic-areas/retirement-savings-plans . A catalog of informative websites about 401 savings plans.
- deferred compensation: https://www.investopedia.com/terms/d/deferred-compensation.asp . Part of an employee’s wages are set aside for future use, such as retirement, and receive tax benefits.
- millenial-catchup on retirement savings: https://www.usatoday.com/story/money/2017/07/05/young-investors-late-bloomer/103394004/ . An entrepreneur’s advice on saving for the future.
- retirement insecurity: http://nefe.org/What-We-Provide/Primary-Research/Enhancing-Retirement-Savings-with-School-Based-Financial-Education. A report for young adults on retirement insecurity due to low levels of financial literacy.
- individual development accounts (IDAs): https://www.occ.gov/topics/community-affairs/publications/fact-sheets/fact-sheet-individual-development-accounts.pdf. A description of IDA programs that assist low-wealth persons who are saving for high cost, short term projects aimed at employment, housing, etc. [seeking the American Dream].
- individual development accounts (IDAs): https://www.ohiocdc.org/individual-development-accounts/ . Sample IDAs in the state of Ohio.
- personal bankruptcy: https://files.stlouisfed.org/files/htdocs/publications/review/07/01/Garrett.pdf . Authors explore the causes of household filings for bankruptcy.
- investment fraud: www.finra.org. Good information from the financial industry regulatory authority (FINRA) about protecting your investments.
- investment protection: https://www.investor.gov/protect-your-investments . An interactive infogram that thoroughly reviews the methods of protecting your investments.
- income taxes (AGI): https://www.investopedia.com/terms/a/agi.asp . A good explanation of your adjusted gross income (AGI).
- tax benefits for education: https://www.irs.com/articles/tax-benefits-education . A list of tax benefits for education with brief explanations.
- calculator, debt payment. http://moneychimp.com/features/debt_payment_calculator.htm . Estimate the cost of borrowing money.
- calculator, compound interest: http://moneychimp.com/calculator/compound_interest_calculator.htm . Requires an understanding of principal, interest, and interest rate.
- calculator, emergency savings: https://www.360financialliteracy.org/Calculators/Emergency-Savings-Calculator . A flexible planner for emergency savings.
- calculator, retirement savings: https://www.bankrate.com/calculators/retirement/retirement-plan-calculator.aspx . Create a plan that includes present income, inflation, social security, and savings longevity.
- investment magazine: www.aaii.com . American Association of Independent Investors (AAII) charges a membership fee and strives to educate do-it-yourself investors about the process of investing.
- budgeting app: https://www.thestreet.com/personal-finance/is-mint-safe-14814998. Mint is a free app that creates ar budget by synching your financial accounts to track cash flow. Is it safe?
- financial protection: https://www.consumerfinance.gov . The Consumer Financial Protection Bureau (CFPB) is a government agency that offers advice and accepts complaints.
- debt management: https://www.incharge.org/about-us/ . Find advice on managing debt.
- short term savings: https://youtu.be/zer96OhQdxg . Creative ways of saving for current needs during periods of fluctuating monthly income (‘income inequality’).
Parents and Teachers
- Dollars & Sense for Kids, by Janet Bodnar. Kiplinger Books, Washington D.C., 1999. Advice on teaching the value and use of money to children and young adults.
- How millennials manage money. https://www.navient.com/assets/about/who-we-are/April_2018-Money-Under-35-Managing-Money-report.pdf . This 2017 survey offers a profile of the financial behavior of young-adult Americans.
- The Money Tree Myth: A Parents’ Guide to Helping Kids Unravel The Mysteries of Money. Gail Vaz-Oxlade, Stoddart Publishing, Toronto, 1996. A thorough volume of advice to parents on teaching their pre-school, pre-teen, and teenage children to manage money for a lifetime.
- Kids and Money. Giving Them the Savvy to Succeed Financially. Jayne A. Pearl. Bloomberg Press, Princeton, 1999. Author interviewed parents, used experience with own child, and sought advice of consultants to write this book for parents.
- Smart Money Smart Kids. Raising the Next Generation to Win with Money. Dave Ramsey and Rachel Cruze. Lampo Press, 2014, Brentwood. Author speaks with experience about recovering from catastrophic debt and teaching children how to avoid debt.
- Make Your Kid a Money Genius (even if you’re not). Beth Kobliner, Simon & Schuster, New York, 2017. See my book review in the following web site, http://wp.me/p1LlDo-P8.
- Happy Money, The Science of Smarter Spending. Elizabeth Dunn and Michael Norton. Simon & Schuster, New York, 2013. Includes good ways and benefits of sharing money, illustrated by video in https://youtu.be/c39wUIKUSk0 .
- Earn It, Learn It. Teach Your Child the Value of Money, Work, and Time Well Spent. Alisa T. Weinstein, Sourcebooks, Naperville, 2011. The pre-teen child earns money from their parent by choosing a task from a career profile and completing it in a timely fashion.
- Paying for School. How to Cover Education Costs from K to Ph.D. Robert Brokamp, The Motley Fool, Inc. 2003. Discusses ways to finance the costs of attending private schools, colleges, and graduate schools.
- Paying for College Without Going Broke. 2018 Edition. Kalman A. Chany with Geoff Martz. Penguin Random House. The Princeton Review, 2017. Authors offer strategies for selecting colleges and paying the cost.
- The Financial Diaries. How American Families Cope in a World of Uncertainty. Jonathon Morduch and Rachel Schneider. 2017, 233 pages, Princeton University Press. Authors describe the coping mechanisms of families trapped in conditions of financial insecurity.
- Can the Poor Save? Saving & Asset Building in Individual Development Accounts. Mark Schreiner & Michael Sherraden. Transaction Publishers, 2007. Low-income persons might benefit from an individual development account (IDA).
- APP for learning money management: https://pennybox.com . A free app for learning to manage money wisely.
- APP for college savings: https://u-nest.com/ . Helps parents build a 529 savings plan for young children with the aid of Invesco brokerage firm.
- family conversations: https://www.kiplinger.com/slideshow/spending/T065-S003-10-things-to-teach-your-kids-about-managing-money/index.html?rid=EML . Great topics for family discussion.
- financial literacy resources: https://www.edutopia.org/financial-literacy-resources-guide . An amazing collection of useful downloads and resources for teaching financial literacy to youth K-12.
- financial literacy resources: http://www.nea.org/tools/lessons/resources-for-teaching-financial-literacy.html . Articles on financial standards, lesson plans, lesson sets, resources, and games.
- financial literacy posters: https://www.pinterest.com/weareteachers/financial-literacy-and-money-skills/ . The “WeAreTeachers” collection provides a unique catalog of financial training sites.
- key financial concepts: https://www.fdic.gov/consumers/consumer/moneysmart/young.html. Age-appropriate lesson plans for 5 age levels between pre-school and young adult.
- financial literacy courses: www.practicalmoneyskills.com/teach/lesson_plans/ . Lesson plans and student activities for youth of all ages and special needs students.
- financial literacy courses: https://www.cde.state.co.us/cofinancialliteracy/resources . Colorado’s website provides a useful gateway to EverFi’s™ free financial litercy courses for grade school, middle school, and high school students and teachers.
- financial literacy courses: http://www.kidsmoney.org/org.htm A listing of after-school training programs for youth.
- financial education: https://economicscenter.org/%5C$martpath.aspx . “$mart path” is an interactive teaching program for grades 1-8 that includes pre-tests, lessons, and homework tools; website includes 3 video tutorials for the teacher.
- financial lessons, K-8: http://www.scholastic.com/browse/article.jsp?id=3757932 . Age-appropriate lessons for grades K-2, 3-5, and 6-8.
- financial lesson plans, K-12: https://www.usmint.gov/kids/teachers/financialLiteracy/ . Finanical lessons are grouped by subject, grade level, and other educational categories.
- pre-schoolers’ attitudes about money: http://ns.umich.edu/new/releases/25356-spendthrift-or-tightwad-children-form-attitudes-about-money-at-young-age . Surprise, their attitudes about spending and saving may be fixed by age 5.
- adolescents’ attitudes about money: https://csd.wustl.edu/publications/documents/wp12-20.pdf. Search for the title Saving in Childhood and Adolescence, by Annette Otto, 2012.
- importance of parental participation (in 9 languages): https://www.consumerfinance.gov/about-us/blog/heres-why-childhood-is-an-important-time-to-learn-about-money/. Why teach young children about money?
- allowance statistics: http://www.kidsmoney.org/allstats.htm Statistics and FAQ.
- allowance for chores: https://www.marketwatch.com/story/5-mistakes-parents-make-when-giving-kids-an-allowance-2016-05-06 . Advice and statistics.
- money management: http://www.themint.org/kids/. Practical advice on the financial training of youth.
- money management by young children: https://www.sbs.com.au/topics/life/culture/article/2016/07/13/how-teach-kids-money-smarts-young-three . An explanation of the money jar system for ages 3 years and above.
- money management by young children: https://money.usnews.com/money/blogs/my-money/2013/10/16/5-steps-to-teach-kids-about-spending-vs-saving . Suggestions for using the money jar system during pre-school.
- money mangement at all ages: https://personal-money-management.utah.edu/blog/posts/2016/the-jars-system-the-secret-to-building-long-term-wealth.php . A refinement of the money jar system for youth and some adults.
- financial resources for youth: https://www.mymoney.gov/Pages/for-youth.aspx. Teaching aids for parents.
- personal finance: https://www.incharge.org/financial-literacy/resources-for-teachers/college/. Ten lessons on personal finance for kids, high schoolers, and college students.
- age-appropriate financial topics: https://www.forbes.com/sites/jenniferwoods/2015/06/08/11-financial-words-all-parents-should-teach-their-kids/#3728f78372e9. 11 topics that every parent should discuss with children and when to discuss them.
- age-appropriate financial topics: http://www.investopedia.com/university/teaching-financial-literacy-kids/ . A tutorial on teaching financial literacy at home.
- homeschooling: https: //www.pinterest.com/pragmaticmom/personal-finance-for-kids/. Excellent source of visual aids.
- youth savings programs: https://www.fdic.gov/consumers/assistance/protection/depaccounts/youthsavings/index.html . Information about protected youth-banking accounts.
- resources for teachers: https://www.incharge.org/financial-literacy/resources-for-teachers/financial-literacy-for-kids/ . Lesson plans for all age groups through college.
- national standards for K-12 personal finance: https://3yxm0a3wfgvh5wbo7lvyyl13-wpengine.netdna-ssl.com/wp-content/uploads/2018/01/2017_NationalStandardsBook.pdf. A excellent pdf that you can download to help guide homeschooling of the 5 basic elements of children’s finance.
- online library of financial education resources: https://jumpstartclearinghouse.org. A clearinghouse for numerous educational materials.
- money management: http://www.moneyskill.org. A set of educational modules that explain the fundamentals of money management to students.
- financial education: http://nefe.org. An offering of free courses on financial planning for high school and college students.
- financial education: https://www.hsfpp.org . A free personal finance curriculum for teens.
- attracting high school students: https://www.usnews.com/education/blogs/high-school-notes/2014/03/03/3-ways-to-engage-high-schoolers-in-personal-finance. 3 ways of gaining high school students’ attention.
- effectiveness of financial education: https://www.newamerica.org/asset-building/policy-papers/the-effectiveness-of-youth-financial-education/ . A policy paper on the effectiveness of youth financial education.
- explain taxes: https://www.usa.gov/lesson-plans?source=kids . A lesson plan.
- subscribe to lesson plans: https://www.financialeducatorscouncil.org/personal-finance-for-kids/.
- entrepreneurship: https://www.entrepreneur.com/article/276753. Ways to help your child start a business.
- Young Entrepreneurs Academy: http://yeausa.org/about/introduction/ . A non-profit organization dedicated to providing entrepreneurial training to teens.
- leadership training: https://www.deca.org. Leadership and entrepreneuer training programs for high school and college students.
- taxes: https://www.irs.gov/publications/p929 . Tax rules for children and dependents. Guidance.
- kiddie tax: https://www.irs.gov/taxtopics/tc553. Tax rules for child’s investment income and other unearned income.
- is a college education worth it?: https://college-education.procon.org .
- the risks of investing in a college education: Jonathan F. Foster. Fortune, March 25, 2015. http://fortune.com/2015/03/25/the-risks-of-investing-in-a-college-education/ .
- why go to college?: https://www.collegeatlas.org/why-go-to-college.html
- education statistics: https://nces.ed.gov/fastfacts/display.asp?id=372 .
- employment data of high school and college graduates: https://www.bls.gov/news.release/hsgec.nr0.htm .
- emotional health in college. https://www.settogo.org . JED Foundation’s guidelines on preparing for the transition year in college.
- college (un)affordability: https://www.theatlantic.com/education/archive/2017/03/measuring-college-unaffordability/520476/ . College is unaffordable from many low-income families.
- saving for college: http://www.savingforcollege.com/family-guide/. Family Guide to College Savings, by Joseph F Hurley and Brian Boswell [discusses all savings plans and strategies].
- college preparation checklist. Federal Student Aid, U.S. Department of Education. https://studentaid.ed.gov/sa/sites/default/files/college-prep-checklist.pdf . Download this useful pdf file to view the steps of college preparation from pre-school to adulthood.
- return on investment in college education. Association of Governing Boards of Universities and Colleges. 2017. https://www.agb.org/sites/default/files/report_2017_guardians_roi.pdf . Download this scholarly article on the cost-benefit of college.
- College funding topics: https://www.usnews.com/education/best-colleges/paying-for-college/features/college-savings-101. An updated series of news articles about 529 plans.
- compare college savings plans: http://www.savingforcollege.com/compare_savings_options/ . A comparison tool.
- compare college savings plans: https://investor.vanguard.com/college-savings-plans/which-account. A comparison table.
- coverdell ESA: http://www.savingforcollege.com/coverdell_esas/ . Note: Coverdells are being replaced by 529s.
- 529 plans: https://www.sec.gov/reportspubs/investor-publications/investorpubsintro529htm.html. An authoritative introduction.
- 529 plans: http://www.savingforcollege.com/college_savings_101/ . A tutorial help your understanding of 529 plans.
- 529 plans: https://www.nerdwallet.com/blog/investing/529-plans-list/ . Provides a table of state-sponsored college savings plans.
- 529 plans: http://www.savingforcollege.com/529_plan_details/ . Browse 529 plans by state or type.
- custodial vs 529 savings plans: http://finance.zacks.com/custodial-vs-individual-529-plan-11363.html . Outlines the characteristics of various 529 and custodial savings plans.
- Ohio’s 529 plan: https://www.collegeadvantage.com/about-us . A sample state-sponsored plan.
- private student loans: https://www.edvisors.com . Advice for parents.
- student aid, debt: https://www.fastweb.com/financial-aid/articles/do-outstanding-loans-affect-eligibility-for-financial-aid . Effect of outstanding loans on student aid.
- student aid, professional advice: http://www.savingforcollege.com/find_a_529_pro/ . A directory to financial aid consultants.
- student aid, professional advice: https://www.usnews.com/education/best-colleges/paying-for-college/articles/2017-07-05/decide-if-you-need-a-private-financial-aid-consultant. An interview with a financial aid consultant.
- homeschooling for retirement: https://www.nytimes.com/2017/03/02/business/retirement/helping-your-children-plan-for-retirement-even-as-you-plan-for-yours.html . Good advice on how to start talking about retirement during early childhood.
- autism & special needs: http://www.investmentnews.com/article/20171016/FREE/171009949/retirement-planning-is-possible-while-caring-for-a-child-with-autism . Children with these conditions need financial help; here are some suggestions.
- financial health of American families: https://www.federalreserve.gov/2015-report-economic-well-being-us-households-201605.pdf . The findings of a household survey (SHED) on the financial health of American households.
- financial health of American families: http://www.usfinancialdiaries.org . The online version of The Financial Diaries, a financial survey of low- and middle-income families.
- financial health of American families: https://www.jpmorganchase.com/corporate/institute/report-weathering-volatility.htm . A survey (JPMCI) on the volatility of monthly incomes determined from financial transactions in bank accounts.
- financial health of American families: http://www.unitedwayalice.org/ . “ALICE” describes the struggles of working families above the federal poverty level whose cost-of-living exceeds their income.
- personal bankruptcy: https://www.journals.uchicago.edu/doi/full/10.1086/649033 . An academic analysis and report on the causes of personal bankruptcy.
- bankruptcy process: http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.497.7830&rep=rep1&type=pdf . The legal process of filing for corporate and personal bankruptcy.
- poverty measurement: https://poverty.ucdavis.edu/policy-brief/supplemental-poverty-measure-better-measure-poverty-america . A discussion of the official and supplemental measurements of poverty.
- longitudinal household survey: https://psidonline.isr.umich.edu . The PSID began in 1968 to collect financial data from 5,000 U.S. households; primarily a scholarly effort.
- household income levels: http://www.pewsocialtrends.org/2012/08/22/chapter-7-income-and-wealth-by-income-tier/. A 2012 publication by the PEW Foundation on lower-, middle-, and upperclass income and wealth.
- youth finance: http://www.childfinanceinternational.org . Child and Youth Finance International (CYFI) is non-profit group aimed at providing financial advice to impoverished young people in 170 countries.
- youth microfinance: http://www.huffingtonpost.com/child-and-youth-finance/child-and-youth-microfinance_b_4096232.html . A news story about global efforts to empower youth living in poverty.
- protective factors: https://www.cdc.gov/healthyyouth/protective/index.htm. Recommended ways that parents can help protect teens from peer pressure and risky behavior.
- truancy: https://kidslegal.org/truancy . Truancy leads to dropout. Here are the state of Maine’s policies and recommendations.
- violence protection: https://www.cdc.gov/violenceprevention/acestudy/index.html . A wealth of information about the recognition and prevention of child abuse and neglect.
- suicide prevention: https://www.youthsuicidewarningsigns.org . The warning signs of youth suicide.
- behavior training (resilience): https://goodbehaviorgame.org . The PAX behavior game is a system of behavior training in school classrooms.
- well-being of youth: http://www.ytfg.org/wp-content/uploads/2015/11/Investing-in-Well-Being-small.pdf . A family and community framework for protecting the well-being of vulnerable youth.
- securing their financial future: https://www.usatoday.com/story/money/personalfinance/2017/05/04/7-things-you-can-do-now-solidify-your-childs-financial-future/101151486/. A checklist of 7 items that help secure your child’s future.
- custodial accounts: https://www.marketwatch.com/story/5-things-to-know-about-custodial-accounts-for-kids-2013-05-28 . The legal and tax implications of custodial accounts.
- custodial accounts: https://www.investopedia.com/terms/c/custodialaccount.asp . A description of UGMA and UTMA custodial accounts.
- custodial accounts: https://www.oppenheimerfunds.com/investors/article/ugma-utma-accounts The types and purpose of custodial accounts.
- irrevocable trust: http://www.douglasturner.com/custodial-account-or-trust-which-is-best-for-children/ . Wealthy parents can ensure their child’s retirement funds with an irrevocable trust.
- custodial trust: https://legalbeagle.com/facts-7360473-custodial-trust-agreements.html .
- gift tax: https://www.irs.com/articles/7-things-you-should-know-about-gift-tax . IRS rules for giving money to children.
- calculator, college cost: https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-calculator . A single-step calculator.
- calculator, college cost: https://www.savingforcollege.com/calculators/worlds-simplest-college-cost-calculator . A multistep calculator.
- calculator, college savings: http://www.bankrate.com/calculators/savings/saving-for-college-calculator.aspx. Helps create a generic college savings plan and compares the result to an estimated cost of your child’s college.
- calculator, college savings: https://vanguard.wealthmsi.com/csp.php . Assumes you will use a 529 plan or similar tax-protected plan.
- K-12 financial literacy: http://www.cde.ca.gov/eo/in/fl/finlitk12.asp . Educational resources for families and teachers.
- “finance tracker”: A search term for finding smartphone apps to help manage personal finances. Kids like to use apps, but first check the app for effectiveness, fraud, and fees.
- organization, NEFE: https://www.nefe.org/about/default.aspx. A financial training program for teachers.
- organization, VCEE: http://vcee.org. A financial training program for teachers.
- teaching aids: http://financeintheclassroom.org/teacher/print.shtml . Printable resources for teachers K-12.
- financial training: http://bizkids.com/teachers . A wide selection of lessons and videos on important financial topics for pre-teens and older.
- teachable moments: https://www.wsj.com/articles/whats-the-best-way-to-teach-financial-skills-to-children-1456715769. The importance of talking about money with children.
- teachable moments during pre-school: https://youtu.be/bmyzRf3bV3k. Ideas for field trips with parents.
- money skills (in 9 languages): https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/ . Advice for American and immigrant familes of teaching children to manage money.
- what is a 529 savings plan? https://youtu.be/_Iqf9FpfOjw. Discusses the 529 investment plan for college.
- effect of 529 savings plan on financial aid: https://youtu.be/10w92pDQhqY. Discusses the impact of 529 plans on FAFSA applications.
- adverse childhood experiences: https://ted.com/talks/nadine_burke_harris_how_childhood_trauma_affects_health_across_a_lifetime?utm_source=tedcomshare&utm_medium=email&utm_campaign=tedspread–b. A physician explains the health and emotional effects of abuse at home and school.
Grandparents & Third parties
- financial gifts: https://www.grandparents.com/money-and-work/kids-and-money/investment-gifts-kids . 6 good gifts for grandchildren.
- financial gifts: https://www.thespruce.com/how-to-give-money-to-grandchildren-1695735 . Grandparent money can be used for payments or enrichment experiences.
- college funding: https://www.nytimes.com/2016/05/28/your-money/the-best-way-to-help-a-grandchild-with-college.html. Ways of helping pay for college with least impact on your grandchild’s financial aid from other sources.
- college funding: https://www.savingforcollege.com/intro-to-529s/does-a-529-plan-affect-financial-aid. Payments from third parties count as college student income on the FAFSA.
- college funding: http://www.savingforcollege.com/articles/10-easy-ways-grandparents-can-help-pay-for-college-801. 10 ways grandparents can help pay for college.
- grandparent-guardians: http://www.bankrate.com/personal-finance/smart-money/financial-help-with-raising-grandchildren/ . Financial advice for grandparents who are raising their grandchildren.
- grandparent-homeschooling: https://www.usatoday.com/story/money/personalfinance/2014/08/05/grandparents-baby-boomers-spending/13582883/. Advice for discussing money with grandchildren.
- grandparents and divorce: https://www.thespruce.com/children-divorce-how-grandparents-can-help-1695753. Ways to help grandchildren of divorced parents.
- grandchild investment plans: http://time.com/money/4126472/grandparents-financial-help-529-plans-savings/ . 3 ways that grandparents can invest in grandchildren.
- grandchild investment plans: https://www.nerdwallet.com/blog/insurance/6-ways-grandchildren-great-financial-future/. Does and don’ts for helping improve a grandchild’s financial future.
- grandparent’s impact on college financial aid: https://www.dywealth.com/resources/blog/safe-ways-grandparents-help-college-costs. Students who need financial aid benefit from a low EFC [EFC is part of the financial aid formula], so avoid heedless inflation of the EFC.
- grandparents & college savings: https://investor.vanguard.com/college-savings-plans/grandchild-niece-nephew . Tips on heeding the financial aid formula when gifting money for college.
- grandparents & 529 plans: http://time.com/money/3851764/the-best-investment-gift-for-a-grandchild/. Authors consider the 529 plan to be the best investment gift for a grandchild.
- grandparents & 529 plans: www.collegeadvantage.com. Ohio’s 529 plan is used as an example of grandparent gifting.
Copyright © 2019 Douglas R. Knight