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Government Injects £50,000 into Second Tycoon in Schools Contest

June 18th, 2013 Posted in Entrepreneurship, learning about money
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Government Injects £50,000 into Second Tycoon in Schools Contest (England)

Tycoon in Schools was set up in 2012 by businessman, entrepreneur and television personality, Peter Jones CBE, with a personal investment of £100,000.

The competition is designed to encourage school-age youngsters from across the country to start their own business. The intention is to inspire pupils to pitch business plans to their tutors, in the hope of receiving seed funding.

Now in its second year, the competition has received backing from the Department for Business, Innovation and Skills, with a funding injection of £50,000 to help roll out the campaign and encourage more school children to take part.

If successful in their bids, students will have one month in which to commence trading and make a profit from their enterprise. Participants will compete for a place on the Tycoon League Table, by making as high a profit as possible.

Schools taking part in the contest will be given a loan of £1,000 to be allocated to those pupils who have displayed entrepreneurial aspirations. At the close of the competition, the students will repay their original loans to the Tycoon Bank, and remaining profits can be used by the school or donated to local charitable causes.

Schools across England may apply for funding through this scheme, on behalf of their entrepreneurial students.

Speaking about the launch of the second Tycoon in Schools, Peter Jones CBE said:

“Last year’s Tycoon in Schools competition was a huge success, and I am more determined than ever to ensure that enterprise and entrepreneurship remains a key focus of Britain’s education system.

“I was thrilled with how many teams got involved last year and hugely impressed by their enthusiasm throughout the competition – I can’t wait to see the new businesses and young entrepreneurial talent that emerges this year.

“It’s fantastic that Tycoon in Schools has received support from the Department for Business, Innovation and Skills and the competition is set to be even bigger and better this year.”

The deadline for registrations for the 2013 Tycoon in Schools Competition is 5pm on Monday 9 September 2013.

Click here for more details (opens in new window).

Source: tycooninschools.com. 10/06/2013

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Useful Tips For Financial Success From Parents To Their Kids

June 2nd, 2013 Posted in kids and money, learning about money
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Management of finance is an important aspect of one’s life and as parents, you should make sure that your child starts learning about it from a very young age. Listed below are a few steps that you can take to teach ways of effective financial planning to your children.

Financial success - teaching your child about money image

1) Use the piggy bank method

It is perhaps the most interesting way by which your child learns about money management. There is no point in telling him about the usefulness of saving money, or about the ill-effects of overspending when he is too young, for instance 2 to 5 years old. Therefore, use the piggy bank. Give him a dollar or two each day and ask him to deposit it in the bank. As he is rewarded with a large sum of money at the end of the month or so, he automatically will be inclined towards saving more for the coming days. Therefore, the first lesson of financial planning, i.e., the “usefulness of saving” is learnt.

2) Set Financial Goals for him

As your child grows a little older, say 7 or 8 years old, start setting short-term financial goals for him. Continue giving him a certain amount of pocket money and ask him to save up for an expensive toy or a short holiday trip that he wants. In case of the holiday trip, you can ask him to save enough money so that he can sponsor the lunch at one of the most well-known restaurants of the place you are visiting. Setting short-term financial goals from a young age always helps. In this manner, your child is slowly prepared to set long-term financial goals (like higher education) and save money accordingly.

3) Show Them the Way

Only setting monetary goals and asking your child to work on them will not be sufficient. You have to guide him as well. For instance, if you are asking him to save up for a bicycle, keep dropping hints on how he can cut down on his expenses. Ask him to cover the way to school on foot (if he can) instead of taking a cab. He does not really have to live on abstinence. However, you can definitely advise him to cut down on his entertainment costs, or his expenses on food (keeping in view that it does not harm his health) until he buys the bicycle.

4) Prioritization of goals

When your child reaches his teen, you should gradually start teaching him about the importance of prioritizing his goals. He might have got whatever he wanted as a little child but now is the time to bring about a change in his thinking. In future, there will be times when he will have to make grave choices as far as fulfilling his own wishes are concerned, for instance between an expensive car and an equally exclusive holiday trip. Therefore, start preparing him for these types of situation in life. Advise him to spend wisely. Today, if he is given a choice between keeping aside some money for his higher education and spending the same amount for a short trip with friends, he should be able to judge which is more important for him.

5) Career Tips

As parents, you possibly can’t decide the career path to be chosen by your child. It will depend on his choice, talent, and his ability to make the most of the opportunities presented to him. All you can do in this case is motivate him to follow his dreams and make sure that he gets the right kind of training that is required to transform his dreams into reality. But it would be advisable if he understands that he should choose a career that is fulfilling (in terms of job satisfaction) and lucrative as well. Only saving up money for future will not do. He should earn sufficiently as well to invest in profitable schemes so that his savings are doubled or tripled.

Marie Nelson is a passionate blogger with expertise on financial matters. The global economic crisis has been the subject of most of her recent write-ups and at present, she is writing exclusively for United Finances.

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What to do with damaged banknotes

May 17th, 2013 Posted in learning about money
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banknoteThe dog chewed your money? Don’t throw it away! – A guide to dealing with damaged banknotes.

Next time you accidentally put a banknote through the washing machine, don’t immediately throw it away. That mangled piece of paper could still be worth something, because as long as a certain amount of the note remains, the bank will probably replace it for you.

Both the Bank of England and the US Bureau of Engraving and Printing will generally replace damaged banknotes as long as you still retain over 50% of the original note. If you have less than this you can still try to claim but your chances of success are much lower. This is because the bank can’t be sure where the other half is, and someone could later try to claim the larger piece.

However, each authority has a special claims department that deals with your enquiries, and they have even been known to accept burnt notes – apparently some people keep their money in the oven for safekeeping (who knew?!). So whatever the condition of your chewed, disintegrating note, it’s worth checking whether you can claim.

What’s more, you can also claim for money that is no longer in circulation.

Both the Bank of England and Bureau of Printing and Engraving still view withdrawn currency as legal tender. This means they’re obliged to accept discontinued banknotes and pay you their face value. Some individual banks and building societies may also accept the withdrawn currency, but it is entirely at their discretion.

Of course, if you do find old currency it’s always worth checking how valuable it is. A keen collector may be willing to pay you much more than the bank!

Talk to your particular authority for further information, and be aware that you’ll need to fill out the relevant claim forms for damaged notes. For the UK and US these are the pages you’ll need:

UK:  http://www.bankofengland.co.uk/banknotes/Pages/damaged_banknotes.aspx

US:  http://moneyfactory.gov/damagedcurrencyclaim.html

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How to Improve Your Credit Rating

March 5th, 2013 Posted in learning about money, Money Tips
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If you don’t have a good credit rating, there are things you can do to improve it. But first, you may be asking yourself; “Why bother?”

Well, there are a number of reasons you may wish to consider doing what you can to improve your rating.

how to improve your credit rating - credit score imageFirstly, you will have a better chance of getting credit card and loan approvals. Just remember that debt can be a good or necessary tool but only when it’s used carefully and effectively and that there’s very rarely any such thing as free debt management advice. Nevertheless, having a good credit rating doesn’t guarantee approval as lenders consider factors like income and debt, but it betters your chances of being approved.

An improved rating will also help give you more power in negotiating lower interest rates on a credit card or a new loan and you can give examples of other offers you’ve received from competitor companies based on your credit score.

Similarly, you are more likely to gain approval for higher limits as you’re able to demonstrate that you pay back what you borrow in a timely manner. You should also be able to benefit from easier approval for houses or apartments you may wish to rent for obvious reasons as landlords often use credit scores to screen tenants. And finally, you should be able to get better car insurance rates.

But how do you achieve a better credit rating?

There are a number of basic steps you need to take:

First of all, make sure your records are intact. If you have gaps in your formal record for residency or the electoral register, do something about it by making sure you ‘exist’, formally, at your current address. Without such a record, you’re unlikely to be able to get any kid of credit. A stable background also helps – for example, if you have been at the same address for a long time, or been with the same bank for a decent length of time. Also, make sure your credit records are accurate. Many people have inaccurate records through no fault of their own whatsoever.

Show that you are good for credit by having credit and using it responsibly. For example, the good use of a credit card or a mobile phone deal will help in this regard. Just make sure you use this credit responsibly to demonstrate that you can pay it back. The credit history will work in your favour in the future.

Finally, don’t exceed any credit limits you have. It’s actually better to have a higher credit limit that you don’t exceed than a lower one that you do. So never miss any payments if you can possibly avoid it. This raises a big flag on your credit score. On the other hand, don’t ask for more credit than is realistic for your official level of income.

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Is it time for saving to become fashionable again?

October 8th, 2012 Posted in learning about money, teaching kids about money
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Quite where the ‘want it now’ instant gratification culture came from is difficult to pin-point. Several factors have contributed; the availability of easy credit, TV & Media and low interest rates. The result is that saving has almost become an old fashioned out dated notion. Why delay the gratification, when you can have it now? What suffer the perceived pain of waiting for something when it can be charged to a credit card or other finance plan?

The results of these attitudes however, are now easy to see. With many people struggling with mountains of personal debt and having to sacrifice necessities every month to pay for luxury purchases.

Is it time for saving to become fashionable again?

Teaching children to save at an early age can instil the discipline, habit and decision making process that will last a lifetime. Introducing older children to a range of savings products and methods will help grow their financial IQs and plant the seeds for sensible money choices and despite interest rates being historically low there are a few good deals around on Fixed Rate Savings

An understanding of interest rates and how they can penalise credit purchases is an essential life skill. So too is understanding how savings and investments can grow to provide financial security and independence.

Parents can set an example by opening (and using) their own regular savings account and by sharing the experience with their children.

One provider we like is Birmingham Midshires who were named the Best Direct Savings Account provider for a record 8 years in a row, and for the 3rd year, we were also voted the Best Direct ISA provider at the 2012 Your Money awards.

They have a range of savings products and accounts including fixed rate savings

Action to get started today:

  • Open a savings account and start a regular contribution
  • For younger children start the savings habit with a money box, piggy bank or savings jar
  • For older children progress to a savings account of their own

You may not see the benefits instantly, but often in life taking the long term approach brings higher rewards.

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