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Teaching Children to Use Technology in Potential Future Businesses

January 25th, 2017 Posted in kids and money, teaching children about money, teaching kids about money
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King Arthur had the sword of Excalibur; Harry Potter had the sword of Gryffindor; and Bilbo Baggins had Sting. All three of these fictional characters needed their fictional weapons in order to become the heroes of their respective stories; and both you and your children can become the hero of your own stories by using the weapon at your disposal: modern day technology. If you’ve found yourself, of late, having a bit of a financial nightmare with your business, then fear no more because you can turn it into a dream; and if you want to teach your children about how to never get into such a situation: here are just a few technology services and tips that you can wield in order to save your business’s story from finishing before it’s even had the chance to reach it’s full potential, and maybe even pass on to your children to make them want to start their own.

Teaching Children to Use Technology - tablet image

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First of all, merchant services are pivota. A type of bank account that allows businesses to accept payments in multiple ways (typically debit or credit cards). With the pace of change in the UK payment market, for example, showing that over the past five years the debit card has proved itself as not only being the generally preferred method of payment in regards to frequency, but also the one that holds the most value in terms of total amount, it is paramount that if you haven’t done already, you utilise such a service. Not only will it save you from making those dreaded trips to the bank for bags of change, but it may save and even bring you custom. For example, a prospective customer may automatically think that you have technology driven payment facilities, such as a credit card reader, and subsequently not think to bring any notes or spare shrapnel with them. If they were to do so and then turn up at your till to find that they in fact couldn’t pay for their chosen products in one foul swoop of their debit card they may become annoyed, leave and never return to your business: losing you both a potential customer in the future and also their custom now.

Secondly, using electronic receipts or invoices is both easy to do and environmentally friendly. Most importantly for you, however: they help your business save money. By having electronic receipts instead of physical, paper ones you can completely cut out the use of any printing facilities, meaning either you can buy more paper for other things, or get rid of it altogether. Also, quite sneakily but not illegally, you obtain instant access to a prospective customer’s email address of which you can contact in the future if ever you offer a product that they may be interested in. Here are five apps that help you with the managing of the receipts.

So whether it’s you that needs the help with your dream, or you wanting to make sure that your children’s business dreams can come true, make sure to remember that technology is our friend!

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Teaching Teens About Investment: The Basics

December 23rd, 2016 Posted in financial education, financial literacy for kids, kids and money, teaching children about money, teaching kids about money, teaching students about money
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As a parent with teenagers, you are likely to be worried about their financial futures. If economists are to be believed, millennials could be about to become the first ever generation to be less well off than their parents – so there is obvious cause for concern.

It has never been more important, then, to teach your young adult children the vital importance of saving – and investing in their future. I’ve put together a few ideas which should help you explain – and demonstrate – some of the concepts of investment to your teens.

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Develop their interest in world affairs

Knowledge of global events and their impact on the markets is critical for investors, so encourage your teen to keep in touch with the news. OK, so if you are anything like the average family, your teens are likely to turn off when the news comes on. But, you mustn’t mistake this for disinterest in current and world affairs. There is a good chance that your teens have a keen interest in what’s going on in the world they just choose not to listen to a mainstream voice. Encourage it, of course, but start telling them the benefits of fact-checking and investigating sources. It will prove to be hugely beneficial when it comes to the day they start making investments.

Offer them allowance deals

If you are still giving your teen a weekly allowance, see if you can show them the benefits of putting money way and saving it. For example, let’s say you give them $10 each week. You could suggest that if they gave you back half and save it for 6 months, you would match what they have kept back, doubling their money. Not only will it show them the value of putting money away, but it will also teach them a little about interest and making their money work harder.

Get started on real estate

Buying and selling homes isn’t something your kids will be doing for a while yet. But that doesn’t mean it isn’t a subject you should be discussing. Educational games can help the younger ones, and Monopoly is always a great way to introduce the concept of investing money in property to get more back. If you have the money, you could, potentially, look around for cheap homes for sale, buy one, and let them run it as a business – assuming they are old enough, of course. There’s nothing to stop you from investing in property as a family business, either. You could, perhaps, give everyone tasks they are responsible for and pay them out of any profits earned. Finally, ask their advice. Too many households shield finances from their kids, but being open and honest will help them learn and, most importantly, ask questions.

Talk about the stock markets

Teens love modern technology and big brands – and there is a perfect chance there for you to take their interest further. You could even set them up with a little stock to play with, and see how the markets fluctuate for themselves. As long as your teens have a grasp of money and are interested in the subject matter, it should be easy enough to peak their interest in the relevant markets.

Do you have any suggestions on how to teach teens about investment? Let me know your thoughts in the comments!

 

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Help Your Child Achieve Their Dream Home By Teaching Them How While They’re Young

December 21st, 2016 Posted in financial literacy for kids, teaching children about money, teaching kids about money
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It’s never too early to start teaching your children about money. In fact, the sooner you start, the more likely they are to find financial security in later life. Having money awareness from the off will allow them to make stable life decisions. Most parents want their children to get all their dreams. This includes their dream home. Mistakes made early in life can stop that happening. Help your child make the right moves to ensure they get the home of their dreams when they’re older.

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THE IMPORTANCE OF HARD WORK

Teaching your child the importance of hard work is the first step in ensuring they achieve their dreams. When you’re young, it’s hard to take education seriously. Encourage your children to take responsibility for their learning. The better they do at school, the more likely they’ll be able to afford a house when they’re older. Encouragement is easier said than done. Helping your children realise their dreams will go a long way towards giving them an incentive. Remember that your dreams might not be the same as theirs. Take a step back and help them realise what they want. Have conversations about the future and see what their plans are. Children can get carried away. If they go off on a tangent, try to bring them back to the considerations they’ll face down the line.

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HELP THEM CHOOSE A CAREER

When you’re young, you’re asked to make the biggest career choices in your life. It seems strange when children rarely know what they want to do. Choosing the wrong subjects at school and college can hold your kid back. It can even stop them getting what they want. Without that good paying career, they’re unlikely to get the million pound mortgage and dream home. Again, be sure to let your children make their own choices here. The best thing you can do is make sure they’re aware of their options. It might help to show them what problems the wrong choices can cause. Give them an idea, too, of the financial situation each career choice would land them in. Children and young adults often make decisions based on what their friends are doing. Make sure your child knows which jobs offer the best future and makes decisions based on that.

TEACH THEM THE IMPORTANCE OF SAVING

Even with a high paying career, your child won’t be able to achieve that dream home without some savings. Teach them about the importance of savings from early on. If they receive pocket money, it’s worth limiting this. A smaller amount of pocket money each week will mean that they have to save up for the things they need. Financial knowledge is the whole point of pocket money, after all. Without starting early, your kid is unlikely to be able to afford a deposit or mortgage. Talk to them about your saving process, and what it has helped you to afford. Show them, too, what they could achieve with substantial savings behind them.

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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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Money Lessons for Kids from The Last Gold Coin

January 19th, 2011 Posted in teaching kids about money, the financial fairy tales
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The third book in the Financial Fairy Tales series is The Last Gold Coin. The story revolves around a prince who  inherits a once prosperous kingdom close to ruin. The people look for others to blame and lack the skills or desire to take responsibility. While a simple act of kindness has magical consequences for the prince and his future.

In many ways its a case of life imitating art with the recent financial troubles in Ireland, Greece and other places around the world.

Enjoy this exclusive sample followed by ideas to help your children learn about money:

The Kingdom of Arum was a prosperous land full of gold.  The citizens spent their lives digging the precious metal from the ground and filling their vaults with  treasure.

As gold was very valuable, the people of Arum found themselves wealthy, although many of them became greedy and selfish. 

They always spent and never saved. Worse, they never shared their wealth.  There was always more gold to be found in the ground, so the people had few worries.

Until one day the gold ran out!

Not even King Henry, the most skilled miner in the Kingdom, could find a single nugget of the precious metal.

Thankfully, King Henry and his wife, Queen Alice, were wise.  They advised their citizens to save their gold and use it sparingly.

The people of Arum didn’t listen; they frittered away their wealth until they had nothing left.

King Henry was saddened by his people’s carelessness.  He gave away a lot of his money but every day the people returned to the castle gates, begging for more.

He was determined that his only son, Prince Leon, would never become so foolish.  He taught Leon how to save his money and how to bargain well.  He taught him how to share his money with those in need, who wouldn’t waste it.

He wanted to be sure that one day his son would be a wise ruler. So Henry sent Leon to explore the Land of Argent, instructing him to come back in a year’s time.  It was King Henry’s hope that his son would learn the ways of the neighbouring  Kingdoms and thus learn how to reverse the folly that overcame Arum.

Prince Leon travelled the world with one purse of gold, spending it only when  necessary.  He bought food and shelter and was content to live simply.   During his travels, he learned many valuable skills, how to farm, to weave and to carve wood.  When the year came to a close, he headed home.

When he was only a day’s journey away from Arum, he came across a frail old woman.  She sat in tattered clothing against the side of an inn, holding an empty cup.

“Please sir, I’ve been robbed.  Could you spare a coin so I can eat?”

Although she asked several people, everyone passed her by. 

Prince Leon noticed the bruises on her face and the hole in her purse and realised the woman spoke the truth and really did need his help.  So, he placed his last three coins in her cup.

The wizened lady held his hand in hers and, to his surprise, she transformed. The old woman turned into a beautiful maiden before his eyes and she blessed him before disappearing into the night.

Key Money Lessons for Children

Money Management—the importance of saving and paying yourself first

Diversification—generating multiple streams of income

Responsibility—take charge of your own financial future

Learn Money Making Skills—follow successful examples

Charity—there is always someone less  fortunate than yourself

Enjoy the full story of The Last Gold Coin in paperback, Kindle or Audiobook by purchasing here

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