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Millionaire’s Club: Raising a Money Smart Teen. CUNY Collaborative Programs: A NYGEAR UP Partner. Agenda: The Big Money Ideas. Setting Goals Earning Money Budgeting Understanding saving and investing Using credit responsibly. First Step. What are your money values? Thoughts Behaviors
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Millionaire’s Club: Raising a Money Smart Teen CUNY Collaborative Programs: A NYGEAR UP Partner
Agenda: The Big Money Ideas • Setting Goals • Earning Money • Budgeting • Understanding saving and investing • Using credit responsibly
First Step What are your money values? • Thoughts • Behaviors • Attitudes
Including Your Child • Involve them in financial planning • Cutting costs like utilities, groceries, non-essentials • Allowance and ways to earn money • Introduce savings and interest • What does it mean to be a smart consumer? • Check prices at grocery store and online vs. retail • Does the school or community offer finance classes for students?
Goal Setting • Let them make their own money decisions • Open dialogue • Bucket List • Needs vs. Wants
Earning & Saving • Earning paycheck • Earning an allowance • Checking and savings accounts • A debit or pre-paid credit card • Investing • Roth IRA and compound interest
Budgeting Create a Monthly or Weekly Spending plan • What is my financial goal? • What is my INCOME (amount coming in) • How much am I spending? • Fixed • Variable
What do Teens Need to Know about Credit Cards? • Credit card purchases are LOANS • Interest • Paying more than minimum • Paying on time • Shop around for the best credit card deal • Interest rates • Annual fees • Late fees • Rewards
Resources • NEFE – National Endowment for Financial Education • Smart About Money (SAM) • Jumpstart.org
Questions? • Workshop Evaluations