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Teen Money Masters: Building Financial Independence Together

Join the Millionaire’s Club and teach your teen to be money-smart! Learn setting goals, budgeting, saving, investing, and using credit responsibly. Engage your child in financial planning, explore earning and saving strategies, and discuss the importance of being a smart consumer. Discover tips on earning, saving, budgeting, and understanding credit cards. Unlock the secrets to financial success for your teen's future!

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Teen Money Masters: Building Financial Independence Together

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  1. Millionaire’s Club: Raising a Money Smart Teen CUNY Collaborative Programs: A NYGEAR UP Partner

  2. Agenda: The Big Money Ideas • Setting Goals • Earning Money • Budgeting • Understanding saving and investing • Using credit responsibly

  3. First Step What are your money values? • Thoughts • Behaviors • Attitudes

  4. 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?

  5. Goal Setting • Let them make their own money decisions • Open dialogue • Bucket List • Needs vs. Wants

  6. Earning & Saving • Earning paycheck • Earning an allowance • Checking and savings accounts • A debit or pre-paid credit card • Investing • Roth IRA and compound interest

  7. 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

  8. 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

  9. Resources • NEFE – National Endowment for Financial Education • Smart About Money (SAM) • Jumpstart.org

  10. Questions? • Workshop Evaluations

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