Welcome to the May 9, 2008 edition of Kids & Money. Last week's edition, The Lost Edition, is followed by The Found Edition (get it? Lost and Found); but the Finds here are great. All of the posts below have something very important to say and you can learn a lot from each and every one of them.
My Pick of the Week
My favorite post this week comes from a blogging friend, Tim, from the The Money Kings, who wrote the post, 10 Big Time Family Money Mistakes, saying, "Believe it or not, plenty of people need to be thinking of the following when dealing with money, relationships and family. Some of you people just don’t get it. Here are 10 Big Time Family Money Mistakes." Here are a few:
- Not saving enough money for college
- Having too many pets
- Owning a huge SUV
- Tanning (this one is really funny)
Learning About Personal Finance
Larry Ferlazzo presents The Best Sites For Learning Economics & Practical Money Skills posted at Larry Ferlazzo's Websites Of The Day For Teaching ELL, ESL, & EFL, saying, "The best online sites for students to learn financial literacy." While the sites listed in the post are geared towards ESL students, all are worthy of our children's attention. Starting kids out right on the path to financial responsibility is key to their growth into adulthood.
Uncle Leo presents Uncle Leo Rumbles: How to Teach a Child to Manage Money and Save posted at Uncle Leo Rumbles. More sound advice on how to teach our children about personal finance.
Silicon Valley Blogger submitted Hooked On Credit! 5 Ways The Credit Card Companies Get Our Kids To Sign Up » Money and Personal Finance Blog In Silicon Valley posted at The Digerati Life, saying, "A look at kids and credit." There are some truly genius marketing ploys aimed right at our children. The best advice: "Just say NO."
Matthew presents Credit Card Companies posted at Conservatives and Normals . Com - The Blog, saying, "Thank you." Yeah, credit card companies kill us with fees: Late fees, Returned payment fees, Overlimit fees. Best teach our kids to pay our bills on time and not go over limit.
Steve Faber gives us Investing for Kids posted at DebtBlog. There is some really good information here about the Uniform Gift to Minors Act, or UGMA.
KCLau presents Don’t be stupid! Keep paying. posted at KCLau's Money Tips, saying, "About why paying for premiums for existing policies can be the best savings that you have." This is true: If you already have a policy, by all means, keep paying it. Otherwise, buy term life insurance and invest the difference.
firstname.lastname@example.org presents What Effect Does It Have On The Economy When Companies Stop Offering Student Loans? posted at My Investing Blog, saying, "no student loans might make it tough for our kids!" Yes, the Credit Crunch (read more here, here, and here) is taking its toll on all sectors and facets of the economy and society. Time will tell when the tide turns, but for now, better learn to tread water.
Mark Montgomery presents College Applications: They Can Make You Sick posted at Great College Advice, saying, "The college application process can be very stressful--so stressful, in fact, that kids become physically ill. To say nothing of the parents!" Yeah, it was a long time ago for me, but just reading this post made me feel ill.
That concludes this edition. Submit your blog article to the next edition of Kids & Money using our carnival submission form.
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