Tuesday, August 5th 2014
I’m all for kids getting summer jobs. Especially teens. Between learning to value a dollar, combat entitlement, and help with the incredible cost of college, it is needed. And turning a job into a year-round opportunity expands the value and learning, if schedules permit.
So when I read my colleague, Ron Lieber’s recent NY Times article on starting a Roth IRA, I was prompted to chime in with some of my own thoughts.
Sit down with your kids and tell them how much work it takes to earn money to pay for life’s essentials, then the ‘want’ items they request. To educate them; what parents forfeit to provide for their kids – but not with guilt.
Share financial 101 lessons and have them start investing. Now. It is never too early. Help them make their own decisions; the losses and gains will resonate more with them.
Have them set goals. Have them use part of their savings to pay for next summer’s adventure. Be it $50 or $100 towards camp canteen; spending money for their teen trip or experience. Have them set realistic benchmarks. Have them ask grandparents and relatives to support them with financial gifts to meet their goals. Nothing like having skin in the game.
Never looked for a job yet? Expose them to resources; let them get creative. Just letting others know they might be available to assist can open up numerous opportunities. And the first job leads to the next one, internships, career exploration and more.
Kids and teens today do understand that life is expensive. But many need to understand what that means to you and your family.