Millionaires Club Raising a Money Smart Teen CUNY

Millionaire’s Club: Raising a Money Smart Teen CUNY COLLABORATIVE PROGRAMS: A NYGEAR UP PARTNER

Agenda: The Big Money Ideas 1. 2. 3. 4. 5. 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 1. Involve them in financial planning • Cutting costs like utilities, groceries, non-essentials 2. Allowance and ways to earn money • Introduce savings and interest 3. What does it mean to be a smart consumer? • Check prices at grocery store and online vs. retail 4. Does the school or community offer finance classes for students?

Goal Setting 1. 2. 3. 4. Let them make their own money decisions Open dialogue Bucket List Needs vs. Wants

Earning & Saving 1. 2. 3. 4. 5. 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 1. What is my financial goal? 2. What is my INCOME (amount coming in) 3. How much am I spending? • Fixed • Variable

What do Teens Need to Know about Credit Cards? 1. Credit card purchases are LOANS • Interest • Paying more than minimum • Paying on time 2. 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