0 Spend

My sixteen year old son has a job that pays about $80/week and a savings account with about $1,500 and a Roth IRA with a few hundred dollars. How would you teach him effective money management skills – credit/debt traps, budgeting, retirement, investing, etc.

Take him to the bank and have the banker explain how a checking account works. Depending on how trustworthy and dependable he is, he could get a debit card. Otherwise, start him with an ATM card and be sure he keeps track, then progress to the debit card. I would also suggest a monthy investment in the roth IRA. I am a banker and cannot tell you how often a kid goes off to college, then gets his first checking account and ends up hundreds of dollars in the hole. Guess who ends up paying for it. By the time they’re out of college, there’s credit card debt, student loans and still no financial savvy. A little experience now will go a long way when he’s on his own!

I am currently a full time student. I already have a loan out to help cover Tuition costs, but I would like to take one out to get a new computer.

I’ve had steady employment for 2 years and I have a credit history of about 7 months, all of it positive.

Any suggestions/hints & tips will be greatly appreciated.

Thanks!
I have a Chemical Bank account.

When I was in college I had this similar situation arise. You will not be able to get a federal loan for this computer, but you should be able to get financed through a computer company to get the loan. Do you have an account with a bank? If that is the case you may be able to get a personal loan through a bank as well. Dell does a great job getting you financed even if you have bad or little credit history.

I was reading an article about consumer spending through the previous holiday season. They refer to people opening their wallets up more. Why does societal confidence have to be connected with spending?

Consumer confidence refers to people’s opinions about whether the economy in general and their personal finances will be better or worse in the future. When people are feeling optimistic that they have a good financial future, they are willing to spend money. When they think the future may be bad, for example, if they feel that they may lose their job, they save money and don’t spend it.

I have an angel investor for a start up business that is the idea of the investor. This business will require me to quit my job and move. Is it typical for an angel investor to provide funding for personal bills while setting up and running the business?

If your running the business, I dont see why not. The link is to a good article on KIVA, a micro-lending website for entrepreneurs

http://www.americasbestcompanies.com/magazine/articles/lending-and-befriending.aspx

I have an assignment to interview 3 different people. I need to know what their job is and how they work with money. What are their money management skills? Thanks!

I work in a grocery store and handle all the money and the financial paperwork.

As for my personal finances, everything like checkbooks come out to the penny, everything is filed and color-coded, and I carefully budget my money so that I am always under budget. I am 26, and unlike most people my age am not doing too bad.

But yes, I am organised and painfully detailed to the point that would drive most people insane to open my desk either at work or at home.

I’m looking at a used car lot in vegas for 600,000. It does 1.8M year in sales, owner profit over 250K. Sale comes with real estate valued at 400,000. The owner will even finance 50% at 8% amortized over 20 years. I have maybe 30,000 in equity in my own home. Could I get this? Can I use the real estate from the dealership as collateral? What banks would u suggest? Thank you

Remember that there are no such things as small business loans. Check my article linked below. Banks call them small business loan but the reality is that they only lend to major corporations or to individuals. that means that any loan you get is going to get will have to be guaranteed by you personally. Also, Vegas has the highest unemployment in the nation and real estate prices there are among the worst in the country. You will be hard pressed to get a loan. You really need to get the property evaluated by your own appraiser. Likely that the property isn’t worth what it was last week. Also, I find that most business owners play fast and loose with the books when they are selling a business. So you want to look at both business and personal tax returns for the owner for the last 5 years to see what their trend is. Used cars sell better than new right now but you have to have a job to buy a car and lots of people in Vegas don’t have jobs.

I really want to walk the talk and do a better job in keeping our world in a healthy condition. I’d like to get my two kids involved. Any tips/ideas on what I can do that aren’t very expensive or free?

Thanks!

this link is called SAVE the PLANET / SAVE your MONEY

so not only are the things FREE they save you money too!

http://www.gomestic.com/Personal-Finance/Save-the-Planet-Save-Your-Money.75392

It seems like every dollar I make, I have an urge to spend. Most things I buy are things I really don’t need. I just find myself browsing amazon or iTunes and watch my checking account drain. I don’t have a real job, I just mow my neighbor’s yard once a week, but that really doesn’t pay much. But I’m focusing on school this year, so I don’t have time for a job. Any tips on some money management, and how to not spend so much would be appreciated.

Just think about how the economy is sinking 🙂

Should schools give us basic training on money management so 9 out 10 young adults don’t end up in credit card debt when they get out of highschool?

Yes I extremely support this idea but I think it should start at grade 1 and end in high school where 9 out of 10 know how to invest, where 8 out of 10 know how to pay for taxes and 10 out 9 know all the basic financial issues adults face including major things like how to own a house, how to buy cars.
And if possible schools, the government, banks, and parents should cooperate so that as early as grade 1 or grade 2, 8 out of 10 students have bank accounts with a minimum of $150 dollars and can only be deposited but not withdrawn until graduation which can give students a sense of financial responisibility and can aid students who want to go to college.

I will be graduating in about 4 months with a degree in business finance, and a emphasis in management. I currently work for a currency exchange company in the compliance department. What kind of job can I expect to get and what kind of pay?

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