Blog Posts for Tag: Expenses

Rich Kid Smart Kid

Cindy Posted Aug 23, 2012
by Cindy


Robert Kiyosaki, author of Rich Dad Poor Dad, wrote Rich Kid Smart Kid in order to help parents teach their children financial lessons that are not taught in schools. Kiyosaki helps you empower your children to increase their financial IQ, secure their financial future, and side step the rat race.

Rich Kid Smart Kid

Rich Kid Smart Kid has a companion website, richkidsmartkid.com, which offers several online games and lots of resources for you to either direct your kids and teens towards or to work through as a family.

This Book's Impact on TrueSmarts:

We agree that there is a glaring gap in our education system with regards to financial learning, so TrueSmarts offers a multitude of activities around Kyosaki's key concepts, and have included this book as one of our most important resources.

Here are some TrueSmarts activities which are based on the Rich Kid Smart Kid book:

 

Other useful and inspiring titles by Richard Kiyosaki include:

 

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Tags: TrueSmarts Inspiration  Expenses  Income  Personal Finances  Liabilities  Assets 

 

Teach Your Kids To Budget

Cindy Posted Jul 10, 2012
by Cindy


We would like to take this opportunity to highlight some of our most popular and effective activities for teaching your kids how to budget.

Excel Budget Sheet

In the Excel Budget Sheet activity, you have the opportunity to introduce your child to Microsoft Office Excel while teaching them how to create a monthly budget.

excelIf you know Excel fairly well you could create a new budget sheet with your child and then fill it in once a month. This is an excellent time to teach your kids how to set up a document in Excel as well as teach them how to use basic formulas.

If you do not know Excel well, there is a Personal and Family Budget Sheet template attached in the references section of the activity. Simply download the template and fill it in with your child once a month.

It would help your kids to see the value of budgeting if you show them how you budget for your family. Show them where you keep the family budget and when you sit down with them to update their budget sheet - take some time and update yours. If they don't see you doing the things that you are teaching them, they will likely disregard the lesson - it is very important to model good financial behavior for your kids. Kids learn best by seeing and doing. So make sure there is something good for them to see, in addition to a good activity to do.

Food Court Budget

This is a very fun and very simple activity to do with your kids anytime you are in a mall or a place with a food court. At a meal time, go to the food court or cafeteria and give each of your children 5-10 dollars to spend. Tell them they will not be given any more money, so if they want to have a treat they will have to save some of their money for the treat.

Give your children some suggestions for how they can save money and then let them go and get their meal. This is an activity that never gets boring as it is fun to see how far you can stretch a dollar. I know this is a fun strategy, because my parents used it with me - I loved it and always remembered how to be creative in my choices, so that I could get the best value for dollar.

Budget Field Trip

Your kids want to go to a specific destination - let them with the Budget Field Trip activity! But with a very small catch. They have to plan the day and stay within a budget that you predetermine! Have them do a little research online and find out how much admission/tickets will be, have them estimate how much they will spend in treats and toys and have them guess their transportation costs. Then pull out their budget amount in cash give it to them and help them stay on budget.

This activity also includes a useful list of ways to save money. You can find the list in the attachments section of the activity. You could print and give this page to your kids when they are planning and see how much money they can save.

Budget Bedroom

BedroomHave your kids been bugging you to re-decorate their room? Use their enthusiasm and the Budget Bedroom activity as a way to teach them how to budget. Get your kids to plan their ideal room. Then set a budget for them, take them to purchase the materials and then redecorate their rooms.

This activity also contains a useful list of ways that your kids could save money and it links to a planning website so your child can create an awesome room on a shoestring!

Conclusion

Budgets can be fun! Really - they can! You just need to tap into a genuine desire your kids have and then create a budgeting activity around it. This will help you to create a positive memory around a good financial habit and will help your child to become a super saver and a brave budgeter.

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Tags: Logical-Mathematical Intelligence  Expenses  Money  Budgeting  Income  Personal Finances  Consumer Smarts  TrueSmarts Showcase 

 

Kid's Summer Start-Ups

Cindy Posted May 10, 2012
by Cindy

Summer is rapidly approaching. The weather is heating up and so is your kid's yearning for the latest summer fashion, gaming device, or technological advancement. It is the perfect time to help your kids start their very own summer business so they earn the money they need to buy the thing(s) they want.

What follows are some great ideas on how to help your child decide what summer business to start, plan for their business, implement their business and then analyze their business for greater success next time.

Kid Entrepreneur Raking Leaves

What Business Should They Start?

Summer offers a myriad of season specific start ups. Some examples could include any type of yard work, lawn mowing, gardening or neighborhood cleanup. Kids have two whole months off from school which opens up possibilities for child care, summer day camps and so on. With the nice weather comes hot opportunities for outdoor events and entertainment. Kids could plan and host an event like an outdoor movie, theatrical production, concert, or a skateboard competition.

Don't neglect the old standby - Lemonade Stands! These can be particularly effective if you get your kids to set their stand up near an outdoor sporting event on a hot day! You could also help your kids to put a new spin on an old favorite. Some ways they could accomplish this include: strapping on some roller-blades and offering a delivery service, offering a 2 for 1 deal or coupon, or giving a portion of their proceeds to charity.

If none of these are to your child's liking then use the Discover Your Business worksheet from TrueSmarts.com's Advanced Kid Business activity. This worksheet will help your child use his or her own interests and talents to devise a start up which is tailor made for your child.

How Should Your Child Plan?

I don't think that you need to sit your child down and make him or her crazy with executive summaries and marketing reports, but it is a great idea to have your child complete a basic plan for his or her business. You can make it as simple as answering the following:

    1. What are you doing?
    2. When are you doing it?
    3. How will you get the materials you need?
    4. How much will you charge?

 

A thorough answer to all of the above questions will give your kids the bare bones basics for planning their business.

If you would like your child to do a little more planning for their small business. There is a kid's business planning worksheet in the Advanced Kids Business activity called Plan Your Business. Though simplified, these worksheets will help your child create a complete and comprehensive plan for starting his or her business.

How Should Your Child Analyze The Results?

Once your kids have created and run a small business, take some time to perform a retrospective with them. A retrospective could be as simple as a discussion of how their experience went, whether or not they made a profit, if the experience was what they had anticipated and what they learned or would do differently the next time.

If your kids have started one or two smalls businesses in the past you may want to get a little more involved with the analysis portion of your child's business. Take a look at the Analyze and Improve Your Business section of the Advanced Kids Business activity which includes a simplified excel Balance Sheet and Income Statement. This is a great way for your child to begin thinking about how to maximize his or her profits, decide if there was anything to do differently next time, and reflect on his or her experience.

Reward Their Efforts

Regardless of how successful your kid's business was, you should reward their efforts. Positive feedback is an incredibly powerful reward for kids. A simple, "I am so proud that you started up your own business", goes a very long way!

You could also have a tangible reward. Some ideas for a reward could include: an outing to a favorite restaurant, an afternoon doing a favorite activity, getting to pick the movie on movie night, or you could create a small photo album with pictures from the day they ran their business.

Anything that you can do to create a positive memory around creating a business will drastically increase the likely-hood that your child will try to do it again. If you want to foster the courage, ability, and desire to become an entrepreneur in your children, make sure that you take the time to reward any and all efforts your child makes in this direction.

Every Journey Starts With a Single Step

Starting a summer business is a fantastic way for your kids to learn how to assess neighborhood needs, assess their skills and talents, plan a business, advertise, provide a service, create cash flow, budget, analyze a business, and so much more.

It is also a wonderful way to help your kids to be confident, independent, community minded individuals with the daring to step out and take a risk.

 

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Tags: Calculated Risk  Expenses  Money  Marketing  Income  Interpersonal Intelligence  Planning  Intrapersonal Intelligence  Customer Service  Goods and Services  Cash Flow  TrueSmarts Showcase