The Prosperity Factor for Kids: A Comprehensive Parents Guide to Developing Positive Saving, Spending, and Credit Habits

by Keehn, Kelley

• ISBN13: 9781897178423
• ISBN10: 1897178425
• Edition: 1st
• Format: Paperback
• Copyright: 2008-01-01
• Publisher: Insomniac Pr

Summary

This book will help parents teach their children about money and financial responsibility. It is divided by age group, from five-year-olds using a piggy bank to teenagers preparing to leave home for the first time. Inside you will find many exercises, examples, and tips to help parents and children become financially fit. The Prosperity Factor for Kids details incremental lessons and skills needed to turn your kids into mini money managers. Learning about money and finance can be both easy and fun. In this book, you will find all of the tools necessary to lay the foundation for the financial health and well-being of your child.

Table of Contents

Preface	p. 15
Introduction	p. 21
Ages Two to Five
Learning about Money	p. 33
Determining Early Money Memories	p. 33
Self-Assessment Questionnaire-Where Did You Come From?	p. 36
The Banking Game-Ages Two to Five	p. 44
The Currency Game	p. 47
Foreign money	p. 48
Finding money	p. 49
Prosperity Pause	p. 50
Spending Money	p. 53
Gift Giving	p. 54
Prosperity Recap	p. 55
Your Child's Prosperity Action Steps	p. 56
Ages Six to Ten
Motivation and Earning an Income	p. 59
The Banking Game-Ages Six to Ten	p. 59
Introducing the Targeted Savings Account	p. 59
Positive Saving and Spending Lessons	p. 62
Dividing Your Child's Income Between Two Accounts	p. 64
Setting Up the Targeted Savings Account	p. 65
Your Child's Motivational Styles	p. 66
Money As a Medium	p. 68
Should You Pay Your Child an Allowance?	p. 69
Remuneration for Household Chores	p. 71
Using Money As a Punishment or Reward	p. 71
Your Child's Income Sources	p. 72
The Family Money Meeting	p. 73
Lessons in Kindness	p. 74
Your Child's Prosperity Action Steps	p. 79
Ages Eleven to Fifteen
Building a Money Mindset	p. 83
The Banking Game-Ages Eleven to Fifteen	p. 83
The Pleasure Account	p. 84
Introducing the Long-Term Savings Account	p. 85
Finding More Money	p. 89
The Art of Negotiation	p. 98
A Brief History of Money	p. 101
Bad Money Drives Out Good Money	p. 102
Definitions for Life	p. 103
Today's Currency	p. 105
A Lesson in Money, Hollywood Style	p. 108
What You See Is What You Get	p. 109
The 30-Day Mental Cleanse	p. 112
The Importance of Gratitude	p. 116
Financial Goal Setting: The Seven Steps	p. 118
Your Child's Prosperity Action Steps	p. 127
Financial Basics	p. 129
What Are CDs and TDs?	p. 130
What Is a Bond?	p. 131
What Is a Stock?	p. 132
What Is a Recession?	p. 132
What Are Bulls and Bears?	p. 134
What Are the NASDAQ and Dow Jones?	p. 134
What Is a Mutual Fund?	p. 135
Why Are Interest Rates Important?	p. 139
What's Better, a Mortgage or a Secured Line of Credit?	p. 141
Compound Interest	p. 141
Using Lending Products	p. 143
Bank Loans	p. 143
Credit Cards	p. 144
Mortgages	p. 145
Secured Lines of Credit (SLOC)	p. 146
Equity Takeouts	p. 147
Unsecured Lines of Credit (USLOC)	p. 147
Ages Sixteen to Eighteen
Paying Bills and Using Credit	p. 151
The Banking Game-Ages Sixteen to Eighteen	p. 151
Introducing Your Child's Credit System	p. 152
What Are Your Child's Credit Usage Rules?	p. 153
Income Split Between Accounts	p. 156
The Importance of Healthy Spending	p. 158
Money Makes the World Go Round	p. 159
Paying the Bills	p. 160
What If You Can't Pay Your Bills Fully?	p. 162
When Bad Credit Happens to Good People	p. 163
What Is a Credit Report?	p. 163
Where Did Credit Come From?	p. 166
Money vs. Finance	p. 170
Advanced Goal Setting and Manifestation	p. 175
The Six-Degrees Game	p. 175
Your Child's Six-Degrees Game	p. 180
Strategic By-Products	p. 183
Your Child's Prosperity Action Steps	p. 185
Afterword	p. 187
Your Prosperity Action Steps Checklist	p. 189
Notes	p. 193
Resoureces	p. 195
Index	p. 200
Acknowledgements	p. 204
About the author	p. 217
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