Dollars & Sense

In this episode of the Dollars and Sense Show host Carol Topp discusses teaching your teenagers about money.

Show notes:

Recap: Our motivation to be teaching kids about money:

Other people's bad examples are all around us, including the US government.

Avoid excessive debt. College debt now exceeds credit card debt.

Someone is watching!

Avoid boomerang kids. We are raising adults, not children

How to Teach

Natural style. As you go about your day.

Real life examples.

Get someone else: Sunday school, Scouts, Homeschool co-op

Focused teaching: Family nights, games, books

What to Teach: Teenagers

* What things cost and what jobs earn.

* Career exploration. Post high school education.

* Checking accounts and financial software (Ace Money Lite is free)

* Budgets. One teenager is given $150/month in allowance, but she has to buy everything: clothes and gas.

* Avoid credit card debt (but start building credit history in college)

* Student loan debt. With her dad out of work, a college student chose a state school when show the debt she would have.

* Taxes and federal spending

* Entrepreneurship. Micro Business for Teens. Ethan pays his own cell phone bill. Linnea pays her way to China.

* Investing. Stock Market simulation.

Resources:

Career Exploration article Pursuing Their Dreams: Career Exploration for High School Students

Schoolhouse Teachers offers my Career Exploration 8 week class

Free! National Endowment Financial Education (NEFE) High School Financial Planning Curriculum http://www.hsfpp.org/

Generation Change for youth groups and Foundations in Personal Finance for schools at http://DaveRamsey.com

Discovering God's Way of Handling Money from Crown.org 10 weeks , individual or class

Money Matters for Teens Ages 15-18 Edition by Larry Burkett (oldie but still available on Amazon.com)

Micro Business For Teens books at http://MicroBusinessForTeens.com

Starting a Micro Business television show on YouTube

Our federal budget graphically displayed at http://WallStats.com

Tax return simulations from the IRS at Understanding Taxes www.irs.gov/app/UnderstandingTaxes

 

Tune in for the next Dollars and Sense show on February 27, 2014 when I will discuss tax breaks for homeschoolers.

Carol Topp, CPA

In this episode of the Dollars and Sense Show host Carol Topp discusses teaching your pre-teens about managing money.

Show notes:

Recap: Our motivation to be teaching pre-teens about money:

Other people's bad examples are all around us, including the US government.

Avoid excessive debt. College debt now exceeds credit card debt.

Someone is watching!

Avoid boomerang kids. We are raising adults, not children

How to Teach

Natural style. As you go about your day. Real life examples.

Get someone else: Sunday school, Scouts, Homeschool co-op

Focused teaching: Family nights, games, books

What to Teach: Pre-teens

* Allowance. Not always in cash. Try a clothing allowance

* Savings Account. Power of compound interest. Match their savings.

* What things cost. Houses, cars, pets, clothes, etc. Explain sales tax.

* What people earn. Occupations.

* Start earning money. Extra chores around the house or for family and neighbors. Really motivated kids should read Micro Business for Teens

Resources:

Boy Scouts and American Heritage Girls money badges

The Secret of Handling Money God's Way from Crown.org Ages 8-12. 12 lessons. individual or class

Money Matters for Teens Age 11-14 Edition by Larry Burkett (oldie but still available)

Career Exploration article Pursuing Their Dreams: Career Exploration for High School Students

Schoolhouse Teachers offers my Career Exploration 8 week class

Micro Business for Teens

Starting a Micro Business television program on YouTube

Kids can play popular online money management games such as Road Trip to Savings, Financial Football, Peter Pig's Money counter, Money Metropolis, Financial Soccer, Record shop tycoon, Burger Restaurant

I'm not familiar with these games, so if you have an opinion for or against, please drop a note in the comments.

Tune in for the next Dollars and Sense show on February 13, 2014 when I will discuss teaching your teenager about managing money.

Carol Topp, CPA

 

In this episode of the Dollars and Sense Show host Carol Topp discusses teaching your elementary age kids about money.

Show notes:

Our motivation to be teaching kids about money:

Someone is watching!

Avoid boomerang kids

We are raising adults, not children

Other people's bad examples are all around us, including the US government.

Avoid excessive debt. College debt now exceeds credit card debt.

How to Teach

Natural style

Deut 6:6-7enThese commandments that I give you today are to be upon your hearts. Impress them on your children. Talk about them when you sit at home and when you walk along the road, when you lie down and when you get up.

Get someone else: Sunday school, Scouts, Homeschool co-op

Focused teaching: Family nights, Games, Book work

What to Teach: Elementary kids

* Divisions of Money:Give, Save, Spend. Bank with three compartments

* Money is limited. They must make choices.

* Delayed Gratification.

* Plan ahead. Create a shopping list. Plan a dinner. Start an allowance. Have them save for a goal.

* Respect things. Furniture, other people's items, pick up their clothes, don't lose your calculator

 

Resources:

Family Times Virtue Pack (songs, meal time cards, bedtime stories, etc) from www.Crown.org

ABC's of Handling Money God's Way www.Crown.org

Money Matters: Family Night Tool Chest by Jim Weidmann

Junior's Adventures and more from Dave Ramsey

Books by John Rosemond

 

Tune in for the next Dollars and Sense show on January 30, 2014 when Carol will discuss teaching your pre-teens about managing money.

 

 

 

In this episode of the Dollars and Sense Show host Carol Topp discusses teaching your preschooler about money

Show notes:

Our motivation to be teaching kids about money:

Someone is watching! So, be a good example

Avoid boomerang kids (those who leave home, only to return, usually because of financial problems)

We are raising adults, not children

Other people's bad examples are all around us, including the US government. Use testimonies. Listen to Dave Ramsey's radio show for examples of financial mistakes and how to correct them.

Avoid excessive debt. College debt now exceeds credit card debt.

 

How to Teach

Natural style

* Deut 6:6-7enThese commandments that I give you today are to be upon your hearts. Impress them on your children. Talk about them when you sit at home and when you walk along the road, when you lie down and when you get up.

* Stores, Eating out

Get someone else

* Sunday school

* Scouts

* Homeschool co-op

Focused teaching

* Family nights

* Games

* Book work

What to Teach: Preschool

* "Mine" (self-centerness) needs to be corrected in preschoolers

* Benign Deprivation. From John Rosemond author of The New Six Point Plan for Raising Happy, Healthy Children. "Give them all of their needs and only 25% of their wants"

* Vitamin N: Give them protection, affection and direction, but say “no” more often than “yes”

* Don't do for children what they can do on their own.

Resources:

Family Times Virtue Pack (songs, meal time cards, bedtime stories, etc) from www.Crown.org

ABC's of Handling Money God's Way www.Crown.org

Money Matters: Family Night Tool Chest by Jim Weidmann

Junior's Adventures and more from Dave Ramsey

Books by John Rosemond

 

Tune in for the next Dollars and Sense show on January 16, 2014 when Carol will discuss teaching your elementary-age kids about managing money.

 

 

In this episode of the Dollars and Sense Show host Carol Topp discusses What is tax exemption and how do I get it for my homeschool group? In this episode, Carol discusses who is eligible for tax exemption (you might be surprised!), the benefits of tax exempt status and the disadvantages. Why you want tax exemption and how to get it.  Show Notes: Your homeschool group may be a nonprofit and not know it! What makes your group a nonprofit?

* Organized as a nonprofit: board run, bylaws, nonprofit incorporation or unincorporated association

* Operate as a nonprofit: no profit motive, have a charitable purpose (education), serve a charitable class (children), no inurement (sharing of the group's money with individuals)

Benefits of tax exempt status: no tax to pay on your surplus, can accept tax deductible donations, may be eligible for grants, some fundraisers like Box Tops are only open to tax exempt organizations Costs of tax exempt status: IRS application fee ($400 or $850), nonprofit incorporation in your state. Regular reporting to the IRS (Form 990) and your state. Different types of tax exempt status for homeschool organizations:

* Support groups: 501(c)(7) social club

* Homeschool co-ops: 501(c)(3) educational organization

On the show Carol mentioned several resources:

* Tax exempt status for homeschool support groups

* Checklist for tax exemption for homeschool groups

* The IRS and Your Homeschool Organization book

Need more information? Visit the Homeschool Leader Tools/Articles page and sign up for her e-newsletter for homeschool leaders:

Tune in for the next Dollars and Sense show on January 2, 2014 when Carol will start a four part series on teaching your kids about money.

In this episode of the Dollars and Sense Show host Carol Topp discusses

Starting a nonprofit homeschool group correctly

In this episode, Carol discusses how to start a nonprofit homeschool group. She shares her knowledge as the Homeschool CPA on important steps to take when organizing a group such as having a board and a clear mission. She'll also share tips on how to legally operate your homeschool group.

Listen to the show here

Show Notes:

Three steps to launching (or running) a successful homeschool organization:

1. Board: Chose a group of leaders so no one carries the burden of leading alone.

2. Bylaws: Write up bylaws to structure your group. Decide the Who, What, Where, How often and How much issues. In the bylaws mention its purpose (what), its members (who) and its leaders. The Where, how often and how much change frequently and do not belong in the bylaws.

Sample bylaws here

3. Budget: Planning with numbers. Estimate your income and your expenses. Plan a small surplus for emergencies.

Carol's new book, Money Management in a Homeschool Organization will help your treasurer create a budget and stick to it!

 

On the show Carol mentioned:

* Her newly updated book, Homeschool Co-ops: How to Start Them, Run Them and Not Burn Out. 

* Articles and sample documents on the Leader Tools page of HomeschoolCPA.com

*  A Facebook group for homeschool leaders

* The HomeschoolCPA's e-newsletter for homeschool leaders

* Required IRS annual filing Form 990N

Tune in for the next Dollars and Sense show on December 19, 2013 when Carol will discuss tax exemption and how to get it for your homeschool group.

 

In this episode of the Dollars and Sense Show host Carol Topp's topic is:

Unplug the Christmas Machine

About 20 years ago, Carol read a book Unplug the Christmas Machine by Jo Robinson and Jean Staeheli that transformed the way she and her family celebrated Christmas. She shares her plan for having a less stressful, more joyful, debt-free Christmas.

Listen to the show below (click the play button or download and listen later on your mp3 player)

On the show Carol mentioned the four things children really want for Christmas:

Time with parents and the family

* Kids spell love T-I-M-E.

* Consider what you really enjoy about the Christmas season. What traditions, activities or occasions were particularly pleasurable to you? What brings you peace and joy?

* Encourage time-related activities instead of stuff-giving.

* Have a plan for Christmas day and the day after to ward off boredom.

Reliable traditions

* Traditions can be simple such as the same decorations on the tree year after year, visiting a local nativity, watching the movie A Christmas Story, or doing a puzzle and drinking hot chocolate.

* Consider asking your children to donate a nearly-new toy that they rarely play with to a homeless shelter or Toys for Tots campaign.

Realistic expectations about gifts

* Talk to your children and spouse about realistic expectations and the real reason for the season.

* Ask your children for ideas on how to make Christmas more Christ-centered. They may surprise you!

* Teach your children to recognize advertising slogans that emphasize spending, consumerism and a false sense of perfection for the holidays.

* Consider buying only for children and not adults.

* Consider buying one gift for an entire family

* Pay for gifts in cash. Studies have shown that we spend up to 20% more when we use debit or credit cards instead of cash.

* Talk to your children about proper behavior before you enter a store. Explain that you are shopping for someone else (not them) or for necessities, not toys.

An even pace to the holiday season

* Don't start Christmas too early. Wait until after Thanksgiving or later to start activities.

* Put aside count-down calendars or “letters to Santa” wish lists if they promote greed and over-emphasize the gift-aspect of the holiday.

* Save some activities for the post-Christmas let-down such as playing games, baking cookies, watching a movie.

* If your children receive an overabundance of toys (from grandparents or relatives), hide some away and pull them out in February or even as late as the summer.

* Consider with holding some gifts until Epiphany (the 12th day after Christmas) which is traditionally when the Wise Men arrived with their gifts for the baby Jesus.

Four Things Children Really Want for Christmas handout. Feel free to share!

Carol also mentioned her plan for a debt-free Christmas

Carol Topp's Plan for a Debt-Free Christmas (click to download) mini-ebook. Feel free to share!

In this 7 page mini ebook Carol includes a budget for the holidays, tips, a funny poem and a recipe that eliminates holiday baking.

 

Tune in for the next Dollars and Sense show on December 5, 2013 when Carol will discuss "Have you ever thought about starting a homeschool organi...

In this episode of the Dollars and Sense Show host Carol Topp discusses

What a business plan can do for your micro business

Based on her book Starting a Micro Business, Carol explains what a business plan for micro business can do for you and why a it is guaranteed to bring you success!

Show Notes:

Creating a Business Plan

Concept:

The product or service

How to measure success

Marketing

Potential customers

The competition

How you will stand out

Financial Plan

Cost to start

Price to customers

On the show Carol mentioned a YouTube video based on her book, Starting a Micro Business.

and her Pinterest page with lots of micro business ideas

Here's a free e-booklet on creating a business plan for a micro business. This is a 24 page extract from Carol's Micro Business for Teens books

Tune in for the next Dollars and Sense show on November 21, 2013 when Carol will discuss Unplugging the Christmas Machine: Four Things Children Really Want for Christmas.

 

 

In this episode#2 of the Dollars and Sense Show host Carol Topp discusses

Finding and testing a great idea for your micro business

Based on her book Starting a Micro Business, Carol explains several ways to come up with a great micro business idea and then test that idea so it will be a success!

Show Notes:

How to come up with a great micro business idea:

* See a need

* Consider your interests

* Consider your skills and talents

* Brainstorm

* Copy someone else: Go to MicroBusinessForTeens.com Idea page or the Micro Business Ideas Pinterest page!

How to test your idea: Do a mini market survey. Ask at least 5 potential customers if they need what you are offering, would they buy from you and what price they are willing to be paid.

You can conduct your survey in person, by email, on Facebook or with the help of mom and dad!

 

On the show Carol mentioned a YouTube video based on her book, Starting a Micro Business.

and her Pinterest page with lots of micro business ideas.

Learn more about starting and running a micro business and tune in for the next Dollars and Sense show on November 7, 2013 when Carol will discuss what a business plan can do for your micro business.

 

 

 

 

On the Dollars and Sense Show first show (yes, show #1!) host Carol Topp discusses

What is a micro business and why is it such a great idea?

Based on her book Starting a Micro Business, Carol explains what a micro business is and why it's such a great way for a teenager (or mom and dad) to earn money

Show Notes:

What is a micro business

* Simple and fast to start up

* Only one worker, the owner

* Sole proprietorship (only one owner, unlike a partnership or a corporation)

* Little start up money needed or completely debt free

* Usually home-based

* Low risk

* Manageable

* Learn while earning

What can you learn?

* Business skills: customer service, marketing, pricing, record keeping, taxes, etc

* School skills, math, writing, speaking

* How to manage time, balance commitments, multi-task

* How to overcome shyness, be unique, gain confidence, overcome fear and express yourself

On the show Carol mentioned a a YouTube video based on her book, Starting a Micro Business.

and her Pinterest page with lots of micro business ideas

Learn more about starting and running a micro business and tune in for the next Dollars and Sense show on October 24 when Carol will discuss finding and testing a great idea for your micro business