Before kids can spend money, they have to have some in their pocket. How do your kids earn money?
The avenues that children have to earn money are very limited, and every parent has a slightly different philosophy about how their children should earn money. Here are the pros and cons of some common ways cash finds it’s way into the little pockets of our kids:
Grandma
Birthdays, Christmas, Granmda sneaking money to the kids when you’re not looking. Sometimes kids just get gifts. Obviously this doesn’t teach them about earning money, but it’s a good opportunity to teach kids about generosity and gratitude. (Please teach your kids to write thank-you notes. It’s worth it.)
Allowance
Lots of parents give their kids an allowance – a certain amount of money each week to spend. An allowance implies that they receive the money no matter what – they haven’t necessarily “earned” it. Often kids are required to do chores and contribute to the household, but the two things may not seem related – especially to very young children.
One positive thing about giving kids an allowance is that they know how much money they’re going to have and when they’re going to have it. I think that can teach so
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In these tough times, many workers are passing up free money. According to a newly released report from Aon Hewitt, (AON) nearly 30% of 401(k) participants are not contributing enough to get their full employer match.
Aon Hewitt surveyed more than 3 million employees eligible for plans where employers will match workers’ contributions to a retirement account. FINRA, an independent regulator for all securities firms doing business in the U.S., analyzed the data. The organization found that many of those who are missing out on the opportunity are young–from 20- to 29-year-old. Others were automatically enrolled into employer-sponsored defined contribution plans and likely aren’t aware of matching plans.
“Free money is free money — it’s a good thing” says Gerri Walsh, FINRA vice president for Investor Education. “Putting in a little more will give you a lot more.”
Double Your Investment — Instantly
If you think a corporate match is no big deal, FINRA helps you do the math with this example that should make you think again. Say you’re 30, make $40,000 and contribute 3% of your salary — $1,200 — to your 401(k). Assume that you continue to make the same salary and contribute the same each year until age 65. Read more…
The It’s Only Money blog went through a minor transition Wednesday morning. The blog’s framework is changing to a format that is more easily searchable by Google, Yahoo! and other search engines.
Brent Hunsberger’s blog can still be found at oregonlive.com/itsonlymoney, though the official address will be oregonlive.com/finance. If you have another address bookmarked or are using an RSS feed, you will want to redirect to the new address. Here’s the RSS feed address: impact.oregonlive.com/finance/atom.xml
You will still receive the same great content you’ve come to expect from Brent.
Thanks for making the change.
– The Oregonian
This month, Wired Magazine is running an interesting cover story entitled The Future of Money: It’s Flexible, Frictionless and (Almost) Free. The article was quite thought provoking, but the general focus of the article was pretty deftly summed up in the final paragraph:
A generation ago, when people made the choice to switch to plastic, credit cards did not just replicate cash; they fundamentally changed how we used money. The ease with which people could make purchases encouraged them to buy much more than they had in the past. Entrepreneurs suddenly had access to easy — though high-interest — loans, providing a spark to the economy. Now, while it may be hard to predict what innovations PayPal’s platform will enable, it’s safe to say that the payment industry is going to change dramatically. As money becomes completely digitized, infinitely transferable, and friction-free, it will again revolutionize how we think about our economy.
The technology discussed in this article is undeniably cool. It will make transactions for many purposes much, much easier than they’ve ever been. The acquisi
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Gas money.
The inevitable question for carpools, shared rides, and mooching roommates. Do you give your friend who picked you up for the movie a couple of bucks for gas? Do you hand your sister $5 for driving you out to the family reunion? Is it even appropriate? Will they be offended if you offer?
As a person who doesn’t have a vehicle, I often have to ask others for rides. When I go out for drinks with friends, I almost always get a ride. When I am headed somewhere, I often get picked up or dropped off somewhere. I am lucky to have such generous friends who are willing and able to give me a lift, so I try to give them gas money when they are inconvenienced.
The other day when my wife and I suddenly had to hop into our friend’s car and beg to get a ride home, I started to wonder whether gas money is always required, or if it should be reserved for certain situations. I know some people who would never even offer gas money as they feel as though they don’t have the responsibility to. After all, it is not as if they are the one driving the car, and with the benefit of the car comes the cost of transportation. Is th
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