Moola-Teenagers and Money Matters 0908-03 ZZfwi

                      TO:   All Interested Onliners                                                                                                      FROM: Jim Bramer, Retired CPA-Auditor
                                                                                                                                                                                FILE:  0908-03/fwi

                       RE:  Teenager-Kids and Moola  Matters                                                                               Originated February 2001

   Today's "Ax to Grind" topic is directed to Dad/Moms, Grandparents and Teenager-Kids........

   We have eleven grand-children and most of them are Teenagers or older.  Along with yours, these kids need to have an appreciation of  "Moola"  in today's society within the context of living for the Lord. By the way,  Moola  is actually in the dictionary .... even though it is simply defined as "USA slang for money."

   Some of you know that we have attempted to provide some resources for BLVRs  with regard to Righteous Personal Finance. Click here  and  Here  for more links here at www.bcidot.org  that have to do with such matters.  With Teenagers-Kids in mind, below are some of our "Righteous  Moola  Views" , or precepts ......

  1.   The Lord provides our real needs and a good share of our wants.

  2.   Moola  comes by earnings or by gifts - of course, never by stealing.

  3.   We need to handle  Moola  with care, or it can control or consume us when we are a slave to it. We will deal with  Moola  matters all of our born days.

  4.   Jesus , Others and You (JOY) is a good  Moola approach. A YOJ approach can be a tool of Satan to cause us to be discouraged, dishonest and disobedient. 

  5.   Moola  generosity should be a part of our lives.

  6.   How we handle  Moola  is a reflection of where we place the Lord in our lives. Remember all 'things' belong to the Lord and we are temporarily in charge, or a steward.  Tithes and offerings to your Church is a must.

  7.   Plan ahead for known needs. Do the appropriate record keeping. 

  8.   When/if you borrow  Moola  then you repay it as agreed.

  9.   Our friends can mislead us about  Moola,  but the Bible does not. 

O B S E R V A T I O N S

  •   Dad/Mom need to begin early to personalize Righteous Moola Views like those above. Each one of us, even at an early age, have  Moola  extreme tendencies like " hoarding" or "spending what we do not have." 

  •   Kids need to learn to make appropriate buying decisions. A certain amount of  Moola  comes to a Kid and when it is gone they don't buy anything more. 

  •   Kids borrow money from Dad/Mom or a relative with no specific repayment terms. Often the adults are not strict, or exact penalties, when the Kids do not live up to their repayment agreements. Might seem a little harsh for them to comply, but so are other facts of life.

  •   Kid's periodic allowances come after doing agreed tasks. Personally, I believe that allowances should not be gifts, but earned results from doing even small expected tasks. No completed task, no allowance. Therefore no "Easy come, easy go."

  •   Teaching kids to live within their receipts . All too often Dad/Mom, or a relative, provide more  Moola  when a kid has over-spent their wad. Reminds me of a cartoon where a teenager is laboriously begging his Dad for some money. Please Dad; Please Dad; Please Dad. Dad says "if you need money you should work for it." Teenager says "all this begging does not look like work to you?"

  •   Kids should learn early about obtaining things by making periodic installment payments from their allowances and outside receipts. When kids are buying larger items, I personally believe they should save and have at least half of the price before they buy and pay the balance in installments

  •   Kids soon learn that they can get what they want ..... especially from loving and generous Grandparents and Uncles/Aunts. These adults need to be assisting Dad/Mom in appropriate  Moola  training. Reminds me of going to ballgames and watching Teenagers-Kids come to a family member in the stands and ask for  Moola  when everyone else is watching. Hard to say no.  

  •   Have a Teenager "Auto Acquisition" game plan. When kids get old enough to drive they want to join their peers and have a car. (Have you noticed all of the cars populating High School parking lots these days?). This costs  Moola. I question Dad/Mom (this includes Grandparents and Uncles/Aunts) giving them a car ..... even if Dad/Mom can afford it. The Teenager should have a "Teenager Savings Plan" for this purpose. Even if it is within some type of matching effort whereby others will pay a certain percentage of the total if the Teenager has saved their agreed percentage, etc. If the matching source is borrowed, then I believe the Teenager percentage should be well over two thirds. Example: if the car costs $3,000 then the Teenager should borrow no more than $1,000, etc.

  •   Teenagers have their own bank accounts early on. 

-- As a part of a "Teenagers Savings Plan", they open a savings bank account.  Psychologically, for both teenagers and adults, there is something about placing Moola in a savings bank account that helps us complete an Adult or "Teenager Savings Plan." A  Teenager can encourage gift  Moola  from relatives as it goes into their Savings account as part of a "Teenager Savings Plan." I have known of some Grandparents who have opened such a Savings account when the Grand child is born ---- with a "Teenager Savings Plan" in mind, etc. 
-- At least during their Senior year in High School they should have their own checking account and learn such things as:

  1. Making deposits

  2. Paying their own bills

  3. Contribute to a "Teenager Saving Plan." 

  4. Prudent use of ATMs

  5. Do Bank Reconciliations

  6. Make use of Computer Bookkeeper methods; Click here re the QVE plan; Click here for more data about these matters.

-- During their Freshman year in College, in my opinion, Teenagers grow up by having "all" payments to the College flow through the Teenager's own checking account. 
-- Plus this Teenager should have only one Credit Card (PLASTIC) account that they timely pay off and NEVER pay any PLASTIC interest charge. If they never pay any PLASTIC interest charge it means that they are righteously buying things and NEVER really borrowing money, but only using the float features of today's  Moola system. . An example is that on Saturday all PLASTIC purchases of last week are paid. Or the Teenager buys things now and righteously pays for them in a few days, etc.
-- Teenagers now use Computers. Encourage them to use Computer bookkeeping systems to righteously account for and handle their PLASTIC status and Moola. 

  •   College students are known for constantly asking Dad/Mom for Moola. All parties should be careful. 

  •   How about you Grandparents, Parents and Teenagers out there ------ please share some of your good/bad Teenager Moola  experiences with us.

K E E P   L O O K I N G   U P !!

       Click here for a list of of our "For What it is Worth" Editorials or Online documents.    

 UPTD: April 27, 2008

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