on | LEAVE A COMMENT!

FamZoo Money Management 101: Start Here With Kids and Teens

Map to financially responsible cardholder
“Be prepared.” ~ Scout Motto

Before your child ventures out into the financial woods with their new FamZoo card, be sure to cover these money management basics together.

Debit Card 101

Let’s start with the card itself: a reloadable prepaid debit card with a secure EMV chip.

on | LEAVE A COMMENT!

How to Track Your Teen's Family 401(k)

The “Family 401(k)” is my all-time favorite family finance hack for parents seeking to help teens grow their wealth and investing IQ over decades. I’ve written and talked about the technique many times since 2011, and I’ve put it into practice with all 5 of my kids.

The Family 401(k) is a homespun version of the workplace 401(k) program commonly offered to employees. With a workplace 401(k), an employer kicks in extra money to help the employee build wealth in a tax-advantaged company sponsored retirement account. With a Family 401(k), parents kick in extra money to help their child grow wealth in a tax-advantaged individual retirement account known as a Roth IRA.

For the uninitiated, the quick recipe for the Family 401(k) is:

on | LEAVE A COMMENT!

6 Reasons To Review 529 Statements With Your Teen

College graduate on abstract financial background.

How much does your teen know about the 529 account you opened for college savings?

Nothing?

That’s the norm. Pretty dry stuff for a teenager.

Here’s a radical suggestion.

👉 Review your 529 statements with your teen.

And do it every quarter.

Yes, your initial sessions will be greeted with eyeball rolls, yawns, or worse. But keep up the good fight.

Through your consistent and repetitive efforts, your teen will gradually learn the following: