Debit Card Dangers

My 15 year old just got her first debit card before Christmas. Sounds like a great way to monitor and control spending and it is. The bank we use allows for a maximum cash out from an ATM or Point of Sale purchases daily which I set. I can also monitor all transactions through the internet. I control the direct deposit of 10 percent of her earnings being transfered from checking deposits into a savings account, a long term savings account. Which means, she will see that money in about 45 years. The savings only works one way and that is deposits in never out until they are transfered into a higher yielding investment.

I have used an ATM card for over 20 years and pretty much take them for granted. However, take a look at the attached video. There is caution that must be taken when putting even ATM plastic into the hands of a teenager. But it is still a great way to prepare a teenage to become a responsible adult. Just stay on top of it.

You can read the accompanying article to this msnbc.com broadcast by clicking HERE

A good question and some GREAT answers

This article just came out in yesterday's Kiplinger.com

I have a 15 year old who started her first job last year and of course she has been saving a minimum of ten percent of her income for long term, one day to be retirement money. Any other purchases she might be saving for is not commingled with here long term money. We sil be transferring that savings into a Roth IRA before tax day, April 15th which this year lands on a Tuesday. Check out Kim's answer by clicking here

A right on article

I was doing a Goggle surfing and came across this article from CNN Money and there are some really great ideas to take in and certainly use to teach your children about money. The whole idea is to teach our young how to work for money only until they can get into position so that money will work for them for the rest of their lives.

Pay particular attention to the Start early, save more box. Here you can see the importance of time when it comes to wealth creation. Remember, you can always replace money but you can never replace time. Time is more valuable then money. The sooner you and your children get started, the sooner financial independence is achieved. Check it out here CNN Money

Don't let your banker see this

I invest where I determine what interest rate I want to be paid. I recently opened a small account of $500 to see what it is like to trade a mini FOREX account. Some brokers are now allowing us to open accounts with as little as $250. I played it safe and in the process missed out on a 54% gain over night.

When you know what you are doing making rates of return well beyond what banks and even mutual funds pay is possible. There are places to make huge returns on your money and it is not in a bank. Where to you think your bank and other financial institutions invest your money?

You must learn how to bypass the middle man. If they can invest your money in high return vehicles then why not you. Warren Buffett is known to have over 20 billion dollars invested in the FOREX markets. A huge portion of Chrysler's profits come from trading in the FOREX markets and the list goes on and on.

Click here to see what happened to me last night and learn more about how you too can earn more in a month than most do in a year at the bank.


Jim

New Robert Kiyosaki video

At retireyourkids.com be sure to check out the new video addition of Robert Kiyosaki and and a young 11 year old who first read Rich Dad Poor Dad when he was 7 years old.

Welcome To The Retire Your Kids Now Blog

Hello and welcome to the blog space for retireyourkids.com

Most people don't realize that with proper planning and use of our working income that nearly anyone can fully retire between 20 to 25 years in the work force. Business owners can collapse these time frames ever shorter. Learn why everyone doesn't do this. But more importantly teach your children how they can and will if you teach them how to apply the basic fundamentals of how money works. Yes if your kids are to retire at a decent age, it starts now.

This site will provide resources that will assist adults in teaching their children at a young and impressionable age how money and life works. It is the intent of this site to break the chain of financial misunderstanding that has passed for far too long from generation to generation.

This site will take a little work. Although the information is spoon fed you will still have to chew and swallow.

I encourage to you ask questions and share thoughts. Over time I look forward to progress and success stories from parents and their kids.



Enjoy


James