Money Talk Part 1: Before You Chat
About Money With Your Child

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Talking about money has always been somewhat of a taboo subject. It makes most people uncomfortable to disclose their assets and debts to peers for fear of being judged, either with envy or pity. It’s especially difficult to discuss these matters with family members. If you have too much money you may have jealous or resentful relatives or constantly have to deal with loan requests. On the contrary, if you live paycheck to paycheck you may not want to disclose your hardships for fear that your children or siblings will worry.   Many psychologists believe financial behavior is largely influenced by how one was conditioned to think and feel about money, a theory called Behaviorism (1). Thoughts and behaviors about different subject matter are often formed early on in life, which … [Read more...]

Funding Your Child’s K-12 Education

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We hear a great deal about student loans—there are ample ways for eligible borrowers to secure loans for college tuition. What we hear very little about is how to pay for private school, boarding school, and other educational institutions for students who are still in grades K-12. That is an important financial concern for many parents, especially now with school right around the corner. Many parents want to ensure the best possible K-12 education either because the district school is facing budget cuts or other hardship or in order to prepare a child for college and improve their chances of acceptance into elite universities.   Your Tuition Solution is one viable option. For the past 10 years, Your Tuition Solution has been a provider of education loans with flexible payment … [Read more...]

Helping Your Teen Build Credit

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As a parent, there are many different lessons you teach your child as they progress through childhood until they make it to the age of 18. When your child becomes a teen, it’s time to start teaching them about the real world, such as how to make money, properly manage it and build credit.   Your teen should understand that borrowing money is a way of life with a few exceptions. They should also understand that borrowing money and building credit go hand-in-hand almost full-circle; one must have good credit in order to borrow, but they must first borrow in order to build credit. It’s sort of like the concept, “which came first: the chicken or the egg,” huh?   Introducing Your Teen to Plastic   While your child is in high school, it’s a great idea to set them … [Read more...]

Review: Why “My Job Chart” Is Perfect For Your Child

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myFICO Kids – Making financial awareness, protection & health a part of the entire family.   My Job Chart, a free online website, was created by a father of six with the goal of teaching his children about money management and the meaning of good work ethic. It’s designed to build organizational and computer skills, and teach responsibility and work ethic.   My Job Chart is a great program to help parents manage household chores and reward their kids for completing them. The program is essentially a free online chore chart and reward system that ties into a built-in rewards store. This program can be accessed online or via your Android or iPhone app. Parents can stick to the old paper and pen chore chart by printing out chores, or they can let their children … [Read more...]

Trouble in paradise: Quarrels over credit

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Ah, summer, the season of romantic adventures and lazy mornings. It’s the perfect time to take your special someone on a romantic getaway or relax together by the pool. Sounds blissful.     Now say you’ve been with this special someone for a while now. Say the honeymoon period is over and things are starting to get a bit serious. When you used to talk about dropping everything and traveling the world together, now those hopes and dreams have taken on more than a touch of reality: buying a car, owning a home, starting a family. And you know it won’t be long before that special question arises: “What is your credit score?”     Surprised? You shouldn’t be. Financial health has always been a consideration in relationships. But in recent years, credit has … [Read more...]

Teaching Children to Save Part 3: Helping Your Teen Save for Their Future

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myFICO Kids – Making financial awareness, protection & health a part of the entire family.   In light of Financial Literacy Awareness month, myFICO published a few posts identifying state standards on the topics of saving and investing for all age levels. This is the third and final post in the three-part series on how parents can help teach their children the importance of saving and investing at all age levels.   Let’s take a look at what a high school graduate is capable of learning and what parents can do to help.   National Standards for Saving & Investing   It’s important for parents to know what the national standards are in financial education so they know what they should or should not be teaching their children. There are national … [Read more...]

Teaching Children to Save Part 2:
5th – 8th Grade

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myFICO Kids – Making financial awareness, protection & health a part of the entire family.    MyFICO is doing a series of 3 blog posts about children and saving in order to celebrate Financial Literacy Month and Teach Children to Save Day (April 11). For those of you with children in grades K-4th, you may be interested in our first post outlining the concepts children of those age groups are able to understand and we also included lessons about money and saving. This is our second post in the three-part series for parents with children in grades 5-8.   Let’s take a look at what children in grades 5-8 are capable of learning and what parents can do to help.   National Standards for Saving & Investing   It’s important for parents to … [Read more...]

How to Help Your Child Avoid ID Theft

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A blog post for myFICO Kids – Making financial awareness, protection & health a part of the entire family.   Earlier this month we posted an article about the abundance of child ID theft and what parents can watch for to protect their children from those who may be seeking a new identity. Identity theft is highly preventable, not only for parents, but for children as well. Our youth are growing up with new technological advances that give them access to all things the internet has to offer. Most classes today even require the use of the Internet for research or projects.   One study found that 85% percent of kids aged 12-17 used social media networks in 2013, with 94% of teens on Facebook. With the constant updates to Facebook, everything your teen posts - status … [Read more...]

Does Getting Married Affect Your Credit?

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Considering tying the knot? Congratulations! But, as any wedding couple knows, with wedding planning comes financial planning. The rings, the venue, the Pinterest-chic individualized party favors with gold flakes on them—with each addition to your perfect day comes a subtraction from your bank account.   All this spending most likely has you thinking about your financial future with your new spouse. I know how busy you are, so I’ve taken it upon myself to address the three most common questions couples ask me:   1. I don’t love my spouse’s spending habits. Should I try to teach my spouse new habits or just manage the finances myself?    One of the most important facts of life to know before you get married is that you can’t expect your spouse to … [Read more...]

Consumer Protection Rights & Your Children

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A blog post for myFICO Kids – Making financial awareness, protection & health a part of the entire family.   National Consumer Protection Week is an annual campaign that creates awareness about consumer information and protection. There’s actually a lot of regulation put into place to protect consumers that many people don’t even know about.   Thanks to the CARD Act, consumers are protected from unfair rate hikes, retroactive rates and late-fee traps, and important terms and conditions must be publicly available. That’s just to name a few. What you may not realize though, is that consumer protection isn’t extended just to adults; children need protection, too. Your child’s personal information, like yours, is protected by law. Sadly, identity theft threatens the … [Read more...]

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