Managing Your Money For All Ages

Table Of Contents
Chapter 1:
Beginning Early to Do Better – The Lemonade Way
Chapter 2:
Teaching Kids to Manage Money
Chapter 3:
Money Management for Teens
Chapter 4:
Money Management for Families
Chapter 5:
Money Management for Home Business Ventures
Chapter 6:
Managing Money when the Chips are Down
Chapter 7:
Protecting Yourself from Illegal Money Management Schemes
Chapter 8:
Investing Money
Chapter 9:
Money Management Strategies
Chapter 10:
Money Management for the Future
WorkAtHomeSuccessAcademy.com - 4 -
Introduction
Money management is an art. Sadly, it is becoming a lost art.
We are becoming poorer each day just because we cannot manage the resources
that we have so painstakingly accumulated. We don’t know how to manage our
assets and nurture them to grow.
Inside, you will learn various ways of money management for all ages and all
walks of life.
Have an enriched experience reading this eBook. It might just help you gain
better control of your life.
WorkAtHomeSuccessAcademy.com - 5 -
Chapter 1:
Beginning Early to Do Better – The Lemonade Way
WorkAtHomeSuccessAcademy.com - 6 -
Summary
The best money management is that which begins early on in your life. Don’t
wait for things to reach a precarious level before thinking about managing your
precious resources.
WorkAtHomeSuccessAcademy.com - 7 -
Beginning Early to Do Better – The Lemonade Way
A wag once said – “The easiest way to teach children the value of money is to
borrow some from them.” Indeed, the frown and pout on such a child‟s face
would indicate a loss of something quite tangible! But it is important to teach a
child that the concept of money goes beyond a few coins or dollars. Money and its
successful management reflects liberty and a control over one‟s destiny.
To learn about money management from a tender age, a child can be explained
the parts of the financial system in a simple way – The Lemonade Way:
Banking – Your kid can start with a simple savings account to run his lemonade
business. When they write a check for the purchase of lemons and sugar and file
the receipt for them, they will have learnt his first banking lesson. Take them
through simple interest, compound interest and so forth.
Income – Explain to your child that money can come in through salaries, sales
profits, commissions, consultancy fees. When they collect a fee to explain how to
make a better lemonade, you know they have got the hang of consultancy!
Expenditure – The child must appreciate the importance of a budget to control
expenses. If they blow away his day‟s profit on a large scoop of ice-cream, they
will have no money to buy lemons the next day. When they borrow money from
you, charge them simple interest! Also charge them a few cents toward
infrastructural cost (they are using a chair and table from home).
Insurance- Take a cent from them every day as insurance. They may fret and
frown for a week, but when they come down with a cold after drinking all that
surplus lemonade, and you foot their medicine bill, they will understand the
concept of health insurance!
WorkAtHomeSuccessAcademy.com - 8 -
Investments – Advise them to keep a few cents aside to buy their lemon stand.
They may learn fast and probably even buy the neighborhood store by the time
they are teenagers.
It is not as difficult to teach kids to manage money. If you have the right
discipline, they will certainly learn.
WorkAtHomeSuccessAcademy.com - 11 -
Teaching Kids to Manage Money
"Money is like a sixth sense without which you cannot make a complete use of the
other five." - W. Somerset Maugham
Teaching young children the importance of managing money responsibly can
help them live fuller and well balanced lives as adults, using all six senses to
maximum efficiency. They will have learnt their ABCs as tiny tots, but as growing
kids you can teach them the five Bs of effective money management:
Budget – Let your child outline his or her needs in a typical month and plan a
budget around these costs. Provide for recreation and reading as well, you don‟t
want Jack or Jill to be dull children!
Balance Sheet – Print out a simple balance sheet template and teach them how
to enter their debit and credit every day. At the end of the month they will know
exactly where they stand, thus imbibing a sense of fiscal responsibility. They will
understand that there is no such thing as a free lunch! And that a dollar saved is a
dollar earned.
Board meeting – Discuss and communicate with those associated with your
income and expenditure. If