Raising an Independent Teenager

I remember posting on a message board about opening a checking account for my 16 year old. She and I had picked a date, gone to the bank, brought all of the paperwork and opened her account. She and I both were both excited.

I was truly amazed at the large number of moms who thought I was crazy. They each had different reasons, for thinking I was nuts. They did not feel their own children could handle the responsibility of having a checking account, or they did not feel their own children would understand that having more checks did not mean they had money, or they did not believe a 16 year old should have their own checking account. Many women said they did not believe the part time babysitting job their child had, gave the child enough money to justify opening an account.

In just two years all of these kids will be 18. Many will be leaving home. If they have not been taught money management, have not been taught how to balance a checkbook and have not been taught how to use a check book register while at home, how will they know when they leave home?

Having worked in a college bookstore, I can share numerous stories of 18-20 year olds who had no idea how to write a check, how to record a check or how to balance a checkbook. A few students were not even sure where to sign their checks. Others, when asked to please print their local address on the check, put it on the bottom under the routing numbers. They did not realize that this was not ok.

If as a parent you truly believe your 16 year old is not ready for the responsibility of a checkbook, then consider an Excel spreadsheet. When my daughter was about 13, we created two spreadsheets. One was for clothing and one was for school lunches. We looked at how much money I spent in an entire year on her clothing. This was her beginning balance. Each time we bought shoes, pants, earrings etc, she had to record the purchase. Excel does the math, so she was able to see her total balance go down as she made purchases. She also could look at her total left and make choices of what was more important, the very expensive pair of shoes, or a few new sweatshirts for winter. She knew when the money was gone, there was no more. If her choice was the shoes and she had no warm clothes, she'd have to wear last years, or wear mine. What teen wants to wear mom's clothes?

Her lunch allowance was a running total. She began each week with . If she did not spend it in week one, then at the beginning of week two she had . Again, Excel did the math, but she needed to add the each Monday and then deduct what she spent each day. If she did not record purchases, she was not given the following Monday.

These spread sheets taught her how to add money in and subtract money out while recording where the money went.

The other area where I believe we can help our kids become independent is shopping for food and cooking. A 16 year old is plenty old enough to prepare one meal a week. If their schedule does not allow one meal a week, then try one meal per month. If you don't help your child learn to choose ingredients, read a recipe and cook a meal, how will they know how to do this when they no longer live with you? My older daughter has a friend getting married next week. Right now, this gal eats McDonalds twice a day. She doesn't cook. Not only is this expensive, but it is so unhealthy. We make awesome burgers at home. We load on BBQ sauce and onion rings, or teriyaki sauce with pineapple rings, or many other toppings. So, we do eat burgers, but we make them ourselves. Both of my kids can make great burgers.

Both of my kids have always gone to the market with me. They know how to read labels, check ingredients in products and pick out fresh fruits and vegetables. Again, if they don't do this with you, how will they know how to do this when they leave your home? My kids also know how to shop for store sales. They know how to read the store labels and determine how much they are paying per unit or per ounce so they can compare sizes and brands.

These are just two areas we can help our teens to feel more independent, and prepare them for adulthood.

What You Should Do If Your Checks are Lost or Stolen

Checks have lost their popularity. There are a number of reasons for this:

- Debit cards and credit cards are much more convenient to use than checks.

- Most people use credit cards to avail of the attractive incentive programs that credit card companies offer to encourage the use of credit cards.

- Electronic fund transfers are preferred more by many because they are a fast and convenient way to pay bills.

- Checks tend to incur bank fees because they have to be manually processed.

- Checks may also cause fees and taxes not carried over from the past, but not applied to current payment agreements.

- Compared to other payment methods, checks are less secure.

- Checks may take awhile to clear.

Despite these, though, checks are still used quite often. Many people use checks as a backup means for paying.

An identity thief, if given possession of or access to your checkbook and one other form of your identification, is prepared to go on a shopping spree at your expense. It takes very little practice to duplicate a signature and the fact that signatures on the back of credit cards fade easily only makes it easier for the identity thief to pass his signature as your own. If the identity thief draws no suspicion toward himself and he uses your check book, he can deplete your bank account in a short amount of time.

Cancelling your credit card will insure that the identity thief will not be able to use it for fraudulent purchases. However, an identity thief may still be able to use your credit card as a form of identification. In most cases, if a credit card is only being used as a form of identification, the retailer will simply note the card number and verify the signature on it. A credit card including your photo will, of course, make this more difficult for the identity thief.

Usually, identity thieves will not take entire checkbooks. They will simply tear out a few checks. It is unlikely that you will even notice the missing checks unless you keep secure records of your checking history. If there are other things missing from your wallet, you are more likely to take precautions such as canceling credit cards, but you may see the checkbook still there and assume it's in tact. The identity thief may also be very patient, waiting a month or two before even deciding to use a stolen check.

To make it even more difficult to acknowledge the missing checks, an identity thief may only write checks in small amounts and at lengthy intervals. If you have any suspicion that your checks may have been lost or stolen, take precautions immediately. You can put a stop on the checks, but it is possible that you will also incur fees in the process to insure the safety of your account.

Money Unspent

About three years ago, I left my job to become self-employed for the first time. The first years were great. I had business coming in from another source, and it seemed as if there was nothing but security and growth in my future. When the economy hit, I learned rapidly that growth "out there" was not something I could rely on. I had to turn inward.

Mrs. Eddy, in her book Science And Health with Key To The Scriptures, states, "The wintry blasts of earth may uproot the flowers of affection, and scatter them to the winds, but this severance of fleshly ties serves to unite thought more closely to God, for Love supports the struggling heart until it ceases to sigh over the world and begins to unfold its wings for heaven."

I longed for this to be true, as I was faced with a greater fear than I have ever known, and I needed something to calm me. Before embarking upon my business, I relied heavily on budget and a consistent income. I prided myself on being organized, frugal and responsible. Whenever an unexpected event occurred that required some budget rearranging, fear would be the first thing I would face, "How can I possibly fit this in and still survive?"

For my business to stall, with no other source of income, was definitely unexpected and scary. Fortunately for me, growing inwardly was just as important as outward growth. And, as Mrs. Eddy's quote suggests, the more "blasts" I felt from earth, the more I readily turned upward in my thought, seeking solace in a place I could rely on. Over the next few years, I returned to this quote time and time again, as my income experienced continual swings from high to low. I needed to be reminded that the balance of my money was not an indicator of my true supply.

As a child in Sunday School, I had been taught that Divine Love supplies our every need. But it's hard to count that. There aren't ledgers and checkbooks that will show you are flush. I had to retrain my mind. As my money would dip, I chose to believe that supply comes in a variety of ways. It can be in good ideas, it can be in a gift from a friend or stranger, it can be the offering of a service at reduced or free rates. It can be the sun on my back or the wind in my face. If I feel fear every time I glance at my checkbook or make a trip to the bank, then I must not believe in Divine Love's ability to supply my every need. How could human indicators, such as my checkbook, tell me anything of God's power?

I started to bless the bank, every time I went. I resisted the fear and the shame I would feel as I walked in. I saw the tellers as children of God with me, so caring less about my financial prowess, working with me and all in our expression of Divine Love. I began seeing the building as just one expression of supply, and endless supply at that. I felt the fluidity of supply, as a river always flowing, even though you can't see it at times. Much like an aquifer, supply is always there, it arises in different points and through different materials, but it is always in the earth's crust somewhere.

Now, I'm not going to tell you what my financial status is right now. Does that even matter? I am part of the flow of supply, and I always will be. Its expression in my life changes just as every other material component in my life changes, but the fact will always remain: I am provided for continually, effortlessly and substantially.

The amplified edition of Mary Baker Eddy Christian Healer, written by von Fettweis and Warneck, describes my current understanding of supply best: "...to spread undivided the Science that operates unspent."

"...to spread undivided" meaning all are flowing in this river of supply, and "the Science that operates unspent," meaning there is no end to the supply of Spirit. It is everlasting and continual. I can count on that.

How to Develop a Spending Plan

The best way to develop a spending plan is after you have identified your spending habits, located where your spending leaks are and been able to plug them. A budget focuses more on monthly expenses and how to manage the expenses and income on a short-term scale. On the other hand, a spending plan is mean to be a plan for the long term.

The main aim of a spending plan is to note the money that is coming in and the money that is going out and then think of reasonable ways of balancing the two preferably with more money coming in than going out.

We will start by identifying the four basic steps that are involved in the development of a spending plan.

1. Look at the money coming in - Income
2. Look at the money going out - Expenses
3. Compare the income and the expenses - are you living within your means?
4. Eliminate the non-priority purchases by assigning priorities to all expenses.

What is important is that every member in your family should be involved in creating the plan so that they understand why certain spending decisions that could affect them were made and so that they do not feel left out. Take everyone's opinions while deciding on priorities. However, once the plan is ready, it has to be the responsibility of just one person to track the income and expenses. That person will be paying the bills, balancing the checkbook, keeping track of the cash and forbidding extra expenses, if need be. It is best that every few months, the family meet to review the progress made, the savings already put aside and make the required adjustments in either income, expenses or savings goals.

Traffic Ticket Fines

Nothing sucks more than paying money and getting nothing in return. Classic case: a speeding ticket. You end up owing 0 or more, and in return, you get a beautiful red mark on your driving record that can only make your life worse. And there's absolutely nothing you can do about it except pay the fee and get on with your life.

Ok, so maybe that last statement isn't exactly true. There are in fact things that you can do to get out of your speeding ticket, or at the least get it reduced to something less harmful to your future. But most people will never know, because they just pick up their checkbook and pay the fine without even thinking about it. Whatever you do, don't be that person! Those of us in the know are getting out of those very same citations that you are hopelessly paying.

Some people might not want you to know. They might think that spreading the word will dilute the traffic ticket avoidance potential for the rest of us more savvy individuals. But I don't buy into that at all. As far as I'm concerned, everyone should know that they don't have to just accept their ticket. You can fight your ticket, you can get your ticket reduced, you can get your ticket eliminated completely. Don't let anyone else tell you differently.

"But I already have a speeding ticket on my record, so I'm sure they won't let me off easy." I used to believe that very thing myself, but just recently I had a personal experience with someone that had a terrible driving record and got out of a very bad situation nonetheless. The important thing is that you don't give up. Don't just sign the back of the ticket without even thinking about it and mail it in. You need to do some research, check out your options, and fight those traffic ticket fines.

Checkbook IRA LLC - Investing Guidelines - Part One

Alternative Assets-Non-Traditional Assets

What are alternative assets-non-traditional assets:

When considering their investing choices, the vast majority of investors immediately think of stocks, bonds, mutual funds, exchange traded funds, and closed-end funds. These categories of investment assets are in fact the most well known and popular.

Fidelity Investment, Vanguard, Morgan Stanley, and certain bank trust departments are examples of the type of IRA custodians and administrators that allow only stocks, bonds, mutual funds, exchange traded funds and closed-end funds.

But, there is a smaller, but very important class of assets that appeal to many investors. These assets are generally not actively traded on exchanges; consequently they are less well known to the general investing public.

There is a separate group of IRA custodians and administrators who allow and encourage their clients to invest in a much broader range of asset classes and asset groups. They provide the capability for their clients to invest in assets that are listed on exchanges and assets that are not listed. The "not listed" category of investment assets are communally referred to as alternative assets or non-tradition assets.

Here is a list of the most common alternative and non-traditional assets:

Flipping Real Estate Pre-Foreclosures Investment Real Estate-all types Commercial Property-all types Raw Land Partnerships Private Developments REITS-all types Domestic Rental Property Foreign Rental Property Foreclosed Properties Tax Liens and Certificate Trust Deeds & Mortgages Equipment Leasing Private Notes Business Notes Limited Liability Companies (LLC) Gold & Silver Foreign Assets Foreign Real Estate Foreign Exchange Hedge Funds Venture Capital Lease Options and Sub Lease Options

As you can see, each one of these asset groups is an investment specialty-possibly in a "world of its own". No individual investor can hope to be informed and knowledgeable about more than two or three of these groups. For an individual investor to invest in any single alternative asset group, that investor needs specific, current information and knowledge relating to that group.

Why do investors invest in non-traditional assets?
In many cases the investor has special knowledge and familiarity with a certain type of asset or industry. An example would be if the investor has been in a specific industry, or if the investor's family has been in a specific industry, or if the investor has studied an industry as a hobby or professionally.

Another reason behind this investment strategy is to try for more consistent returns, and to protect against money getting locked up in inflation.

Diversification of investing capital is yet another reason. Alternative assets may provide a way to create monthly cash income. Different types of these assets provide different levels of income and different levels of risk. The cash monthly returns earned from these assets depends upon in the intrinsic quality of the asset, and the quality and quantity of the collateral security backing it up.

What general guidelines should be followed?
The fundamental considerations that will dictate these investing guidelines are basically the same "common sense" rules governing all financial decisions.

Do I understand what I am doing in a general sense? Do I understand the nature and function of this asset? Do I know how to value this specific asset? Do I understand the risks I am assuming? Do I know the people or company that I am dealing with? How did I find this asset, or how did it find me? Do I know my legal rights? Do I know my legal liabilities? How much of my investment capital should I invest in any one asset? How long should my capital be tied-up? Do I have an exit strategy? Do I need independent professional help in order to "get this right"?

Conclusion

It is not enough to do your best; you must know what to do, and then do your best. W. Edwards Deming

The Importance Of Balancing Your Checkbook

Every once in awhile I get a shock when I look at my bank balance online. It's not because I'm overdrawn, but I will notice that it's less than what I thought I had.

The problem is that I don't consistently balance my checkbook. I do check balances, and I do balance most of the time, but sometimes I forget to do it, and thus the shock when I look at my balance.

The importance of balancing your checkbook is so you really know how much money you have in your account. These days, being able to check our balances online gives us a false sense of security in thinking we know what our balance is at the time. The truth, however, is that it can only show you what transactions have actually taken place through the bank, and not tell you how things are overall.

For instance, with my business checks, sometimes the people I'm paying don't get around to depositing that check for a couple of months. Without balancing my checkbook, I may not know that a certain check hasn't been cashed yet and spend that amount. If I spend too much into that check amount, I'll overdraw my account. It's easy to do, and it can be scary.

Depositors have 90 days to deposit your check before it's considered null and void. Some banks will cash checks older, but that's not standard practice. Even electronic payments sometimes take longer than you expected to show up in your bank account; that goes both ways, by the way, as sometimes you receive payments electronically and might have to wait up to 7 days for it to show up.

There are two ways to balance your checkbook; the traditional way and the modern way. The traditional way is to take your monthly bank statement and follow the directions on the back of the form. It tells you to write out the balance the statement says you have, then on one side list all the checks and electronic payments and withdrawals you've made since the last date showing on the front of the statement. The smart move is to go through all the check numbers and mark them off in your check register to see if any checks are missing that should have cleared. If not, add those checks to your list of outstanding checks.

On the other side, list all deposits into your accounts. Total both columns up, then subtract all checks and withdrawals from the total, then add back all deposits, and that will tell you what your true balance is. If you balance to the amount in your check register, great; if not, see if you missed an entry.

Now, if you're not writing down all of your checks, this next method is definitely for you. You need to have online access to your bank account. Then what you do is see what your balance is and go back at least two pages to see what checks are showing. If you notice check numbers missing and they're recent, then subtract those from the balance showing online. If you're going back two pages and you notice there's a check number missing, go back at least one more page, and if you don't see it then you'll know that something it outstanding. Trying to guess what's missing and for how much will be problematic, but at least you'll be wary.

Truthfully, most people write certain checks for a consistent amount monthly, or at least close to that amount, so it may be easy to figure out what's missing. If you happen to be a person who writes a lot of checks indiscriminately, you're in some trouble.

If more people balanced their checkbooks on some kind of consistent basis, they wouldn't overdraw their accounts, and thus face stiff penalties from their banking institutions. That's never good, because it takes even more money from you that you probably needed. Be careful with your bank accounts and feel secure in how much money you really have to spend.