If you are the parent of a teen and have been looking for the right time to talk to him or her about money – now is the time. Jill Russo Foster, author of “Cash, Credit, and Your Finances: The Teen Years,” says she believes early education is the most important step to becoming financially savvy and avoiding debt. She writes:
I’ve come to believe that financial education is the key for everyone. The sooner you start learning about money and personal finance, the sooner you can take control of your own finances. This book will start you off in the right direction and teach you how to build good financial habits.
Foster, who is now in the mortgage industry, started her financial career right out of college when she began working as a bank teller in an affluent neighborhood. She recounts that most people she saw at the bank wore designer clothes, had the latest car and were also on the overdraft list.
In the book, Foster uses examples of five teens that were given her book to read and later tells of the changes they made to change their money habits. The teens’ stories and her own – she admits to having 27 credit cards at one point – make the book easy to read. Your teen will be able to relate to the teens’ stories and learn from their success and failures.
This 84-page book will teach your teen about the basics of managing their money – think allowances and babysitting money – while thinking of long term goals like saving for college and short term goals like buying an iPod. The book is divided into five chapters that are filled with worksheets and practical examples for teens to understand. The chapters include information on creating a budget, the banking system, establishing credit, strategies for paying for college, avoiding identity theft and making major purchases.
This book is the first in a series of three books on personal finances by Foster. If you would like to win a copy of “Cash, Credit, and Your Finances: The Teen Years” for your teen, leave a comment explaining why your teen needs to read this book. If you can’t wait to get a copy, you can buy it on Amazon for $15.25.
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