‘Tis the Season to be Mindful: Help Your Kids Practice Restraint & Generosity

‘Tis the Season to be Mindful: Help Your Kids Practice Restraint & Generosity

Famed children’s book character Mrs. Berenstain Bear knew what she was talking about.

At this time of year, her “cubs,” she says, get a good case of the “Gimmies.” And of course, why wouldn’t they? The frenzied build up to “Black Friday” left Thanksgiving in the dust. Although this time of year is great for retailers and can give a boost to our economy, what message does it send to our children who hear and see the mad rush to spend?

Kids get amped up about the holidays – nothing new there. And I get it – as parents, we want them to enjoy the magic. But with 17 million hungry people across our nation, for many, the holidays are a cruel reminder. It’s a good time to inspire children to re-focus — not on what they’re getting – but instead, on what they’re giving.

Giving feels good. But generosity starts by carefully stewarding your own family’s finances, first. This year, I challenge parents to model benevolence. Spend less so you can give more, and enjoy a truly meaningful holiday season – without quite so many “gimmies.”

5 Steps to Enjoying a Bountiful, Generous Holiday:

1. First, ensure your own family’s finances are in order.

Generosity is good, but we must not jeopardize our own financial stability to give to others. Devise a budget for gifts for your own children, and bear in mind that less is more. Spoil them with time and memories, rather than toys and gadgets that may get lost amongst the dozens that they already have. Remember it is the experience, not the expense, that is important.

2. Encourage Thoughtfulness & Creativity in Gift-Giving Read Shel Silverstein’s, The Giving Tree to your kids – the older ones too!

A classic that shows your children they don’t have to spend money to give generously. Encourage them to make gifts or coupon books for Mom, Dad or Grandma – with coupons for chores around the house, breakfast in bed, backrubs or other acts of helpfulness and kindness.

3. Require kids to earn the Money they spend on Gifts As parents, we serve our children well by teaching them that work and creativity yield reward.

Even Preschoolers can feed the dog, separate silverware from the dishwasher and match socks. Devise a list of extra chores kids can do to earn cash. Give them ads to sift through for coupons and deals. Then, hold them accountable for spending their money wisely. And have fun shopping!

Tip – Encourage your kids to create their own earnings by unleashing their entrepreneurial gifts. Check out the award winning YOUTHpreneur’s Biz Kit – and give them the gift of a life lesson! Entrepreneurial spirit has no age barrier to entry.

4. Provide Holiday Cheer for a Child in Need Can you imagine what would happen if every family (who was able) provided a wonderful holiday experience for just one child in need?

Talk with your children about kids whose parents are suffering hard times. There are programs on every corner empowering you to help others, including Angel Tree, providing gifts for children whose parents are in prison. Share with your children the various ways to give and let them decide how they want to help. They can even search their own closets for clothes and toys that can be given to children less fortunate.

5. Start a Savings Fund for Next year’s Gifts While it’s fresh on your mind, conduct a family meeting to plan a savings strategy for next year’s holiday season.

Review how much you spent this year, and devise a plan to create a special fund for the following year. Visit your local personal banker together, and explore holiday savings account options. I am repeating myself – sound personal financial skills are first taught at home. Prepare your children now, so they anticipate and guard against the trappings of overindulgence and over-spending during the holidays in years to come. Set your children and family up for a lifetime of New Years spent looking to the year ahead, rather than worrying about paying for the holidays just past.

From all of us at Pay your Family First, we wish you a peaceful, restful, meaningful Holiday Season!

Takin’ it To the Streets: Talking to your Kids about Occupy Wall Street in the era of “Clicktivism”

Takin’ it To the Streets: Talking to your Kids about Occupy Wall Street in the era of “Clicktivism”

By: Sharon Lechter

Shaking Things Up. This is what the Occupy Wall Street (OWS) movement is really about, after all – shaking things up. And this is activism at the dawn of the social media revolution. Making your voice heard doesn’t always take the shape of a swelling procession, or require yelling from the streets. Just click, “Share” – and you’ve got yourself a grassroots movement.

For those of you old enough to remember the social and political unrest of the ‘60’s and 70’s, you may think of the occupiers, “been there, done that.” What’s different this time? Just who is taking to the streets, and what is the message?

The message isn’t exactly a cohesive one, but that could work to the movement’s advantage in tapping into the masses. The demographics appear to cross cultural, racial, gender and economic platforms. Different people have highly personal reasons for their angst toward the financial sector, and all things corporate.

Now, the movement that started in mid-September has gone both viral and global. It is democracy in action, and for that reason, warrants our attention. And we can be sure in today’s high information access world, our children have taken notice. How can we guide them in understanding and forming their own opinion on what is happening with OWS?

Get the Facts

As always, the buyer – in this case, the media consumer and general public – should beware. Investigate before you click, “Like” on FaceBook. Read. Ask questions; strike up a conversation with your neighbor before you paint a placard – or dismiss the movement altogether.

Most importantly of all, I say, we’re called to teach our children. They should have a healthy understanding of how our economy works, and become empowered to make an impact if they choose. This means talking to them about what we are up to, and connecting them to credible information. Then, we can inspire them to form their own questions and perspectives.

If you’ve been sitting on the sidelines and are not sure how to get the conversation started, here are a few facts:

Origins: Launched on September 17, 2011, by members of Adbusters, a collection of artists, entrepreneurs and activists, OWS spearheaded a series of demonstrations based in Zuccotti Park near the Wall Street Financial District in New York City.

Impetus: According to AdBusters this movement was inspired by the Egyptian Tahrir Square and other uprisings; their message protests social and economic inequality, greed & consumerism, corporate influence in politics, and the power of special interests and lobbyists.

Going Viral: Social media has played a significant role by spreading the message via Facebook and Twitter, inviting demonstrators to launch camps across the nation – and the globe – in cities including Phoenix, Oakland, Detroit, Venice, Tokyo, Paris and dozens more.

What’s your take? Are the “occupiers” barking up the wrong tree? Is their anger displaced? Is the economic crisis a failure of the “free market” system, or, a product of excess government regulation?

Occupy Main Street: High Finance at the Kitchen Table

Whatever your take, the spotlight on OWS highlights the great fear and angst the current economic turmoil has created. The movement presents an opportunity to talk to our children about the economy, and our own family’s finances. Ask children what they’ve heard in the media and at school. Scan print and on-line publications, showcasing the varied outlets that present the information to the public – and start a conversation about what they think of the movement and how people can empower themselves in today’s economy. Talk about your job or business, and how understanding the basics of personal finance and entrepreneurship can create opportunities in the face of tough economic times.

As busy families – you may not have the desire, time, or inclination to take to the streets or even participate with “clicktivism.” But you can inspire your children to explore and contemplate their own financial futures – right from your own kitchen table.

Want to inspire your children to tap into entrepreneurship? Check out our YOUTHpreneur BIZ kit (Moms’ Choice Award winner, 2011) at: http://www.youthpreneur.net/shop/product.php?productid=16133&cat=0&page=1&featured

Best selling author, entrepreneur, international speaker, CPA, philanthropist and proud mother and grandmother, Sharon Lechter passionately promotes financial literacy. A national spokesperson for the AICPA, Lechter also served as a member of the first President’s Advisory Council on Financial Literacy.

The Founder of Pay Your Family First and YOUTHpreneur, Lechter has been honored to receive several awards, including the Mom’s Choice Award® for her board game, ThriveTime for Teens, and also for the YOUTHpreneur BIZkit. Most recently, she released Three Feet from Gold and Outwitting the Devil in cooperation with the Napoleon Hill Foundation. Co-author of the international best selling book, Rich Dad Poor Dad, Lechter continues to travel the globe empowering others to achieve prosperity. Visit Sharon Lechter online at http://www.sharonlechter.com

The Debit Card Debacle: A Teachable Moment for Family Financiers

What can $5 buy you these days? In Bank of America’s case, a perfect storm.

The backlash that ensued was fast and furious when BOA – the nation’s largest bank – announced the new $5 monthly fee on debit card customers. Whatever your opinions, I’m encouraged by at least one unintended consequence – we’re all talking about banking fees. Keep talking, and – well, you know what my advice is. Educate your children, too!

Surely BOA didn’t anticipate the fury this new policy would incite. The public outcry seemed a “boiling over” – the cauldron, of course, our nation’s struggles – a stagnant economy, high unemployment and distrust toward all things corporate.

Of course, there are at least two sides to every story.

So let’s stand back for just a moment and consider the broader picture, then make an application to our own personal financial goals. How many people honestly say they understand each and every fee their banks excise? How have recent legislative changes impacted financial institutions such as Bank of America? Is it fair for banks to charge fees for debit, checking and other ancillary services?

To get some perspective, consider the following events that led to this moment:

–Bank of America received $45 billion in “bailout” money in 2008 and 2009, as did Citigroup Inc., the most of any bank. (Bank of America repaid the money in late 2009.)

–The Wall Street Reform and Consumer Protection Act was signed into law in 2010 and took effect this October, 2011, imposing a limit on what banks can charge retailers for debit card transaction. (24-cents each)

–Bank of America was the first to take the plunge, excising fees that will affect basic checking accounts, and a monthly $5 charge that applies to purchases made with debit cards. ATM withdrawals, online bill pay and transfers made using cell phones are exempt.

You can read the scores of articles and opinions volleying blame for the response to Bank of America’s decision. Were the fees designed to make up for the loss of BOA’s projected revenue by passing the cost on to consumers? Did retailers pass their savings on to the consumer?

Do Americans simply feel entitled to free services from banks that secure, protect and invest our wealth? Or do increased regulations mean the consumer is on the hook to pay the piper? What are your thoughts as to what’s fair?

Whatever your answer, I believe it is incumbent upon the consumer to take a proactive role in negotiating the fees imposed by financial institutions. Choose wisely. You are the customer, so exercise your buying power. A few tips:

–Read the Fine Print. When you open a new account, take the time to read the terms. Investigate. Does the bank charge fees for basic checking and savings accounts? To use debit cards? Negotiate. Ask if the bank is willing to waive the fees.

–Negotiate a better deal. If you’re a current customer and aren’t certain what kinds of fees you’re already paying, get in front of a personal banker. If you aren’t taking advantage of banking online, ask for help navigating the system. If you’re a long-time customer, they won’t want to lose your business. ASK if they will consider waiving fees.

–Exercise the “Power of Walking Away.” Compare fees and services offered by the many banks competing for your business. Don’t just accept what they offer without a willingness to walk across the street to do business with a bank who that matches your criteria.

–Educate your Children. We have to teach our children to engage in managing their finances now, so they make wise choices for themselves in the future. Take them with you when you visit the bank. Open a savings account on their behalf if you haven’t already, and encourage them to ask, “are there any fees for doing business with your bank?”

Banks big and small won’t survive without your money. Take advantage of the storm, and make certain the waves roll in your direction.

Sharon Lechter is an entrepreneur, author, philanthropist, educator, international speaker, licensed CPA and mother. She has been a pioneer in developing new technologies, programs and products to bring education into children’s lives in ways that are innovative, challenging and fun, and remains committed to education – particularly financial literacy. Co-author of the bestselling book, Think and Grow Rich-Three Feet From Gold with the Napoleon Hill Foundation, Rich Dad Poor Dad and 14 other books in the Rich Dad series, Sharon’s most recent book project is Outwitting the Devil by Napoleon Hill- a manuscript hidden for over 70 years- annotated and updated by Lechter for the modern reader.

She is the founder of Pay Your Family First, a company dedicated to empowering children and families to build prosperous futures through financial literacy education. With innovative, thoughtful and easy-to-understand programs and products, such as the ThriveTime for Teens board game and YOUTHpreneur entrepreneurial programs, Pay Your Family First teaches the practical skills that will give a new generation the self-assurance to become masters, instead of slaves, to their money.

Sharon served as a member of the first President’s Advisory Council on Financial Literacy, a national spokesperson for the National CPAs Commission on Financial Literacy, and an instructor for Thunderbird School of Global Management’s Project Artemis.

She is also a member of the National boards of Childhelp, Women Presidents’ Organization, and EmpowHer. For more information visit https://www.sharonlechter.com and https://www.payyourfamilyfirst.com.

Financial Education: Teaching our Chicks to Create their own Nest Eggs

Financial Education: Teaching our Chicks to Create their own Nest Eggs

By: Sharon Lechter

As dedicated parents, we invest much time readying our children to leave the nest and fly out into the wide-open spaces. Why wouldn’t we? Peaceful Saturday mornings sound pretty appealing after years spent cheering on the sidelines. So, we encourage our chicks to head for college, make a living and leave us to enjoy our empty nest. (Sort of!)

But what good is higher education if our children can’t properly steward, save and invest the money we’ve taught them to earn?

It’s why I’m a proponent of financial education – at public schools and universities, yes. But most importantly, financial literacy begins at home. Under your capable wing, you can create opportunities for your children to earn and manage money that fosters the skills they need in the future. Set the stage now, so they can make minor mistakes at home before they incur the real consequences of epic debt later.

Think about it – what did your own parents teach you about managing finances? Take time to develop some personal goals in educating your children about personal finance. Write them down, and make priorities. If you’re just starting out, try implementing the following:

Visit your bank (in person, and on-line) and ask for any financial literacy tools for children. Open a savings account on their behalf.
Invite your children to associate money with work. If your family offers an allowance, invite them to do extra chores for extra funds.
Check out my ThriveTime board game. Play it with your teenagers, and ask them to make a list of their own financial goals. Keep the conversation going. Talk about every purchase you make as a family – how you paid for it, and how the cost impacts your own budget.

If you yourself have always struggled managing finances, don’t worry. Make a vow to learn right alongside your children! Tune in to my blog each week for news, tips and encouragement.

Together, we’ll make certain your family’s prepared to leave your nest and build a secure one of their own.

Yours in Empowered Financial Freedom,

Sharon Lechter

Sharon Lechter Named Stevies Finalist Award

Stevie Award Winners to Be Announced in New York on November 11, 2011

Scottsdale, AZ, November 1, 2011: Sharon Lechter, best selling author and financial literacy expert was named a Finalist in the Lifetime Achievement category in the 8th annual Stevie Awards for Women in Business. Founder of Pay Your Family First, also a finalist for a Best Company category, Lechter continues to innovate new ways for families to teach financial responsibility globally.

The Stevie Awards for Women in Business honor women executives, entrepreneurs, and the companies they run –worldwide. The Stevie Awards have been hailed as the world’s premier business awards.

“I’m honored to stand alongside so many accomplished women nominated for this prestigious award. I hope that this honor sheds light on the importance of financial education as we continue our work to empower families and to inspire children to create financial independence,” said Lechter.

Nicknamed the Stevies for the Greek word “crowned,” winners will be announced during a gala event at the Marriott Marquis Hotel in New York on Friday, November 11. Nominated women executives and entrepreneurs from the U.S.A and several other countries are expected to attend. The presentations will be broadcast live on radio in the U.S.A. by the Business TalkRadio Network.

More than 1,300 entries – a record for the competition – were submitted this year for consideration in 75 categories, including Best Executive, Best Entrepreneur, Women Helping Women, and Communications Campaign of the Year. Sharon Lechter is a Finalist in the Lifetime Achievement category.

Best selling author, entrepreneur, international speaker, CPA, philanthropist and proud mother and grandmother, Sharon Lechter passionately promotes financial literacy for families. A national spokesperson for the AICPA, Lechter also was honored to serve as a member of the first President’s Advisory Council on Financial Literacy.

Lechter has received a 2010 Mom’s Choice Gold Award® for her board game, ThriveTime for Teens, as well as a Gold award in 2011 for the YOUTHpreneur BIZkit. Pay Your Family First resources have also been awarded a Dr. Toy award, WTS Toy Review’s 5 Star rating as well as Creative Child Magazine’s 2010 Game of The Year for ThriveTime for Teens.

Most recently, she published, Three Feet from Gold and Outwitting the Devil, in cooperation with the Napoleon Hill Foundation. Co-author of the international best selling book, Rich Dad, Poor Dad, Lechter continues to travel the globe empowering others to achieve prosperity.

For further information about Sharon Lechter, visit her online at http://www.sharonlechter.com/. To explore Lechter’s games and tools for youth, visit http://www.payyourfamilyfirst.com/.

Details about the Stevie Awards for Women in Business and the list of Finalists in all categories are available at www.stevieawards.com/women.

About The Stevie Awards Stevie Awards are conferred in four programs: The American Business Awards, The International Business Awards, the Stevie Awards for Women in Business, and the Stevie Awards for Sales & Customer Service. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at www.stevieawards.com.

Sponsors and supporters of the 8th annual Stevie Awards for Women in Business (as of October 12) include the Business TalkRadio Network, Coloredge, Infogroup, KeyBank | Key4Women, Melilea International Group of Companies, SDL, and Smart Reader Worldwide.

Pay Your Family First

Pay Your Family First is more than just my financial literacy company, it is a bedrock principle that successful, life-long money management begins at home. Before you can truly invest in your future goals, you have to invest in yourself. The biggest investment you can give your kids and yourself is an understanding of money and how to escape the rat race. Learn to make your money work for you, not the other way around! Empowering kids and families with the confidence to understand and tackle the complexities of fiscal responsibility creates strong communities and a wealthier future for all of us. That is what Pay Your Family First is all about and that is exactly what you need to do to help propel financial literacy in this country. Empower success in your family’s life!Here are the staggering statistics behind the lack of financial education in this country:

Just 26% of teens understand credit card fees
The average teen thinks that he/she will earn an annual salary of $145,000
76% don’t know if using a check-cashing service is a good choice or a bad one
Only 34% can balance a checkbook
62% of 18- to 24-year-olds are saying very little or nothing at all
32% of college students are “not at all” or “not very well” prepared to manage their finances

It is our responsibility to help teach our kids through experiential learning tools and to empower the entrepreneurs of tomorrow. Check out some more of the ways we’re going just that at Pay Your Family First. Join us and help create a better financial future for your kids and the world.

Create an Entrepreneur and Save for School

Why do we need financial education? Simply put, because it is one of the biggest, if not the biggest factor in helping a student be financially independent and successful after graduation. Isn’t that the exact reason we are sending our children to school? I doubt it’s solely for the pure value of knowledge at the expense of massive debt.I am a strong proponent that it is better for our children to stub a toe at home than break a leg out on their own. The mistakes many of our children are making in college and later in their life as well aren’t based off any malicious intent to put themselves in debt, but simply a lack of knowledge and education. Some are lucky enough to receive a bit of financial knowledge from their parents – others not. Whatever the case, education is the tool we need to combat financial illiteracy. Financial education allows our children to stub that toe at home. With your help and programs like Youthpreneur, the ThriveTime game, prepaid VISA cards and other simple home lessons, you can let your children experiment and learn about finances first hand. Allow them to make the small controlled mistakes at home, so they know better where to tread lightly while away from it. It will save you and them from the consequences of uneducated actions with money.

Save on Back to School With Friends and Family

Still looking for ways to save on back to school items? Why not get rid of some old things, teach your kids some entrepreneurial lessons AND create a little more money to buy those back to school items with a yard sale? It can be a great way to do all of these things.The first step is approaching your kids with the idea, and letting them take control of it. Have them sit down with a piece of paper and plot out their plans. When to hold the yard sale, how are they going to let people know about it, creating any signs and more are all things they’ll have to think about. Spend a little time with them up in the dreaded attic or basement and find all those items you can start getting rid of. When it comes time for sale day, let them keep the profits – with the stipulation that they all go toward back to school needs. This way, they can be in charge or generating money for what they need and have the freedom to pick out the items they really want. Not only that, but they’ll have learned a valuable lesson in what might have worked or not worked during their yard sale. It’s something you can repeat with them each year and a lesson they’ll hold on to the rest of their lives.

Help Your Kids Be Definite of Purpose

If you’ve read Outwitting the Devil you know that one of the ways to avoid drifting is to be definite of purpose. This means to have a goal and purpose in life, to stay strong on that path no matter what obstacles, fears or trials you encounter along the way. It means to not be distracted by all the little things that try to derail you from the path on a day to day basis.One of the best things you can do for your children is to help them be definite of purpose. Most of our children still don’t know what they want to do with their lives. They’re in a trial and experimental portion of their lives – and that’s ok! How many of us can actually say we are doing exactly what we thought we imagined we would be at 5, 10 or 15 years old? What you can help them do is support their decisions when they do make them, and to help them find ways to make them possible. Instill them with a positive attitude. Show them that, yes, they can do anything they set their minds to. Help them get back on track when they stray from their goals. Be helping them be definite of purpose you will give them a gift that will help them lead richer, fuller lives.

Keep Our Amazing Teachers, Refine Our Education System

Napoleon Hill outlined some gaping flaws in our education system some 70 plus years ago, and unfortunately very little has changed in that time – in fact those flaws might have even grown worse. Today’s educational system is a complex bureaucracy that attempts to fit every child in America to the same standard. An impossible hope and an irrational thought knowing how complex and individual each person is. What works for one will not necessarily work for another.
Teachers struggle day in and day out to reach and teach children as individuals, but despite their best efforts they’re often held to a system that allows no room or time for flexibility. We have some amazing teachers in this country, but we’re strangling their ability to do what they do best – teach! – because they’re conformed to an unbending system.
If we want change then we need to ask for it. We need to ask for it loud and clear, in unity and in solidarity. There are many privatized methods of teaching that far excel those being used in public schools. It’s time we demand them throughout all our schools. Make sure your voice is heard. Write to your senators and congressmen and let them know education is a top priority for you. We need to affect change now to create a better future for our children and their children.