![Jill on Money [ Archive]](http://images.squarespace-cdn.com/content/v1/59efbd48d7bdce7ee2a7d0c4/1510342916024-TI455WZNZ88VUH2XYCA6/JOM+Blue+and+White.png?format=1500w)
During back to school season, parents are focused on helping their children succeed academically, socially and yes, financially. I know talking about money is not easy and not enough schools incorporate personal finance concepts into the curriculum.
Retirement Planning and Talking College with Beth Kobliner
We kicked things off on the latest radio show with Barbara from New York. Barbara is in the interesting position of having two financial advisors currently looking over her assets. So she’s getting different opinions from two well informed advisors. Which one should she go with? Do you really think it’s going to be that easy! Tune in to hear the outcome.
October marked the beginning of the college financial aid application season. The Free Application for Federal Student Aid, more commonly known as the FAFSA, became available for the 2018-2019 school year on October 1.
Having the college talk with your kids can certainly be a tricky and complicated situation. To help you guys out, we’re joined by bestselling author and financial literacy advocate, Beth Kobliner.
Beth’s latest project, We Need To Talk College, focuses on choosing the right college and figuring out how to pay for it.
The project focuses on four main areas:
Starting the conversation: Here’s where the journey begins. Starting to talk about your worries and excitement when your kid is in 9th grade gives your family time to prepare for big changes ahead. So gather around the kitchen table, or cozy up on the couch, and start talking.
Shopping for schools: It can be overwhelming—trying to separate higher ed hype from the truth, navigating the application process, and figuring out what your kid will actually get for all that money. Here’s how to become a super smart college shopper and create a shortlist of schools that fit your kid’s needs and your budget.
Paying for college: College costs have soared—but a degree is more valuable than ever. Here you’ll find all the resources you need to understand financial aid, talk to your kid about the money side of higher ed, and keep track of your progress toward paying for college.
Making the final choice: You’ve come a long way from that first college conversation. Now that the acceptance and award letters are in, it’s time for you and your kid to make a final decision. It can feel like a leap of faith, but never fear: Here’s where you learn how to choose a college that checks all the boxes, without losing your mind.
When you complete these four steps, it’s time to celebrate, because you did it! You have a kid on the way to college!
Have a money question? Email me here.
Connect with me at these places for all my content:
https://twitter.com/jillonmoney
https://www.facebook.com/JillonMoney
https://www.instagram.com/jillonmoney/
https://www.linkedin.com/in/jillonmoney/
http://www.stitcher.com/podcast/jill-...
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
We Need To Talk College with Beth Kobliner
October marks the beginning of the college financial aid application season. The Free Application for Federal Student Aid, more commonly known as the FAFSA, became available for the 2018-2019 school year on October 1.
Having the college talk with your kids can certainly be a tricky and complicated situation. To help you guys out, we’re joined by bestselling author and financial literacy advocate, Beth Kobliner.
Beth’s latest project, We Need To Talk College, focuses on choosing the right college and figuring out how to pay for it.
The project focuses on four main areas:
Starting the conversation: Here’s where the journey begins. Starting to talk about your worries and excitement when your kid is in 9th grade gives your family time to prepare for big changes ahead. So gather around the kitchen table, or cozy up on the couch, and start talking.
Shopping for schools: It can be overwhelming—trying to separate higher ed hype from the truth, navigating the application process, and figuring out what your kid will actually get for all that money. Here’s how to become a super smart college shopper and create a shortlist of schools that fit your kid’s needs and your budget.
Paying for college: College costs have soared—but a degree is more valuable than ever. Here you’ll find all the resources you need to understand financial aid, talk to your kid about the money side of higher ed, and keep track of your progress toward paying for college.
Making the final choice: You’ve come a long way from that first college conversation. Now that the acceptance and award letters are in, it’s time for you and your kid to make a final decision. It can feel like a leap of faith, but never fear: Here’s where you learn how to choose a college that checks all the boxes, without losing your mind.
When you complete these four steps, it’s time to celebrate, because you did it! You have a kid on the way to college!
“Better Off” is sponsored by Betterment.
Have a money question? Email us here or call 855-411-JILL.
We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!
Connect with me at these places for all my content:
https://twitter.com/jillonmoney
https://www.facebook.com/JillonMoney
https://www.instagram.com/jillonmoney/
https://www.linkedin.com/in/jillonmoney/
Summer Job Lessons
The school year is almost over and that means thousands of high school students are about to start new jobs. While many are building their college applications by securing unpaid internships, I have always liked the idea of earning money. My own summer jobs included: day camp counselor, receptionist, referee and clerk. Here are 7 things that I learned along the way.
Financial Literacy + Rent vs Buy and Pensions
We started the show this week with Wayne from Connecticut who had a very interesting buyout question regarding his pension. Should he stick with the monthly payments or take a lump sum of more than 300k?
Next up was David from Maryland with the age-old question of renting versus buying. Just 26, David and his wife have been renting a cozy apartment that's 350 square feet. Is it time to upgrade?
You will often hear me say that before you worry about the financial future of your kids, you need to make sure you’re taking care of yourself first. But that doesn’t take you off the hook for discussing money with your kids.
Think of it as another one of the talks...so now in addition to the sex talk, the drug and alcohol talk, we can add the money talk. All of these conversations must occur at every stage of your child’s development, with age-appropriate messaging that the kids can absorb.
To help with your effort, this week we’re talking to financial literacy guru Beth Kobliner, author of Make Your Kid A Money Genius (Even If You're Not) and Get a Financial Life: Personal Finance in Your Twenties and Thirties.
I know there are a lot of you out there listening with kids or thinking about starting a family, wondering how to have such conversations:
- How much debt should we take on for college?
- Should I give my teen a debit or credit card?
- My kid wants to move back home...should I charge rent?
Those are just some examples and there’s plenty more in our discussion.
Have a money question? Email us here or call 855-411-JILL.
Connect with me at these places for all my content:
https://twitter.com/jillonmoney
https://www.facebook.com/JillonMoney
https://www.instagram.com/jillonmoney/
https://www.linkedin.com/in/jillonmoney/
http://www.stitcher.com/podcast/jill-...
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
#315 Kids and Financial Literacy
Before getting a lesson in financial literacy with Beth Kobliner we first took a call from Steve in Connecticut. Steve, who is still working, has a 401(k) from an old employer and is looking for a way to minimize the tax hit. Should he pay now or wait until retirement? March 18 JOM Hour One
[audio mp3="http://www.jillonmoney.com/wp-content/uploads/2017/03/March-18-JOM-Hour-One.mp3"][/audio]
Now on to our guest in hour two this week...
You will often hear me say that before you worry about the financial future of your kids, you need to make sure you’re taking care of yourself first. But that doesn’t take you off the hook for discussing money with your kids.
Think of it as another one of the talks...so now in addition to the sex talk, the drug and alcohol talk, we can add the money talk. All of these conversations must occur at every stage of your child’s development, with age-appropriate messaging that the kids can absorb.
That's why we’re talking to Beth Kobliner, author of Make Your Kid A Money Genius (Even If You're Not): A Parents’ Guide for Kids 3 to 23.
[audio mp3="http://www.jillonmoney.com/wp-content/uploads/2017/03/March-18-JOM-Hour-Two.mp3"][/audio]
I know there are a lot of you out there listening with kids or thinking about starting a family, wondering how to have such conversations:
- How much debt should we take on for college?
- Should I give my teen a debit or credit card?
- Should I give my child an allowance?
- My kid wants to move back home...should I charge rent?
Those are just some examples and there’s plenty more in the book. Whether you’re a rookie in the parenting game or a veteran, this book will help. As Beth says, “Think of it as a guide for parents that offers the financial facts of life for kids 3 to 23.”
Whether you have kids, are planning on it or know someone with kids, I encourage you to check it out. It’s never too soon to start the money talk with your children.
P.S. We have a new podcast! It's called Better Off and it's sponsored by Betterment. It's similar to the radio show yet a bit different. We'd love hear your feedback! You can download it via iTunes, Spotify or Google Play. If possible, please leave a rating and/or review in iTunes.
Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
#266 Kids and Money: How to Have the Talk
Kids and money can be a thorny topic for parents. Luckily, personal finance expert, author and architect of the great MoneyAsYouGrow web site, Beth Kobliner joins us to celebrate Financial Literacy Month. According to research, money habits start to form by age 7, so we need to start talking to kids between the ages of 3 and 5.
- Download the podcast on iTunes
- Download the podcast on feedburner
- Download this week's show (MP3)
Start by identifying coins and their value and discuss the difference between something that is free, like playing with a friend, and an item that costs money, like an ice cream cone. You should also introduce the concept of work and the idea that you may have to wait for something you want.
You can start paying your child an allowance as early as age 6. Most experts agree that an allowance should not be based on household chores, rather it’s better to choose an amount based on what you already spend on small discretionary items your child likes but doesn’t need — like a toy. Make it clear that the amount you’re giving replaces what you would have been spending on her. You should encourage kids to save 10 percent of their allowance by opening a savings account and explain the concept of earning interest. To reinforce the savings habit, consider a "matching plan" for your child's savings: You put in 25 cents for every dollar she saves.
When it comes to teenagers and young adults, you should have the first of many conversations about debt. Explain why it’s important to avoid using credit card cards to buy things you can't afford to pay for with cash. As kids get to high school, you can start talking about the cost of college and about whether or how much the family plans to contribute towards education.
Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Mark is back in the US and makes another appearance on the show. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio