September, 2010

Kids and a Cashless Society

I was interviewed by On the Money Radio about my new book, Not Your Parents’ Money Book and National Money Night Talk. Here’s a link to the audio, in case you missed it.

National Money Night Talk: Tips for Kids

This is a really exciting week around here, what with the launch of my new book (if you missed it, you can find more information about Not Your Parents’ Money Book here) and the National Money Night Talk tomorrow night.  Leading up to The Talk, American Express and I asked a few popular personal finance blogs (PT Money, Moolanomy, and DoughRoller) to poll their readers for their favorite money saving tips for kids.  They came through – big time – and over the next couple days, I’m going to be sharing their ideas here, starting with these three from Moolanomy:

Plain and simple, learn how to make a budget. Not necessarily establish a budget as a teenager (it’s hard to establish a budget when you are working a part-time, minimum wage paying job), but learning how to create a budget can really help kids learn to manage their money and know what it takes to stay out of debt. I truly wish that budgeting was a required class in all schools.

Start a retirement account now. Even if you can only put in a few dollars a month to start, it will help you develop a habit of saving while putting compound interest to work for you.

Don’t go into debt if at all possible. Plan ahead instead and pay cash for large purchases.

Teaching Kids Financial Independence

I was on LX.TV to talk about my new book, Not Your Parents’ Money Book. Take a look at the video below and hear what I discussed.

Today’s Real Estate

This morning on Today we talked about renting versus buying a home. What are the pros, what are the cons? What’s right for you at this point in time? Do you want to build equity or have the freedom to relocate? To learn the advantages of each please take a look at the video clip below.

Visit msnbc.com for breaking news, world news, and news about the economy

Co-Signing to Custody Battles on Money 911

Today’s expert panel tackled your tough financial questions. Does co-signing for a student loan affect your credit score? How do you get a credit card company to lower your interest rate? Where do you go for legal representation during a custody battle as a single working parent? For answers to these questions and more watch the video clip below.

Visit msnbc.com for breaking news, world news, and news about the economy

Ask Jean: How to Withdraw Savings When You’re Ready to Retire

I’ve been really good about saving money. Now that I’m beginning to need it I need to know how to take it out. I have money in mutual funds, stocks, Roth IRA and regular IRA and CDs. I’m sure lots of others (I’m on the leading edge of the Boomers) have or will soon have the same issues.
- orchid44

Ahhh — withdrawal. In the years I worked for financial magazines we spent so much time (and so many pages) talking about how to accumulate. Withdrawing and making the money last as long as you do deserves at least as much attention. There’s a rule of thumb that says if you pull no more than 4 percent of your money a year out of your retirement accounts then it should last your lifetime. You have to remember that the 4 percent is a moving target. More…

The Money Mom: A New Book For Your Kids

I wanted to take some time this week to let you know about my latest book, out this week. This book isn’t written for you though, at least not directly. It’s for your kids, and it’s called Not Your Parents’ Money Book: Making, Saving, and Spending Your Own Money.

I spend a lot of time and ink talking about the importance of teaching your kids about money, and a huge part of that lesson is simply having a conversation, or a series of conversations, with them. This book will supplement those talks.

Before I started writing it, I spent months hosting focus groups with junior high and middle school students around the country so I could find out exactly what they’re interested in when it comes to money.   I asked whether they have bank accounts, how much a concert ticket costs, and what they think President Obama’s salary is.  And then I listened, while they asked questions of me.   They wanted to know where, exactly, money comes from, why it makes people crazy, and whether banks are really a safe place to keep it. More…

Ask Jean: How to Help Your Kids Build Credit

My daughter just started her college and would like to know if she should apply for her own credit card or I should add her as an additional user? I want to make sure she has good credit score throught her life.
Thanks, Sonny

Hi Sonny,
This is a very timely question — not just because your daughter just started college, but because of the recent changes in credit card rules under the CARD act. At this point, unless she has income of her own that she can document or is 21, she can’t get her own credit card. So that takes that option off the table. Now, let’s talk about whether you should add her as an additional user to your card. This comes with some risk. If your daughter uses your card above and beyond the level you agreed to allow her to use it, then your financial life and your own credit score could be at risk as well as hers. I know of an issuer that will allow you to add your daughter to build her credit score without putting your finances at risk: the American Express Charge card. More…

Saving and Building Credit on Money 911

Today’s panel talked about planning for retirement while saving for your child’s education. What to do if you’re underwater on your mortgage. Where to find the best credit cards when trying to increase your credit score. For answers to these questions and more watch the video clip below.

Visit msnbc.com for breaking news, world news, and news about the economy

Ask Jean: Keeping Tabs on Your Account Information

Hello Jean,

I just became a member. Per this article, you are saying it’s wise to erase or retreive your credit card numbers after you make a purchase online…is that correct? So, in other words, you should submit the information every time you purchase and erase it after your order is complete? I order at Amazon, and have an account at Paypal. Should I retrieve my credit card info that I have left there?
– Susanm

Thanks for your question. Sites like Amazon often store credit card information when you make a purchase – although in most cases, they’ll ask your permission first. In the future, if you want to be really safe, you should decline to have them store your credit card information, and simply type it in every time (you should always do this if you make a purchase from a public computer – and in fact, just to be on the safe side, try not to make purchases from public computers, like those in libraries or Internet cafes). It takes a bit more time, but gives you peace of mind. More…