.9 Essential Personal Finance Skills to Teach Your Kid
9 Essential Personal Finance Skills to Teach Your Kid Before They Move Out
By Tim Lemke
Your child is on the verge of moving out and living on their own. Are they prepared?
Arming them with the right personal finance knowledge will give them a strong foundation to go and achieve many of their life goals. If their understanding of personal finance is lacking, they could begin their independent life on the wrong foot (and they may even come back home).
Consider these ways that you can help your child build a base of financial knowledge before they move out.
1. Show Them How To Budget
Perhaps the most important personal finance skill is consistently spending less than you earn. There are a million different ways to budget, and whatever works for you may not work for your child.
But encourage them to develop a system to track and categorize spending and then compare those expenses to their income.
Of course they'll need to account for housing, food, and utilities but also let them know it's OK to include "fun money" in their budget. It will help them stay motivated to stick to their budget. (See also: How to Help Your Kid Build Their First Budget)
2. Teach Them How Retirement Plans Work
If your child is moving out, they likely have some earned income. That means they can start contributing to a Roth individual retirement account.
They may scoff at the notion of saving for retirement so early, but if you help them open a Roth IRA and demonstrate how much money they can accrue over time, they'll get on board.
Urge them to save as much as they can each month, invest in simple things like index funds, and simply watch their account balance grow over time through compounding.
If they have a 401(k) plan through an employer, take time to review the plan document with them and encourage them to contribute as much as they can. Be sure to explain the advantages of getting a company match on contributions, if one is offered.
3. Explain Bank Interest Rates
Chances are, your child already has a savings account. But it's still helpful to explain that they don't necessarily need to put their money in the first bank they see.
Show them how interest rates can vary, and that it's OK to shop around for the best rates so they can earn a little extra money. Explain terms like APR and APY, and the factors that impact whether rates go up or down.
Also outline the pros and cons of placing money in certificates of deposit. These days, it's also helpful to explain that while interest rates are rising, they're still quite low, and that it might make sense to invest some funds in ways that generate a higher return than savings account interest.
To continue reading, please go to the original article at
https://www.wisebread.com/9-essential-personal-finance-skills-to-teach-your-kid-before-they-move-out
From Recaps Archives
15 Things To Do If You Get Rich All of a Sudden
In this Alux.com video we'll try to answer the following questions:
What should you do if you get rich all of a sudden?
What do to if you inherit money?
How to manage a large sum of money?
What should you do if you get rich?
Occasionally Dinar Recaps will be posting Exchange Tips and information from our archives for our newest readers that may be helpful for you at our exchange appointments and Post RV. Not all information may apply to you and your personal situation…..Take what you like and leave the rest: Some you may want to save for your own personal records! We hope all our dreams come true very soon ~ Your Dinar Recaps Team
VELOCITY OF MONEY - From Virginia Gentleman
I know I don’t have to state the obvious …GO HAVE FUN WITH SOME OF YOUR NEW FOUND WEALTH. However, I would like to pass on some words of wisdom.
As we get ready to punch it in, please remember to act like you’ve been in the End Zone before. Take a deep breath and exhale slowly as you collect yourself with the full intentions of acting with class and integrity.
Respectful treatment of others will be an inherent responsibility of your new status, as well as respectful treatment of your money and assets. You owe this to yourself, your family, your neighbors, and your heirs.
(Dinar Recaps Note: This post is for informational purposes only. It is not legal, tax or investment advice. Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.) Not all information may apply to you and your personal situation…..Take what you like and leave the rest: Some you may want to save for your own personal records!
Iraqi Dinar Breaking News: How to Prepare for a Last-Minute RV, Go Bag Essentials
Wed. 4-30-2025
The air is thick with anticipation, fueled by whispers and rumors of a potential revaluation (RV) of the Iraqi Dinar (IQD) and Vietnamese Dong (VND).
(Dinar Recaps Note: This post is for informational purposes only. It is not legal, tax or investment advice. Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.)
Iraqi Dinar Breaking News: 7 Big Mistakes to Avoid When Exchanging Dinar or Dong
4-25-2025
For years, many have speculated about the potential revaluation of the Iraqi Dinar (IQD) and Vietnamese Dong (VND). The hope is that these currencies will significantly increase in value, potentially offering holders a substantial return on their investment. But are you truly prepared for that revaluation day?
From Recaps Archive by request……..
Note: All items on the checklist may or may not apply to your own individual circumstances…some of the items listed may or may not still be applicable at your exchange apt....ask your banker at the time of your appointment.
Suggested Bank appointment for Currency EXCHANGE Instructions/Checklist
For your own records
Bank Name_________________________________________
I have________________________ IQN(Iraqi)currency
From Recaps Archive by request……..
Note: All items on the checklist may or may not apply to your own individual circumstances…some of the items listed may or may not still be applicable at your exchange apt....ask your banker at the time of your appointment.
Bank appointment for Currency EXCHANGE Instructions/Checklist
For your own records
Bank Name_________________________________________
I have________________________ IQN(Iraqi)currency
Some Possible Exchange Appointment Questions compiled by KTFA Members 11-24-2024
(Dinar Recaps Note: This post is for informational purposes only. It is not legal, tax or investment advice. Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.) Some of these may be helpful for you at our exchange appointments and Post RV. Not all information may apply to you and your personal situation…..Take what you like and leave the rest: Some you may want to save for your own personal records!)
Clare: THESE ARE FRANK’S BANKS QUESTIONS THAT YOU MAY WANT TO SAVE FOR YOURSELF...
IF I DEPOSIT MY PROFIT IN YOUR BANK ............ HOW MUCH WILL YOUR FDIC COVER MY ACCOUNT
WILL YOUR BANK CONNECT ME WITH YOUR INSURANCE COMPANIES?.......
Occasionally Dinar Recaps will be posting Exchange Tips and information from our archives for our newest readers that may be helpful for you at our exchange appointments and Post RV. Not all information may apply to you and your personal situation…..Take what you like and leave the rest: Some you may want to save for your own personal records! We hope all our dreams come true very soon ~ Your Dinar Recaps Team
Possible Bank Perks to ask for at your Exchange Appointment .
AUM - Assets Under Management
1. No fees ever for foreign currency exchanges
15 Ways to Safe Guard Sudden Wealth
In this Alux.com video we will be answering the following questions:
What to do with money?
What to do if you suddenly get money?
What to do if you inherit a large sum of money?
From Recaps Archives
Services You Get As You Get Richer
1. Housecleaning Services (Your time is worth more than the effort it takes to maintain your living space)
2. Personal Trainer (Reduces stress, improves your health)
3. Personal Chef (Customize your nutrition. Saves time from planning/cooking)
4. Advisors in All Areas (Attorneys, tax planning, estate Planning, etc.)
(Note: This Article can apply to Lotto-Winners, A Big Inheritance and Dinarians!)
This story appears in ESPN The Magazine's Dec. 8 Big Money Issue.
HERE'S A CHALLENGE: Imagine what it feels like to be 21 years old, extremely successful, famously wealthy, wildly stressed and unbearably miserable. How, you might wonder, can all those conditions exist simultaneously?
Start here, with Cowboys All-Pro offensive tackle Tyron Smith, talking to his mother on the phone one day in 2012, his second year in the NFL, during a time of growing tension between him
"We've found a house," Frankie Pinkney told her son.
From Recaps Archives
Note: All Dinarians should read this.....So it will NOT happen to you!
Investorchick at TNT: Lotto Winner Loses It All
I had the pleasure of meeting a very charming senior in the last few weeks. It's my friends mother and this lady is in her 70's.
She won 5 million dollars in the year 2000. I saw a copy of the cheque on the fridge at her son's house. I did a double take because I've never seen a cheque that large.
Did you know movers won't handle your nail polish remover? Seriously. Here's what your movers won't move under any circumstances.
Dan Thorp-Lancaster Wed, July 3, 2024
Professional movers will pack and transfer just about anything in your home, but they won't even touch some things. Federal regulations limit moving companies from handling anything deemed hazardous. That includes common household items such as nail polish remover.
Here's a list of other things you'll have to make alternate plans for before you move. You could squirrel some of them away and take your chances, but movers may make you sign a document to state you won't move any of the following items.
Potentially hazardous items you'll need to move yourself
Occasionally Dinar Recaps will be posting Exchange Tips and information from our archives for our newest readers that may be helpful for you at our exchange appointments and Post RV. Not all information may apply to you and your personal situation…..Take what you like and leave the rest: Some you may want to save for your own personal records! We hope all our dreams come true very soon ~ Your Dinar Recaps Team
From Recaps Archives:
Possible Bank Perks to ask for at your Exchange Appointment .
AUM - Assets Under Management
1. No fees ever for foreign currency exchanges
2. Provide a Private Banker/Wealth Manager at the time of exchange to initially park the funds in an non-interest-bearing account overnight and sweep those funds into other non-interest bearing accounts within your bank the following day; until I meet with bank advisers and other financial professionals and make some general guidelines for the management of these funds and the distribution of a portion of these funds through your bank, trust, and LLCs.
Occasionally Dinar Recaps will be posting Exchange Tips and information from our archives for our newest readers that may be helpful for you at our exchange appointments and Post RV. Not all information may apply to you and your personal situation…..Take what you like and leave the rest: Some you may want to save for your own personal records! We hope all our dreams come true very soon ~ Your Dinar Recaps Team
Bank appointment for Currency EXCHANGE Instructions/Checklist
Bank Name_________________________________________
Bank 800#__________________________________________
“I am calling to schedule a foreign currency exchange”
My name is___________________________________________
My zipcode is__________________
My e-mail address is (If they ask for it)________________________________
Occasionally Dinar Recaps will be posting Exchange Tips and information from our archives for our newest readers that may be helpful for you at our exchange appointments and Post RV. Not all information may apply to you and your personal situation…..Take what you like and leave the rest: Some you may want to save for your own personal records! We hope all our dreams come true very soon ~ Your Dinar Recaps Team
Note: All Dinarians should read this.....So it will NOT happen to you!
From InvestorChick at TNT
Lotto Winner Loses It All
I had the pleasure of meeting a very charming senior in the last few weeks. It's my friends mother and this lady is in her 70's.
She won 5 million dollars in the year 2000. I saw a copy of the cheque on the fridge at her son's house. I did a double take because I've never seen a cheque that large.
Of course me being a Dinarian and riding this crazy ride along with all of the others, I have been fortunate enough over the past 5 years to have been educated by people like Tony etc and I have done my research about this kind of thing
Possible Bank Perks to ask for at your Exchange Appointment .
AUM - Assets Under Management
1. No fees ever for foreign currency exchanges
2. Provide a Private Banker/Wealth Manager at the time of exchange to initially park the funds in an non-interest-bearing account overnight and sweep those funds into other non-interest bearing accounts within your bank the following day; until I meet with bank advisers and other financial professionals and make some general guidelines for the management of these funds and the distribution of a portion of these funds through your bank, trust, and LLCs.
3. Family Office Services
4. Perks can be based on AUM (Assets Under Management) in a tier grid
TNT:
RayRen98: Services You Get As You Get Richer
1. Housecleaning Services (Your time is worth more than the effort it takes to maintain your living space)
2. Personal Trainer (Reduces stress, improves your health)
3. Personal Chef (Customize your nutrition. Saves time from planning/cooking)
4. Advisors in All Areas (Attorneys, tax planning, estate Planning, etc.)
5. Luxury Concierge Services (Eliminate micro detailed planning, travel planning, events, etc. Luxury of time and peace of mind)
Occasionally Dinar Recaps will be posting Exchange Tips and information from our archives for our newest readers that may be helpful for you at our exchange appointments and Post RV. Not all information may apply to you and your personal situation…..Take what you like and leave the rest: Some you may want to save for your own personal records! We hope all our dreams come true very soon ~ Your Dinar Recaps Team
Cheat Sheet for Appointment with Supplemental Information, Fleming (Rev. 5.21.2021)
The information in this document is based on the most recent information available. It is not intended to be the authority on the GCR/RV or appointment process. It is expected that there may be changes once final instructions are received. This information is based on exchanges/ redemptions done in the USA. Each country will have its own process and information should be available for all once notifications have been issued.
The redemption/exchange process is streamlined and will be easy and straightforward. The appointment will only be about 15-20 minutes. You will be in and out quickly.
Post RV Tips & Suggestions
From OOMF By Just Da Truth (Repost From Our Archives)
While there are numerous ways to prepare for the RV I feel this will assist you in preparation for that most awesome day. When you see RV in big letters on your favorite currency forum, , or when you hear me scream hallelujah from wherever you are in the world…that is when you will know that glorious day has arrived. But will you be ready?
Prepare: I realize many of you have done your research on how to invest, donate, and spend your money (Lord knows we have had plenty of time to do that, LOL) but time should also be allocated to how you are going to receive your investment.
Preparation is not a huge task and I believe it is essential.
Occasionally Dinar Recaps will be posting Exchange Tips and information from our archives for our newest readers that may be helpful for you at our exchange appointments and Post RV. Not all information may apply to you and your personal situation…..Take what you like and leave the rest: Some you may want to save for your own personal records! We hope all our dreams come true very soon ~ Your Dinar Recaps Team
From Recaps Archives
Cheat Sheet for Appointment with Supplemental Information from Fleming
The information in this document is based on the most recent information available. It is not intended to be the authority on the GCR/RV or appointment process. It is expected that there may be changes once final instructions are received.
This information is based on exchanges/ redemptions done in the USA. Each country will have its own process and information should be available for all once notifications have been issued.
The redemption/exchange process is streamlined and will be easy and straightforward. The appointment will only be about 15-20 minutes. You will be in and out quickly.
The current understanding (and subject to change) is there will be a “Safe Web Link” or 800# sent to those who purchased currency/bonds online with a registered dealer. This would include: Banks, Travelex, Great American Coin or with the aggregating sites (example: Dinar Recaps, Dinar Chronicles et al). Currently there are approximately 2 million email addresses.
From Recaps Archives
Once You Get Money Upgrade These 15 Things Immediately
Alux:
In this Alux.com video we will be answering the following questions:
What should you upgrade once you get rich?
What things rich people buy that make sense?
What are the best things to buy when you're rich
Holly From Telegram:
Questions to ask and things to know during your Appointment
1. Ask up front for a copy of all signed documents and agreements.
2. Get printed receipts of all transactions in regards to all accounts which includes deposits, debits and current balances.
3. Ask to please give you the best rate possible! Are there any stipulations (conditions) on the contract rate if available?
4. Do I need any other accounts or sub accounts in addition to my new QFS account? What do I do with the accounts I have now?
5. Can I have multiple sub account with QFS accounts or must they be in a bank?
Occasionally Dinar Recaps will be posting Exchange Tips and information from our archives for our newest readers that may be helpful for you at our exchange appointments and Post RV. Not all information may apply to you and your personal situation…..Take what you like and leave the rest: Some you may want to save for your own personal records! We hope all our dreams come true very soon ~ Your Dinar Recaps Team
Bank appointment for Currency EXCHANGE Instructions/Checklist
Bank Name_________________________________________
Bank 800#__________________________________________
“I am calling to schedule a foreign currency exchange”
My name is___________________________________________
My zipcode is__________________
My e-mail address is (If they ask for it)________________________________
(Dinar Recaps Note: This post is for informational purposes only. It is not legal, tax or investment advice. Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.)
KTFA:
Clare: SOMEONE ASKED ME TO REPOST THIS...
THESE ARE FRANK’S BANKS QUESTIONS THAT YOU MAY WANT TO SAVE FOR YOURSELF...
1. IF I DEPOSIT MY PROFIT IN YOUR BANK ............... HOW MUCH WILL YOUR FDIC COVER MY ACCOUNT ................... WILL YOUR BANK CONNECT ME WITH YOUR INSURANCE COMPANIES?.......
2. WILL YOUR BANK GIVE ME A CARD TO WITHDRAW ........... UNLIMITED AMOUNTS?............. DO I NEED APPOINTMENTS TO WITHDRAW CASH ? WILL YOUR BANK ESTABLISH A CASH RESERVE FOR MY ACCOUNTS?......
3. YO YO YO MR BANKER ................ U ALL GOT "CDARS" TO PROTECT ME WITH ?
Reposted for Our Newest Readers. We keep seeing the same newby questions over and over again. If you have a lot of questions we suggest you read this post and others in our archives . You may find the answers you seek there.~Dinar Recaps
This was originally posted on May 21, 2021….Procedures may have changed since then……consider everything a rumor until we are at the banks….
Cheat Sheet for Appointment with Supplemental Information, Fleming (Rev. 5.21.2021)
The information in this document is based on the most recent information available. It is not intended to be the authority on the GCR/RV or appointment process.
It is expected that there may be changes once final instructions are received.
This information is based on exchanges/ redemptions done in the USA. Each country will have its own process and information should be available for all once notifications have been issued.
From Dinar Recaps Archives
15 Things To Do If You Get Rich All Of A Sudden
Alux.com:
So you won the lottery. ( Or Inheritance, or RV)Now what?
00:00 - Intro
00:56 - Do not let anyone know
01:25 - Pay all of your debt.