The Story of Wela Way: From Inspiration to Impact

At the heart of the Wela Way is a simple yet powerful mission: to help youth worldwide achieve financial and life success. But where did it all begin?

The story starts with Nancy Phillips, the founder of DollarSmartKids Enterprises and creator of the Zela Wela Kids. After years of experience in finance and education, Nancy realized that there was a critical gap in financial literacy education for youth. With the support of her mentor Jack Canfield, creator of The Success Principles, Nancy set out to change the course of history for the next generation.

The Wela Way blog was born out of this vision. It provides a platform for Nancy and her team to share their expertise and resources with families, organizations, schools, and individuals who are committed to empowering youth. From the GISS method of money management to the Steps to Success Teen Guide, the Wela Way offers a wealth of valuable insights and practical advice.

The GISS Method: A Revolutionary Approach to Money Management

One of the cornerstones of the Wela Way philosophy is the GISS method of money management. GISS stands for Give, Invest, Save, and Spend, and it is a simple but effective framework for building financial well-being. By teaching youth how to manage their money using the GISS method, the Wela Way is helping them develop the habits and skills they need to achieve their dreams.

Nancy Phillips and the Zela Wela Kids: Changing the Financial Literacy Game

The Zela Wela Kids are the heart and soul of the Wela Way. These young superheroes are the inspiration behind the blog and the embodiment of its mission. By harnessing the natural brilliance, passion, and determination of youth, the Zela Wela Kids are changing the game of financial literacy.

But where did the name “Zela Wela” come from? According to Nancy, it was inspired by a game she played with a group of children. They were trying to find a word that rhymed with “wela,” the root of the word “wealth,” and they stumbled upon “zela.” The last letter worked, and the Zela Wela Kids were born.

Steps to Success Teen Guide: A Must-Read for Young Adults

The Steps to Success Teen Guide is another powerful resource created by Nancy and her team. It contains 25 financial and life lessons designed to help young adults achieve their dreams. From setting goals to managing money to developing leadership skills, the guide covers a wide range of topics that are essential for success.

DollarSmartKids Enterprises: Empowering Youth Through Financial Education

Finally, it’s worth highlighting the role that DollarSmartKids Enterprises plays in the Wela Way. This organization is dedicated to empowering youth through financial education, and it provides a range of resources and programs to help achieve this goal. From workshops to books to online courses, DollarSmartKids Enterprises is a vital part of the Wela Way ecosystem.

In conclusion, the Wela Way is more than just a blog – it’s a movement. By providing youth with the financial and life success skills they need to thrive, the Wela Way is changing the world, one child at a time. Nancy Phillips and her team are committed to making a difference, and their passion and dedication shine through in everything they do.

If you’re looking for a way to help the next generation achieve their full potential, look no further than the Wela Way. Whether you’re a parent, teacher, mentor, or youth advocate, there’s something here for you. Join the Wela Way community today and help create a brighter future for us all.

Using Stickers as a Learning Tool in English for ESL Learners

Using Stickers as a Learning Tool in English for ESL Learners

Stickers are a versatile and fun learning tool that can be used in a variety of contexts, including language learning. For ESL learners, who may find language learning challenging, stickers can be a motivating and engaging way to improve their English skills. In this article, we explore the benefits of using stickers in English learning and creative ways to incorporate them into your study routine.

Benefits of using stickers in English learning

Stickers can be used to reinforce and expand English vocabulary. For example, you can use stickers with images of common objects, animals, or food items to help learners memorize and retain new vocabulary. You can also use stickers with English words or phrases on them to help learners practice spelling and pronunciation.

Stickers can also be used to encourage learners to practice English speaking. For example, you can use stickers with conversation starters or questions on them to encourage learners to start conversations in English. You can also use stickers with adjectives or descriptive words on them to encourage learners to describe people, places, or things in English.

Stickers can be used as a reward for completing a task or as a visual representation of progress. For example, you can use stickers to mark completed exercises in a workbook or to track progress on a language learning app. Stickers can be a fun and motivating way to celebrate achievements and encourage learners to continue their language learning journey.

Types of stickers to use for English learning

When choosing stickers for English learning, it’s important to consider the age, level, and interests of your learners. For children learning English, stickers with bright colors, cute animals, or cartoon characters can be particularly motivating. For adult learners, stickers with inspirational quotes or interesting facts can be more appropriate.

There are also specialized stickers designed for language learning. For example, there are stickers with English idioms, phrasal verbs, or grammar rules on them. These stickers can be a fun and engaging way to learn and practice specific language skills.

Creative ways to use stickers for English learning

Here are some creative ways to incorporate stickers into your English learning routine:

  1. Label common objects in your home or office with stickers in English. This can help you memorize and retain new vocabulary.
  2. Use stickers to create flashcards with English words or phrases on them. This can help you practice spelling and pronunciation.
  3. Use stickers as conversation starters. Write questions or prompts on the stickers and stick them on your notebook or computer. This can help you practice English speaking and engage in conversations with others.
  4. Create a sticker chart to track your language learning progress. Every time you complete a task or achieve a goal, add a sticker to the chart. This can be a fun and motivating way to stay on track with your language learning goals.

The bottom line is that stickers can be an effective learning tool for ESL learners who are looking for a fun and engaging way to improve their English skills. By using stickers to reinforce vocabulary, encourage speaking practice, and track progress, learners can stay motivated and on track with their language learning journey.

Could the MTG Reserved List be Repealed? A Comprehensive Analysis

MarketWatch recently published an article about the MTG Reserved List potentially being repealed.

At Wizards of the Coast (WotC), the creators and publishers of Magic: The Gathering (MTG), there has been much speculation and debate among players, collectors, investors, and fans about the possibility of repealing the MTG Reserved List, a policy that has been in place since 1996 and has restricted the reprinting of certain rare and valuable cards. In this article, we will examine the history, reasons, arguments, and potential outcomes of this controversial issue, and offer our informed opinion on the likelihood and implications of a repeal.

The History of the MTG Reserved List

The MTG Reserved List is a list of cards that WotC has promised never to reprint, except for promotional or special purposes, such as the From the Vault series or the Magic Online Vintage Masters set. The list was created in response to the concerns of collectors and players who had invested heavily in these cards and feared that their value would decrease if they were reprinted. The list originally contained 148 cards, mostly from the sets Alpha, Beta, Unlimited, and Arabian Nights, and has since been expanded to include other sets, such as Legends and The Dark.

The MTG Reserved List has been a contentious issue since its inception, with some players and fans supporting it as a way to protect the integrity and history of the game, and others opposing it as a way to limit access and affordability for new players and to favor a small group of collectors and investors. Over the years, WotC has faced pressure and criticism from both sides, and has occasionally made exceptions to the list, such as the reprint of Time Vault in Vintage Masters, or the reprint of some cards in the Masters sets, which are not technically reprints but rather new versions of existing cards.

The Reasons for and Against Repealing the MTG Reserved List

The debate over repealing the MTG Reserved List has intensified in recent years, due to several factors that have changed the context and the arguments of both sides. Some of the reasons for repealing the list are:

  • The growing demand for and popularity of MTG, especially in the digital and global markets, which has increased the pressure and opportunity for WotC to reprint rare and valuable cards and to attract new players who cannot afford or access them.
  • The changing nature and purpose of collectibles and investments, which have shifted from a traditional model of scarcity and speculation to a more diverse and inclusive model of fandom and participation, in which access and enjoyment matter more than ownership and profit.
  • The emergence and success of other collectible and trading card games, such as Pokemon and Yu-Gi-Oh!, which have different policies and strategies for reprinting rare and valuable cards, and have attracted a wider and younger audience than MTG.
  • The legacy and cultural significance of MTG, which has evolved and diversified since its inception, and has created a complex and dynamic community of players, fans, artists, writers, and scholars, who have different opinions and visions of what the game should be and represent.

The counterarguments against repealing the MTG Reserved List are based on several counterclaims and counterassumptions, which can be summarized as follows:

  • Reprinting the rare and valuable cards would undermine the trust and confidence of the collectors and investors who have relied on the scarcity and exclusivity of the cards for their hobby or business, and thus damage the reputation and the sustainability of the market.
  • Reprinting the rare and valuable cards would create a flood of supply and a dilution of demand for the cards, and thus decrease the value and the uniqueness of the cards, and also reduce the incentive and the motivation of the players and the collectors to seek and obtain them.
  • Reprinting the rare and valuable cards would violate the promises and the contracts that WotC has made to the collectors and the investors who have supported MTG for decades, and thus betray the trust and the loyalty of the most dedicated and influential members of the community.
  • Repealing the MTG Reserved List would set a dangerous precedent and create a slippery slope that would lead to more demands and expectations from the community, and thus compromise the creative and commercial freedom of WotC to design and develop the game as they see fit.

In our opinion, the likelihood of repealing the MTG Reserved List is low, given the legal and contractual obligations, the risk of damaging the value and integrity of the rare and valuable cards, and the resistance and the opposition of the most influential and vocal members of the community. However, we also acknowledge that WotC may make some exceptions or compromises in the future, such as creating new versions or variants of the reserved cards, or reprinting some of the less rare and less valuable cards.

Six Methods for Teaching Children

Education is an essential part of a child’s development, and there are many different methods that can be used to educate and teach children. These methods include traditional classroom instruction, hands-on activities, and technology-based learning.

Traditional classroom instruction is the most common method of education for children. In this method, a teacher stands in front of a class and lectures, using visual aids such as diagrams, maps, and charts to explain concepts. The teacher also assigns homework and quizzes to assess the students’ understanding of the material. This method is effective for children who learn best through lectures and reading.

Hands-on activities are an interactive way of learning that can be used to teach children of all ages. These activities can include experiments, projects, and field trips, which allow children to actively engage with the material they are learning. Hands-on activities can also be used to teach children in small groups, which allows them to work together and learn from one another. This method is effective for children who learn best through hands-on experiences and visual aids.

Technology-based learning is a method that uses technology such as computers, tablets, and smartphones to teach children. This can include online tutorials, educational games, and virtual field trips. This method is effective for children who learn best through technology and are comfortable using digital devices.

Another method of education is called blended learning, which combines traditional classroom instruction with technology-based learning. This method allows children to learn at their own pace and on their own schedule. For example, students can watch videos or take quizzes online, and then come to class to discuss and learn from their classmates. This method is beneficial for children who learn best in a combination of different methods.

Outdoor Education is another approach that can be used to educate and teach children. This method takes children out of the traditional classroom setting and into nature where they can learn through observation and hands-on experiences. This can include activities such as hiking, camping, and gardening. Outdoor education has been shown to increase children’s engagement and motivation in learning, as well as improve their physical and emotional well-being.

Finally, another approach is called project-based learning (PBL). This method involves students working on a real-world problem or challenge that requires critical thinking, problem-solving and collaboration. PBL can be done individually or in groups and can be used to teach a variety of subjects such as science, math, social studies, and languages. This method is effective for children who learn best by doing and by solving real-world problems. Consider using tactile items such as vinyl stickers to help promote development.

In conclusion, many different methods can be used to educate and teach children. These methods include traditional classroom instruction, hands-on activities, technology-based learning, blended learning, outdoor education, and project-based learning. Each method has its own advantages and can be effective for different types of learners. Therefore, it’s essential to understand the children’s learning style and choose the appropriate method to help them learn better.

Creative ways to market your business

Introduction

Whether you’re a small business owner, an entrepreneur, or simply looking to promote your brand, the internet has enabled us to market our businesses.

This article will tell you some simple and creative ways to use the power of the web to drive customers to your website.

Create a website

Creating a website is one of the best things you can do to market your business. A good website can help people find you and spread the word about your offer.

When it comes to creating a website, there are a few essential things. First, decide on what domain name you want for your site. Make sure it’s easy for people to remember and has no special characters that might be confusing when typing.

Second, ensure that the web hosting service has enough capacity so visitors won’t get frustrated with slow load times or random outages when they visit your site.

Set up a free google business profile

The next step is to set up a free Google My Business profile. To do this, you’ll need some basic information about your business, including:

  • Name of the business
  • Address and phone number(s)
  • Email address(es)
  • Website URL (if applicable) and social media links (Facebook, Twitter, etc.)

Start a blog to bring customers to your website.

A blog is an excellent tool for connecting with your audience. It helps build trust, relationships, and credibility, leading to more sales. Your blog should be informative, entertaining, and engaging so people will want to return for more. You can also use it to connect with other bloggers in your industry or niche or as an outlet for creative writing (if you’re not into marketing).

Advertise on digital audio

Advertising on digital audio is a great way to reach your target audience. The best way to advertise on digital audio is to use a combination of paid and organic methods. Paid advertising can be done through buying ads on digital audio platforms, while organic methods include guest posting, blogging, and social media.

Ask your customers to review your business.

The best way to get more reviews is by asking for them. Many people forget that this technique is very effective, so it can be a great way to stand out from the crowd.

Here are some ways you can increase your review count:

Ask your customers to review your business on Facebook, Yelp, and other social media platforms.

Ask them in person (if they’re happy with their experience). Ask over email or snail mail if they have time or prefer not to leave feedback online.

Develop a brand personality on social media

Let’s start with the basics. Define your brand personality, and use that definition to create a tone of voice for all your content.

Remember, social media isn’t just about sharing information—it’s also about telling stories and engaging people in conversation.

A great way to start defining your brand personality is by asking: Who are we? How do we want others to perceive us? What do we stand for?

Advertise on social media

Social media is a great way to market your business. Not only can it help you drive traffic to your website, but it can also build brand awareness and a community of loyal customers.

There are many social media platforms out there, but the ones that work best for marketing are those that let you interact with the audience and impact their daily lives (i.e., Facebook, Instagram, and Twitter).

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A good rule of thumb is to use at least two different platforms so that if one goes down or loses popularity, you’ll still be able to reach your audience via another channel.

Incentivize customers to refer friends and family

It’s always a good idea to encourage your customers to share their experiences with you or your business. Why not make it worth their while? A few ideas:

  • Give a discount to every friend or family member who joins your company.
  • Set up a referral contest, where the person referring the newest customers wins cash or prizes.
  • Offer a discount for referring new customers (e.g., $10 off).

Create a podcast

Podcasts may be one of the most overlooked ways to market your business. They’re also one of the easiest because you only need a microphone and a podcasting app like GarageBand or Audacity.

Podcasts can be recorded in any format, whether with an entire production team or just you speaking into an iPhone while walking around town.

If done correctly, podcasts can help build your brand’s credibility and increase its reach across multiple platforms—whether that means increasing sales from existing customers or attracting new ones who might not have known about your brand before now.

Drive customers to your website with google pay per click advertising

Take advantage of Google’s pay-per-click advertising if you have a website. Setting up an account and creating ads that drive customers directly to your site is easy.

When creating an ad, think about what keywords people would type into Google to find what you offer.

This means that people searching for particular things are usually willing to spend more money than those looking for something broader but still related – so try using competitive bids on both types of words within each campaign.

Create your youtube channel

Create a YouTube channel and subscribe to other channels: Create your channel and subscribe to the channels of businesses in your industry; if you have the time, comment on their videos. This gives them visibility in your subscription box at the top of their page (which can be used as an ad space), and it also shows that you’re interested in what they have to say — which could lead them to reciprocate if they’re looking for someone with similar interests.”

Create a channel, subscribe to others’ channels, comment on their videos, like them and share them. You can also create a Facebook account if you want more connections with people who are not necessarily friends but may want links back or referrals from your social media sites.”

Promote your expertise through webinars

Webinars are a great way to promote your business, build your brand, and generate leads.

Educate customers. If there are certain things that customers need help with when buying from you (or even just using products), use webinars as an opportunity for product training sessions where those questions can be answered live via video call or Google Hangouts call. A typical example would be showing how easy it is for someone new at making espresso drinks using their machine after watching the training video online before buying one from them.

Solve problems quickly & easily through Q&A sessions: If there are problems users have experienced while using their products/services etc.

Then these could efficiently be dealt with during a short question session at the end of each webinar presentation, allowing people watching the live feed to ask questions directly through the YouTube chat window.

While others may submit queries via email, later on, both types will receive answers quickly via email reply links sent within 24 hours max.

Advertise with video

Video is a great way to market your business. It’s an effective way to explain your products or services, it can show off your company culture, and it can be used to promote on social media.

If you don’t have the budget for commercial spots but have access to video equipment (which you should), there are plenty of other ways to use video marketing as a part of your marketing strategy.

Here are some ideas:

Make product videos showcasing your latest and most outstanding offerings

-Create how-to videos that teach customers how to use them

-Create demo videos for potential clients who want more info about what you’re doing

-Create testimonials from satisfied customers

Leverage the power of influencers

Influencers are individuals who have an enormous following on social media. Their followers trust their opinions and engage with them because they are experts in their field, making them the perfect candidates to promote your brand.

There are two types of influencers: paid and unpaid. The most successful type of influencer is the unpaid one because they have a genuine interest in your product or service (aka, they’re not just doing it for money).

The key to working with an influencer is to ensure that their content aligns with yours—think about what kind of person would be interested in reading about your product or service. Once you’ve figured out your ideal customer, look for someone whose voice matches theirs.

Advertise in online publications

You can advertise in online publications that get a lot of traffic. You may want to advertise on websites that are relevant to your business, or you may wish to advertise on websites that are relevant to your target market. If you’re targeting a specific audience, you can advertise in publications they read and use regularly.

Write an ebook

One of the best ways to market your business is by creating an ebook. An ebook is a book you can download onto computers and other devices, like smartphones and tablets. You can use it as a lead magnet to get more customers or use it to build your email list.

A lead magnet is a type of content you give away in exchange for contact information (a person’s name and email address). When someone fills out the form on your website or blog post, they’ll be sent an email containing links to an offer or download link for an ebook.

Conclusion

The most important thing is to be creative. Experiment with new marketing tactics and see what works for your business. The more you try, the better your chance of finding something that works.

Kids and Money: Teaching Needs Versus Wants

Nancy Phillips, author of the Zela Wela KidsHave you ever had moments while shopping with your young children that were somewhat… challenging? It turns out most of us have, and yes, the massive amount of media advertising directed to our kids does play a role in our shopping challenges. That said, teaching our young children the difference between needs and wants is more important and trickier than ever before. Why? Because there are so many items being touted as needs, it makes the line between a need and a want blurrier than ever (sounds like a popular song doesn’t it?).

Why teach our kids the difference between needs and wants? There are many reasons such as helping them begin to learn the value of things and how to think through buying decisions. It also helps us as they begin to understand that as parents, we have responsibilities to provide for their needs, but not all of their wants. Plus, by giving our children the opportunity to save for their own wants, they develop self-control and goal setting skills, both essential skills for future financial and life success.

Here are some tips to help your child work through their wants:

To prevent a meltdown at the store – rather than saying “no” when you get a request, (which will just increase their adrenaline and fire them up), try saying something like this in a relaxed tone:

“that is a nice xx however it’s not on my list, in the budget etc. If you would like it, you can put it on your wish list  and decide if you really want it. Let’s write the name of it down and the price so you know what it is and can decide if you want to save up for it or get it for your Birthday.” You (or they) can also take a picture of the item with your phone.

When they see you taking them seriously and respecting their request, they will usually stay calm and often just say something like, “that’s not worth my money.” If they do think it through and want the item, they can talk with you to determine how they can earn the money for it. This whole conversation only takes one or two minutes in the store, and even if you’re in a rush it’s far faster (and much more pleasant) than the alternative.

If you are looking for a resource to share with your young child to help them understand the difference between needs and wants and why they can’t have everything they see, the Zela Wela Kids Learn about Needs and Wants was created to help parents deal with exactly this type of situation (yes, I needed it myself as well as my son was two when I wrote it).Sarah Cook and Jon reading The Zela Wela Kids Learn about Needs and Wants

Created for children ages four through nine, the book gives parents a fun and easy way to teach their children the difference between needs and wants in a real-life setting – a store.

In the story the characters learn:

the difference between needs and wants

* how a wish list can help you make good buying decisions and prevent “I want …” tantrums.

* why using cash saves you money

* why an “ATM” doesn’t endlessly spit out money

* the importance of tracking your spending

* what a bank account is

 This is a book many children read numerous times over months and years as their learning and maturity evolves. The book is also available in a downloadable form for parents with tablets or teachers who use SmartBoards. The book is appropriate for anyone living or teaching in countries that use a dollar and cents currency. 

I hope you find this helpful, enjoy your weekend.

Nancy

Kids and Money Blog: How Do I Help Prevent My Child from Spending Their Saving Money?

Recently I received a great email question from a father in Winnipeg, Canada. Justin W. has been teaching his son the “give, invest, save and spend” or GISS Method of Money Management to help him learn the different ways money can be used. Here is the challenge Justin is dealing with:

“My son is Brad is turning 8 in November and is increasingly aware of “things to buy”.

We are using the GISS method for financial literacy. One thing I have noticed lately, and this is the reason for my message, is that although Brad is very good at distributing his money into the different banks, I think his notion of Save and Spend are somewhat confused. We have made a list of some items he would like to save for. However, at times, when we are out, he will see something he wants and change his mind about what he is saving for…For him, getting something (often anything) is what he chooses over truly saving for something.

Any advice on this issue would be greatly appreciated.

Thanks in advance! Justin W.”

This is a great question and one many parents commonly face, I just dealt with this situation last spring when Max was seven.

First, we need to consider why it is so important for children to learn how to save their own money for something they desire. For example, my son really wanted a bunch of customized lego mini figures. The purpose is to help our children develop self-control through delayed gratification. Self-control impacts all areas of life, and the level of self-control in young children has been proven to be directly related to their financial security and success in adulthood. Another important reason to allow children to save for their own “wants” is that this how they begin to learn the value of things, they can’t understand something they have never experienced.

Here are a couple of tips that helped us address the save/spend confusion:

*To start out, make the situation easier and more enjoyable for everyone by ensuring your child is using a wishlist to help them prioritize their wants. This activity helps children learn to Wishlist make conscious choices rather than asking for everything they see, and helps parents shift the buying decision to the child. The child then gets to decide if they are committed enough to save for the item. This is a great approach to reduce stress for parents and encourages resourcefulness and entrepreneurial thinking in kids.

*Create a time period for which they are allowed to spend their saving money, perhaps once a month at Brad’s age of eight years old.

*Open a savings account with your child so they have a place to put the money from their savings box/jar at home. This will help demonstrate how important it is to save and create a barrier to spending – having to withdraw the money.

*To help ensure your child has carefully considered the desired item, request the item be printed on the wishlist before they are allowed to buy it. This prevents the challenging, and often emotional, outcomes of the “shopper’s high” J.W. mentioned. These occur when the child can’t find what they want. Their excitement and anxiety then lead them to want to “just buy anything” in order to fulfill their buying desire, and walk out with a bag in hand.

Boy shopping for toys

*Distraction sometimes works, going to another store, etc. A great old-fashioned idea is the “sleep on it” concept. It is tried and true for kids and adults because, by going home and taking time away from the item, you prevent those quick emotional in-store decisions.

Either way, it is likely Brad’s interest in toys is going to change every 3- 6 months at this age, so many of his toys will be “obsolete” and sitting untouched on the shelf sooner rather than later. If we can give children the opportunity to think through their buying decisions, the value and use of the item will generally be much higher than if we don’t. Most importantly, Brad will develop his real-life critical thinking skills and self-control, both of which will be extremely beneficial to his future success and happiness.

Thank you for the great question Justin and Happy Birthday to Brad!

Teens and Money: Tips for Spending Summer Earnings Successfully

It is sunny and hot today, and many a teen is working hard to earn their own money during these summer months. Parents today are wondering how to help their teenagers make the most of their earnings in this fast-paced, consumer-focused world.

Fast fact: The average 18 to 20 year old now spends $1,000 per year or more on coffee drinks. Hmmmm, no wonder many teens feel broke.

Yahoo! Finance reporter Gail Johnson and I recently discussed some key tips for teens to keep in mind before they decide what to do with their hard earned money.

Now that fall is – gasp – in sight, it’s time for teens who are spending the summer working to figure out what to do with all that hard-earned cash. Spend it on an iPhone 5? Concert tickets? Clothes? A new piercing? Not so fast.

Sure, teenagers who join the workforce for July and August deserve to reward themselves. But money maven Nancy Phillips — author of the forthcoming books The Parents Guide to Teens and Money and The Teen Guide to Wealth and Happiness — suggests young people take a moment to think about the bigger picture before blowing money on the small stuff.

“Because of the speed with which our society is moving and the changes in technology, teens can spend money faster and more easily than ever before, and that means they can go into debt far faster and more easily than ever before,” says Phillips, founder and president of DollarSmartKids Enterprises Inc.

“It’s more important than ever that teens learn financial life skills and how to manage money before they leave home.”

Without pausing before purchasing, the influence of advertising, the media and peers becomes harder to resist.

“The best place for teens to start defining their money strategy is to begin by identifying their personal values, interests and goals so they know what they really want based on where they want to go,” Phillips says.

“The easiest way to do this is to write down their wish list and prioritize [items on] it so they think through the pros and cons of the items they want most. This approach will help teens begin to plan purchases and as well as make decisions they’re happy with, as opposed to them feeling buyer’s remorse because they wasted money on something they didn’t really want or need.”

For concrete tips on smart money management, Phillips urges youth look to so many individuals with high net worth who tend to divvy up their earnings into four categories: giving, investing, saving, and spending.

“They don’t spend their way to wealth; it isn’t possible,” she says. “I call this the GISS method of money management, and it’s simple, inspiring and effective. Teens can use the process to make their goals and dreams a reality.”

The easiest way to track money is to divide a bank account into four sub accounts. The DollarSmartKids’ website also has financial-tracking worksheets and values-based goal-setting resources for teens.

Give 10 per cent

“Giving is a very powerful experience for teens, because as they give and help others they become aware of their ability to make a positive difference in their world,” Phillips says.

“This enhances self-esteem, increases the feeling of personal leadership and responsibility, and connects them with causes that are personal, relevant, and meaningful. It is also a wonderful way to meet people with similar interests and can often lead to job opportunities and help define career paths.”

Invest 15 per cent

Investing for the future is an essential part of financial independence. And the sooner you start, the less intimidating the process.

“It’s essential that they understand an investor doesn’t have to have a large amount to start,” says Phillips. “Small, consistent steps can lead to big long-term results. This money can eventually be used to start their own company, invest in a company, buy rental properties or purchase commodities, stocks or bonds.”

Save 25 per cent

Saving allows a teen to work toward and acquire what’s most important to them, whether it’s a car, a university education, or a new cell phone, Phillips notes. They can save for multiple goals at the same time with differing amounts allocated to each.

“Research has shown that self-control in childhood is a key indicator of future financial success in adulthood, and saving is one of the best ways to develop self-control,” Phillips says.

Spend 50 per cent

“This category will ultimately become a chequing account and is the money used for expenses such as lunches, gas or a cell phone bill,” Phillips says. “A portion will also be the fun, ‘live in the now’ money, so teens need to ensure they manage this category well over time.”

Kids and Money – Fun ways your crew can earn some cash this summer

Summer is the perfect time for kids to explore the concept of earning their own money. They have more time to come up with ideas, to plan what they need to do, and they can give their venture plenty of energy and focus. The world is full of opportunities and never has it been more important to share this idea with our children than today. With constant messages about the negative things going on in the world, it is even more critical that parents provide positive messages so children feel hope and optimism about the future.

As with any venture, it is critical for our kids to ask good questions before setting out. Determining what the needs are in the “market” around them and what they enjoy doing are good places to start.

You can use the list below to begin and then have your children add to it. This makes for a fun discussion and can help narrow down their interests. Have them circle their top five choices and think about the “why” behind their choices. This may help them think of more ideas and it’s a fun way of going through the critical decision-making process.

Summer 2022 Entrepreneurial Ventures

Author a book

Babysit/host a story hour

Bake – cupcakes, cookies, pretzels

Breed pets or fish and sell to pet stores or individualsZela Wela Kid sorting bottles

Buy snacks in bulk and sell individually

Care for pets

Clean pools

Collect returnable bottles for the fee

Design brochures/logos/web pages

Host a circus, concert or social –sell food and drinks

Kids sports referee – soccer, hockey, baseball

Landscape – weed, mow, rake. Hire a team and earn a portion of their pay

Lemonade Stand

Make (or decorate) and sell products – themed gift baskets, jams, dressings, soaps, clothes, bracelets, quick stickers, headbands, purses, wallets, pens, jewelry, cards, furniture

Organize – closets, garages

Organize – parties, and special events

Paint – artistic creations

Paint faces/nails –at the farmer’s market, fair, lemonade stand, yard sale, birthday parties

Photographer/Videographer – special occasions, sports games

Set up an arcade

Teach music, fitness

Tutor a subject

Wash Cars

What are some fun ways your kids have earned money over the summer holidays?

Tips for Helping Your Teens Spend Money Wisely

We’re into the sunny, warm days of summer and many parents are wondering how to help their teens learn to manage their money effectively, so it isn’t wasted and there’s some portion going towards meaningful pursuits.

Jeff and Robin at the debtfreesquad.com are parents and very passionate about helping people become financially and personally successful. They asked me to write a guest post on this topic and I would like to share it with you. In this post I give some straightforward, easy to use tips that can positively change your teens life in the short-term and long-term.

I hope you find this information valuable. If you have ideas and experiences to share, we would all love to hear them!

AND, if you have family or friends with teens, please feel free to share this post with them. Our teens need and want guidance on this topic so they can make their goals and dreams come true.

With gratitude,

Nancy