Tips to Help Your Children Learn the Value of Money and Build Credit at the Same Time

I do not believe it is wise to help your child build credit until they have secured steady employment, such as a part-time job. Children need to first learn to appreciate how hard it is to earn income. This helps them associate work with money. Only after this association takes place is it wise to place a credit card in their hands. It’s putting the cart before the horse. Once your child has secured a steady part-time job I would do the following to help them learn the value of money and build credit:

1.      Open up a checking or savings bank account. Make your children deposit 20% or more of their earnings into this account and

2.      Open up a Private Label credit card for your child (Sears, JC Penny etc.). This helps them build credit and minimizes the risk of abuse on the credit card since these cards typically have lower credit limits than traditional Master or Visa credit cards. or

3.      Provide your child with a credit card where you, the parent, are the main card holder. American Express Gold and Platinum will issue credit cards to multiple users under one umbrella account. The child’s card is reported to the three credit bureaus even though the child is not legally responsible for the credit card.

4.      Need Verses Want – Teaching your child the difference between a need and a want is important. As parents we want to provide for the needs of our children. Food, school supplies, clothing, to an extent, are all examples of needs. A new iPad, iPhone, movie or concert tickets and fashion items are all wants. Making your child pay for their wants helps teach them the value of money, importance of savings as well as good spending habits.

 

About Tom Corley

Amazon #1 Bestselling Author Tom Corley understands the difference between being rich and poor… At age 9 his family went from being multi-millionaires to poor in just one night.

Tom spent five years studying the daily activities of 233 wealthy people and 128 people living in poverty. Tom discovered there are vast differences in the daily habits of the two groups. During his research he identified 149 daily activities that separated the “haves” from the “have nots.The culmination of his research can be found in his #1 Bestselling book, Rich Habits – The Daily Success Habits of Wealthy Individuals (www.richhabits.net).Tom is a CPA, CFP and holds a Master’s Degree in Taxation and is President of Cerefice and Company, CPAs.

Tom has shared his insights on Tne Dave Ramsey Show, WABC, WCCO, KOA, KDKA, and KKOB and more than 1,000 radio stations in the U.S., Canada and Australia, a host of print media publications and many TV shows including Yahoo Finance’s Financially Fit with award winning host Farnoosh Torabi(Today Show, Kelly and Michael, The View).   

Tom’s number is 732-382-3800 Ext 103.  Email: TOM@RICHHABITS.NET

Media Kit: http://richhabits.net/rich-habits-buzz-media-kit/

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Thomas C. Corley About Thomas C. Corley

Tom Corley understands the difference between being rich and poor: at age nine, his family went from being multi-millionaires to broke in just one night, due to a catastrophic fire that destroyed his Dad's thriving business. For fourteen years they struggled with poverty. There were eleven in Tom's family, and they lived in constant fear of losing their home.

Driven by the desire to unlock the secrets to success and failure, Tom spent five years studying the daily activities of 233 rich people and 128 poor people. He discovered there was an immense difference between the habits of the rich and the poor. During his research he identified over 300 daily activities that separated the “haves” from the “have nots.” Tom decided to write a book to share what he learned. That book, Rich Habits: The Daily Success Habits of Wealthy Individuals (1st Edition), went on to become an Amazon Bestseller in the United States forty times over a three year period. To give you some perspective, in order to be a true Amazon Bestseller in the United States, where you actually receive a specific Bestseller designation from Amazon, you need to be in the top 100 of all books sold by Amazon in the United States in a given day. Rich Habits did that for nearly thirty straight days, rising as high as #7, eclipsing such Bestselling authors such as Stephen Covey, Robert Kiyosaki and J.K. Rowlings. Imagine that - an unknown, first-time, self-published author selling more books than J.K. Rowlings!

Tom now travels the world, sharing his Rich Habits and motivating audiences at industry conferences, corporate events, universities, multi-level marketing group events, and global sales organizations’ presentations and finance conferences. He has even spoken on the same stage with famous entrepreneurs and personal development experts, such as Sir Richard Branson, Robin Sharma, Dr. Daniel Amen, and many others.

Tom has shared his insights on various national and international network, cable, and Internet television programs such as CBS Evening News, NBC News, Yahoo Financially Fit, Money.com, India TV, News.com Australia, and a host of others. He has been interviewed on many prestigious nationally syndicated radio shows, including the Dave Ramsey Show, Marketplace Money, and WABC.

Tom has been featured in numerous print magazines—such as Money magazine, Inc. Magazine, SUCCESS Magazine, Entrepreneur magazine, Fast Company magazine, More magazine, Epoca Magazine (Brazil’s largest weekly) and Kiplinger’s Personal Finance magazine—and various online publications, including USA Today, CNN, MSN Money, SUCCESS.com, Inc.com, and the Huffington Post. Tom is a frequent contributor to Business Insider, Credit.com, Bankrate.com and a few other media outlets.

National publicity has garnered international media attention for Tom and his Rich Habits research spanning 23 countries. Broadcast media, online publications, and television throughout Asia, the South Pacific, Europe, the United Kingdom, and Central and South America have shared his powerful message.

In an effort to help parents, grandparents, teachers and adults become success mentors to the younger generation, Tom released his second book, Rich Kids: How to Raise Our Children to be Happy and Successful in Life in 2014. This book was the self-help category winner of the 2015 New York Book Festival and Runner-up in the prestigious 2015 Writer’s Digest Self-Published Book Awards Contest. In 2016 Tom released his third book, Change Your Habits, Change Your Life. This book provides the latest science on habit change as well as more of Tom's unique research on the specific habits that helped transform 177 ordinary individuals into self-made millionaires.

Besides being an author, Tom is also a CPA, CFP, and hold a master’s degree in taxation. As president of Cerefice and Company, CPAs, Tom heads one of the premier financial firms in New Jersey.
 
Phone Number: 732-382-3800 Ext. 103.
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