*Your child may have inherited your eyes or your smile, but unfortunately, being financially literate cannot be passed down genetically. For your son and daughter to be able to make intelligent, informed money decisions, you need to teach them how. To assist you in tackling the task of instructing your kids about finances, here are a few commonly used tools and techniques that can generate genuine financial interest and make learning fun, interactive and relevant.
Get creative with allowances
Most parents use allowances as a means of introducing their children to the concept of money management, but Steve Schaffer, the CEO of Offers.com and parent of three, feels that parents are missing out on several unique instructional opportunities with allowances. Shaffer and his wife designed an allowance system for their kids in which each child receives a weekly payment of $5 in addition to 50 cents for each year of age. This means that a 12-year-old receives $5 plus an age adjustment of $6, for a total of $11 each week. From each “paycheck,” 15 percent is placed in a savings account, 25 percent is deducted for “family tax” and 10 percent is reserved for charity. The benefits of such a system include practicing addition and subtraction, working with fractions and percentages and recognizing the importance of being kind and generous.
Many U.S. banks and financial institutions are already on board with beginning finance education at an early age and have implemented online tools for children. A game such as The Great Piggy Bank Adventure, a collection of financial lessons hosted by a friendly gabbing piggy bank, is a great tool for allowing kids to practice their skills.
Allow children to learn from mistakes
Let’s say your child wants to spend his or her money on a toy that you know is junk and likely to break within 24 hours or your child wants to buy a toy that you know will be played with once and then forgotten. Go ahead and allow the purchase, letting your child waste money and learn from a bad spending decision. It’s likely you won’t even have to point out that your child should not have spent money on something of poor quality or on a fleeting whim.
The lessons to be derived from such a practice include shopping for high-quality products, avoiding impulse buying and feeling the pain of buyer’s remorse. Better for them to learn now than to learn years from now on a significantly more expensive purchase.
Be future oriented
No aspect of modern life has escaped the far reach of technology; finances are no exception. The world today is trending toward complete digitization of all currency, and economists currently estimate that only 8 percent of all the world’s currency is physical cash.
There are more methods than ever, so acquainting your children with this evolving trend is a good idea. Many of the digital payment methods are conducted via smartphone. By gaining a familiarity with managing, spending and saving money using a smartphone — preferably a phone compatible with Android Pay and Samsung Pay such as the Samsung Galaxy S7 — your young learner will be better prepared to handle the marriage of money and technology in the years to come. Heck, they probably already know more about your smartphone than you do.
If you think your children are too young to deal with money and finance on their own, or if you believe they will learn these skills in school, you may be wrong. Considering the lack of financial literacy in college students, the earlier you begin teaching your kids about money and finance, the better off they will be.
Black Billionaire (Robert Smith) Has to Pay Back $140M After Admitting to Tax Evasion / VIDEO
*Robert Smith, the richest Black person in America, will have to give a hefty amount of his wealth back to the IRS.
According to reports, the amount is almost $140 million based on tax evasion tactics that Smith has admitted to using after he was exposed following a four-year U.S. tax investigation by The Department of Justice and the Internal Revenue Services. Smith, 57, has been cooperative with the two powerful government agencies.
Forbes magazine recently published on its online platform that Smith avoided prosecution because he agreed to cooperate in a case against Houston businessman Robert Brockman, who has been accused of using a number of entities in the Caribbean to hide $2 billion in income.
For his own part, Smith is not running away from the wrongdoing of evading taxes. He said over a three-year period, he failed to file accurate reports of foreign bank and financial accounts, known as FBARs.
Smith , who is CEO of the private equity firm Vista Equity Partners based in Texas, has been called a brilliant businessman, chemical engineer, and investor. His net worth has been estimated at $7 billion.
For the most part, Smith has been flying under the radar because his name was not a household name, per se. Yet, he was picked up by public radar in 2019, when he gave the commencement speech at Morehouse College in Atlanta. During the speech, he shocked all in attendance, especially the college’s graduating class, when he promised to pay off each graduate’s student loan debt. It was estimated to total $34 million.
Al Harrington & ‘Smoke: Marijuana + Black America’ (EUR Exclusive/Watch)
*This week BET rolls out “Smoke: Marijuana + Black America,” narrated and executive-produced by Nasir “Nas” Jones.
The original documentary, examines marijuana’s cultural, social, economic and legal impact on American society and the Black community. Told through the lens of aficionados, policymakers, advocates and innovators in the booming legal cannabis industry. EUR correspondent Fahnia Thomas spoke with former NBA player and cannabis investor Al Harrington about Viola, Harris and Mary Jane.
FT: Why did you want to be a part of “Smoke?”
AH: We don’t have a lot of representation in this cannabis space. There aren’t a lot of places to get information especially from someone like myself that’s an operator in multiple states. I want people to understand my journey and the journey of people of color. It’s a tough place, it’s not easy and we’re not always welcomed into the space.
We have to understand the history of cannabis and how Black people played a part in where we are today as a society. All of our freedoms were taken away and all of our lives were mostly impacted negatively around the cannabis plant. Now there’s this new billion dollar industry we don’t have a real position in. We don’t have a seat at the table and that’s a crime. There’s enough money to go around for everybody. There needs to be more inclusion of people of color. If it wasn’t for the sacrifices we made – our freedoms – we wouldn’t be having these conversations.
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FT: What struggles have you faced and continue to face in the cannabis industry?
AH: It’s been about 10 years since I first started and one of my first challenges was being able to differentiate good advice from bad advice. I had attorneys who told me the wrong things to do and I don’t think they did it on purpose, they just didn’t know. A lot of these rules are up to your interpretation. Also, I was still playing in the NBA when I started [getting into the cannabis industry] and I had keep to myself in a position where I didn’t lose my contract or get locked up. Then, once I started to scale the business I realized how hard it was to fund a business. Some would think with the resources I have it should be easy – like everyone is going to give me money – but that wasn’t the case. When I think about how difficult it was for me to raise money, I could only imagine how difficult it would be for someone who isn’t a celebrity or athlete. How would they ever be able to participate in this industry? It’s so expensive to be a part of it.
FT: Your company Viola launched an incubator program to provide small Black owned businesses resources within the cannabis industry, how can people apply?
AH: Through our website – when they hear the incubator program a lot of people think I’m randomly picking people, it’s not like that. It’s way more difficult. We’re looking for entrepreneurs that are already in the space, have started a business and they need resources to be able to scale it up, like back office support. They can use our platform to elevate their business. Even some people operating in the gray market that have really solid brands but are in states that don’t have their programs fully built out yet, can’t find enough resources – like capital to get a license. So we would say, ‘join us and use my license to be able to get on the right side of the business and grow from there.’ Maybe they have a following and they just need a license or a grow space or access to distillate. Viola would be able to get those resources to them.
FT: “Smoke” features testimonies from other notable individuals like Vice President-Elect Kamala D. Harris, what can you share about her role?
AL: She has a history of locking up people of color and at the end of the day you can’t blame her because she was doing her job. I like that she has grown from her way of thinking…throwing the book at guys for low level drug offenses – and now is trying to figure out how we can expunge these records and give these guys an opportunity to really come back into society and be successful. When you go to jail and you serve your debt to society as they say and you come home it follows you. It could eventually force you back into a life of crime. I know some of the things she is focusing on is expungement, re-entry and changing the way we look at cannabis and the stigma.
“Smoke: Marijuana + Black America” premieres on BET Wednesday, November 18 at 10pm ET/PT.
JeffCars.com’s Review: 2020 Genesis G90
Other Trim Levels:
Standard Audio On Test Vehicle: a 17-speaker Lexicon system AM/FM/HD audio system with SiriusXM
Apple CarPlay/Android: Yes
Bluetooth Connectivity: Yes
USB Connectivity: Yes
Bumper-to-Bumper Warranty: 5 years or 60,000 miles
Powertrain Warranty: 5 years or 60,000 miles
Standard Engine/Horsepower: 3.3-liter, 6-cylinder/365-hp (horsepower)
Recommended Fuel: Premium
Standard Fuel Mileage: 17-city/25-hwy
What’s New: The first generation G90 has undergone a mid-cycle refresh.
To continue reading the review, click here.
About The Reviewer: Jeff Fortson is the host of Auto Trends with JeffCars.com, the only multicultural syndicated automotive radio show on the airwaves. The 30-minute weekly show, which airs on SiriusXM 141 and a number of FM radio dials, includes one-on-one conversations with many of today’s pioneers and influencers. The engaging show, which goes beyond traditional car talk, can be heard via all mobile and stationary infotainment devices by tuning in here.
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