How Much Math Knowledge Do You Need For Investment Banking Home School Your Teen to Financial Success

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Home School Your Teen to Financial Success

Can you imagine a scenario where your child is in their thirties and still buried in student debt? This is a reality for many parents. By including financial literacy in your homeschool curriculum, you will play a critical role in providing a brighter future for your child.

In talking to parents who homeschool their children, most understand the importance of teaching practical money things. Unfortunately, many parents don’t know where to start. They never received hands-on financial education in school, and there is a dearth of home financial education curriculum on the market.

If you don’t currently homeschool your kids, you need to when it comes to financial literacy! Financial literacy is not taught in most public high schools, and recent surveys have shown that more than 70% of young adults see their parents as the primary source of financial education.

The school curriculum focuses almost exclusively on the subjects necessary for young adults to be accepted into college. This is important, though; just as important is the need to be financially prepared for when they set foot on a college campus. By the time they hit many college campuses, credit card companies are there offering free gifts to any student who signs up for a student credit card.

So that your homeschooled child is ready for the real financial world when they go to college, here are some simple steps that will help you feel confident that they can handle the temptation of easy credit and achieve financial success.

1. Relate money to lifestyle. Most young people are not motivated to have a large bank account. It is what money provides them that encourages them to learn money management skills. It’s the experiences they want to have, the places they want to travel to, the people they want to help and get the toys they dream of.

Find out what your child wants, what they dream about and relate it to money. It’s a great homeschool exercise that allows you to connect with your child on a deeper level while teaching them a valuable skill.

2. Draw up a savings plan. Give your child a head start by developing a savings plan. As part of your school curriculum, have them manage their own finances and create a working budget. If your child still lives at home, they need to save at least forty percent of the money they earn or are gifted to save for the long term. Not only will this get them started building a nest egg, but it will help them develop a good savings habit.

An essential element to include in your homeschool budget curriculum is to help them understand the difference between a “need” and a “want.” Wanting a $5 cup of coffee every day adds up to over $1800 a year. These essential homeschooling lessons will help counteract the years of “buy, buy, buy” ads they’re exposed to.

3. Open Accounts. To get your child involved in a real-world homeschool activity that will set them up for the future, get them to open a checking and savings account. Your child will need them anyway, so why not start them early. Also, you will find that the longer you establish a relationship with a bank, the more benefits they will receive.

Your student checking account is the center of your finances. It is suggested that they open two student savings accounts. One for long-term savings and one for student savings for fun things they want to experience. The Long Term Student Savings Account will give them financial security, while the Fun Student Savings Account will allow them to fully experience life now.

4. Invest early and consistently. When homeschooling your child, one of the most important math lessons you can teach is the power of “compound interest.” This allows your child to earn money from the initial investment plus any money the investment has already returned.

In your homeschool math curriculum, show them how quickly a small investment can add up. Just an investment of $80 a month could mean over a million dollars in their account by the time they are fifty. Homeschooling your child with these practical financial lessons will give them an edge that most people won’t have.

Financial education should be a central part of your teen’s school curriculum. With practical financial education they will avoid the most common financial mistakes, enjoy life more and be well on their way to securing their financial future.

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