When’s the RIGHT time to teach your kids about money?

I have a tried and true test to help you answer this very question. Put a one-dollar bill in your left hand and a $100 bill in your right hand. Then ask your child which one he or she wants. If your child picks the $100 bill then you know it’s time to start teaching your kid about money. (My son, Jack knew to pick the $100 bill at age three!)

The money conversation with your kids is so important, and luckily technology has made it easier for us parents to raise a money savvy kid. If you are an active member of my FinishRich Community then you know that I am involved with a company called Tykoon. Tykoon has created an unbelievable online platform that provides families an innovative way to engage children to become more fiscally responsible and the best part is that it is a platform that is totally customizable to your family’s rules and values and it’s FREE.

So how does Tykoon work? Here’s the breakdown—(It’s awesome!)

Teach your kids the meaning of EARNING: You can assign your kids various tasks including recurring chores such as cleaning their room, or one-time jobs and also daily responsibilities such as their homework. You choose how to assign rewards based on your own family practices and values. These rewards can be cash or non-cash such as stay up late time.

Tykoon’s parent dashboard allows you to view and approve all your kid’s tasks in a single place and on any device. You can also print a weekly calendar for your fridge or child’s bedroom, or access tasks on the go with their mobile app.

Teach your kids the value of SAVING: Learning to save from an early age can instill balanced, long-term financial practices that extend into adulthood. Tykoon allocates earnings to the savings category easily and helps establish a mind set for savings and setting and achieving goals.  In addition to putting away some of their earnings, your kids can also set up and save for a big or long-term goal. This can be an item that they want to purchase, a family vacation or trip or a savings goal for college or education.

Teach your kids the importance of GIVING: Through Tykoon, kids discover and learn about dozens of age appropriate charities and also share these interests with their family and friends. Tykoon reviews every charity before making it available to your children and they give you controls on what categories your kids can access. It’s a simple start that can lead to a lifetime of community involvement and giving back.

All transactions are secure through the use of Network for Good (one of Tykoon’s partner). They will collect your credit card information, make the donation to the non-profit in your name, and send you a tax-deductible receipt. It’s simple, secure and carries all the benefits of charitable giving for your family.

Teach your kids how SPEND and buy real goods with real money: When you use Tykoon your kids can purchase their favorite products which are delivered right to your door through part Amazon.com (making all transactions secure). The best part is that all products they can purchase are kid appropriate and Tykoon reviews every product to make sure it’s kid safe. Even better, you can control the product categories that your kids can see. Don’t want video games? No problem. The choice is yours.

If you already have an Amazon account, you can seamlessly checkout with through Tykoon with your Amazon ID or Amazon prime account. When purchasing through Tykoon, kids can’t move money and parents make the final decision on any item that has been marked for purchase or donation by their kids. Meaning you can rest assure that your children will not be spending YOUR hard earned money without you knowing.  

I am so excited about Tykoon and whether you use this system or not, I hope this post has inspired you to take action to spread financial literacy to the children in your life!

To learn more about Tykoon check out their website (www.tykoon.com) and sign up today.  

 

Live Rich,

David Bach

 

 

NBC’s Today Show – Money 911 – May 2, 2012

If you missed me this morning on NBC’s TODAY show – Money 911 make sure to watch the segment now, we had a great time as always, with lots of laughs and tons of information. This week we helped viewers with what do to help pay for college loans, gave advice on what to do with a home you’re growing out of, and how to distribute a mutual fund to help pay for your child’s college education.

Live Rich,

David Bach

 

 

NBC’s Today Show – Money 911 – April 18, 2012

If you missed me this morning on NBC’s TODAY show, Money 911 segment make sure to watch it now. We answered questions about tax liens, what to do if your mortgage is upside down, and paying taxes when it comes to cashing in an inherited IRA. Take a minute to check out the segment, our answers could help you or someone close to you!

Live Rich,
David Bach

 

Today.com – 6 Tips For Saving More At The Grocery Store

This week on Today.com, I helped a Facebook fan with her question on how to save on groceries. Check out my 6 tips for saving money at the grocery store and watch the video above.

Our Facebook friend Michelle asks: How do you save the most money on groceries when you live in a small town and only one grocery store? The next town with more grocery stores is about a half an hour away.

My advice:

1)      Organize a trip and carpool to the grocery store(s) that are a half an hour away with friends in your area – make sure you go to the best place, with the best prices.  

2)      Look into “big box” locations like, Costco, Wal-Mart or Kmart to see what prices they have available.

3)      Shop Online for foods and other household goods if you can. Here you can save money from the comfort of your home AND save the gas money.

4)      Look to see if the online grocery retailers available in your area offer free shipping. Many times if you spend a certain amount on your groceries or household goods they will have this as an option—if they do, try to take advantage of it! (Just make sure you don’t over spend to take advantage of the shipping.)

5)      Do your research and look for coupons online.  Some sites out there right now are: CouponMom.com, DealSeekingMom.com, BeFrugal.com.

6)      Check out the grocery store’s website for their current deals and sales.

I hope these quick tips help! Now I want to know, what’s the best tip YOU have when it comes to saving on groceries?

Live Rich,

David Bach

Today.com – How to Build Credit When You’re In Debt

Visit msnbc.com for breaking news, world news, and news about the economy

Do you want to know how to build your credit score when you’re in debt? Well, this week that’s exactly what I discussed on Today.com, so watch the segment above to find out what you can do!

Email Question From Mary:

I went on a Debt Management Plan about 2 and a half years ago. I want to start rebuilding my credit. I’ve looked at pre-paid credit cards, but I am not sure this is the best way to go. Do you have any suggestions on how to start rebuilding my credit now? Or do I have to wait until the Debt Management Plan is complete?

My advice:

-          Go apply for a credit card, NOT a debit card.

-          Go to CreditCards.com and look for a credit cards that right for you.

-          Only get one that has a small limit on it, $1,000 – $3,000.

-          Use the card WISELY, and pay it off every month!

Live Rich,

David Bach

 

 

NBC’s Today Show – Money 911 – April 4, 2012

If you missed me this morning on NBC’s Today Show, Money 911 make sure to check it out now. We answered questions about using a rental income as a retirement plan, using a 401k to pay off a mortgage, and if you should open a credit card or line of credit to increase your credit score. Hopefully our answers can help you too!

Live Rich,

David Bach

Today.com – Pay For Your Kid’s College Without Being Taxed

This week on Today.com our question comes from Robert: My Daughter is graduating medical school with over $200,000 in school loans, both private and federal. My wife and I have a substantial nest egg, where we could pay off at least half of her outstanding loans. What would the tax implications if we do this?

Watch above to find out how you can help pay off your child’s college loans without having to pay taxes. 

Live Rich,

David Bach

 

NBC’s Today Show – Getting Out of a Sticky Credit Card Situation

Did you know the average American family has about $16,000 in credit card debt; this translates to a lot of money wasted on interest payments. In my NBC’s TODAY show segment,  I teach you my simple trick to RACK IT, STACK IT, and HACK IT to help you pay off those balances—saving you time AND money. The beauty of this system is you can do it on a piece of paper, OR you can go over to www.finishrich.com/dolp and use my DOLP™ Calculator to help you prioritize your debt!

My system will allow you to establish the most effective and efficient order in which you should pay down your various cards. The DOLP™ system works by identifying the card you can pay off most quickly and then having you pay it off first. The point of doing this is to reduce the number of different cards you owe money on as fast as possible.

In this segment I also discuss what your options are  and where to go if you have good credit and want to pay 0% interest on your credit cards—starting today!

So, watch the segment above and then ask yourself if you have a strategy to pay your credit card debt off that will save you time and money? If you don’t, then my DOLP method could be the solution for you!  

Live Rich,

David Bach

 

 

NBC’s Today Show – Money 911 – March 28, 2012

If you missed the Money 911 segment this morning NBC’s TODAY, make sure to watch it now! Today we helped people tackle their student loans and discussed forgiveness options, spoke about what to do and where to go if you’re struggling to make mortgage payments on an investment property and ran the numbers for a viewer when it came to refinancing their 30-year mortgage, so it could be paid off by the time their daughter goes to college. Tons of great information and I hope it can help you too!

Live Rich,

David Bach