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Make Your Kid A Money Genius (Even If You’re…

Make Your Kid A Money Genius (Even If You’re Not) 

 

I am a firm believer that as a society we do not put enough emphasis on teaching our children about money. Towards the end of my high school I read Robert Kiyosaki’s book Rich Dad Poor Dad which for me then other than doing fake trading on the stock market in mathematics at school was the first insight into understanding how money can work. I recently listened to an interview by the author Beth Kobliner of “Make Your Kid A Money Genius (Even If You’re Not)” She talked about some basic tips that we can pass on to our children. I enjoyed her explanations in lamens terms and I wanted to share them with you.

What I found interesting was children as young as the age of 3 already have a basic understanding around money habits. By this age they can understand value,exchange, and how to make choices about money.

Everyone has some financial baggage and as parents it is important to go through basic financial principles and money basics with our children. From Age 3 start talking about “I have a job that helps us pay for food and petrol etc. We don’t need to talk about how much we make specifically or how much super we have,  or how Uncle Joe is tight and Aunty Joanne will just spend money on anything!

It is important to not lie to kids, if you are in a shop, do not say I have no money when they are demanding something, to then stop on the way home and buy petrol. Explain this is not what we came into the shop to buy today.

Frequently these days kids see us wiping cards more so than using cash. Use cash intentionally at times. Explain credit cards are like a loan, getting free money with interest. Explain it can be like paying $800 for a TV but paying the minimum repayments you’ll end up paying $1,100 for that product.

Unfortunately unlike when we were children savings accounts that existed are no longer around. As a child I had a savings passbook which I would go into the bank with my savings and the Teller would actually stamp your book although this isn’t available these days recommended even putting $100 a year into savings for the child. Another recommendation Beth Kobliner suggested to help them understand trading is to look at exchange traded funds or ETS which can be trading with as little as $100. This way they are still getting knowledge around trading actually using money. I remember when we did dummy trading in Maths I didn’t care when the Boardshorts Company I chose to invest in tanked as there was no ‘real’ financial interest.

Another part of the interview that I found interesting was around kids getting an allowance. There are over 2 dozen studies published on allowances and the consensus was it does not change their behavior. It was recommended that kids are not paid for chores that would be seen to be contributing around the house as a member of the family. However paying an allowance for jobs that would be considered going above and beyond for something that you would outsource perhaps to someone not in the family. An example was sorting large amounts of photos into files etc.

Be consistent with your children and money. If you tell them they will pay for that concert and then have them pulling heartstrings when they not saved saying “but all the other kids are going”. On that same note be realistic don’t expect them to buy presents for all their friends birthdays, buy phone credit and save for the concert.

If they loan money from you while you are out as a family and say they will pay you back, make them stay true to their word.

As they’re slightly older it is considered good to explain how insurance protects them from huge unexpected costs. At the same time go over how extended warranties on small products like appliances need to be weighed up whether they will actually benefit. Perhaps the product may be replaced before the extended warranty comes into play.

Before they enter the workforce explaining how some companies offer to match super contributions is like getting money for free and should be taken seriously. Research showed that male teens get talked to about investing & saving and girls get teased about buying make-up or clothes. The author recommended treating both sexes equally when it comes to educating on saving and money habits.

 

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Ryan Billy Tate

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The Fast And The Furious

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Teens Hunger For Digital Media

Teens Hunger For Digital Media

I am going to take a brief plunge into Teens Hunger For Digital Media consumption today. What spurred me to do so was a visit to a friend’s house for dinner recently. It was after dinner we were all sitting around downstairs and I could hear a noise coming from upstairs. Which I described at the time as perhaps a video game or more particularly it sounded to me like a dinosaur game. My query to the other adults got some odd looks as I guess they could not hear it and the teenager that was downstairs with us at the time did not give me any information to work from. I left it, and the night went on, then when things went quiet again later I could hear the noise quite clearly again. I had been upstairs in between hearing the noise, to check on our toddler Keisha who was playing with Lego blocks. Although I did not notice at the time when hearing the noise again later I clicked that no computer games that I knew of were being played on the main TV upstairs. So when I ask the question again and one of the other teenagers living there was downstairs with us group of adults. I was finally relieved of my confusion for what was producing the confusing background noise. It turned out that it was a Skype call between a bunch of teenage friends, and that day just leave it running pretty much whenever they are home. The teenage resident went on to say that it even got left on at times when that sister resident wasn’t even home or had fallen asleep for the night. This blew my mind and made me ask if they had unlimited data.

Streaming aside, my thoughts went to the privacy side, of having homes all linked up through audio and visual at all hours of the day and night. I am showing my age here but it is such a vast difference from when I was a teenager and a majority of us didn’t even own a mobile phone.

Out of intrigue I did some research and interestingly enough kids of today actually watch more YouTube and Netflix than traditional TV.  Teens spent 65 percent of their time watching Netflix and YouTube, compared to just 26 percent of their time watching “traditional TV.” Although Netflix is clearly dominating teen viewing habits at 38 percent, according to a study by Piper Jaffray.

Amazon Prime membership has also grown among teens (although probably paid for by their parents) in each of the past five surveys, and Piper Jaffray now estimates that 51 percent of teens surveyed are now a member (or their parents are). Amazon Prime for those who do not know provides unlimited streaming of movies and TV shows with Prime Video, and the ability to borrow books from the Kindle store

Teens now spend up to nine hours a day on social platforms, while 30% of all time spent online is now allocated to social media interaction. And the majority of that time is on mobile – 60% of social media time spent is facilitated by a mobile device(socialmediatoday.com)

It is definitely a changing world and vastly different to when I was growing up. What’s your thoughts on our love of digital and social media? Please I would love to know your thoughts in the comments section. If you enjoyed this read, please feel free to share.

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Ryan Billy Tate

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Touring Penguin & Seal Islands

I actually had no idea what to expect. The tickets were bought for us as a gift from my sister Holly who works for the company who run the tours. We were very happy to hop on the glass bottomed boat and drift off into the aqua coloured bay, on a beautiful day. There was a slight breeze running from the south-west, which is a common occurrence in this region of the world. This time of year we have what we call The Fremantle Doctor. By roughly 11am or midday at the latest the breeze comes from the south off the ocean at very high speeds. The Doctor was light when we took off and luckily for us it didn’t really affect us, as the boat we were on was very stable and set up perfectly for when the ocean sweeps up from the windy conditions. Most of the canopy surrounding the boat had openings but you could tell they were well equipped for what nature presents as the versatility for opening and closing different sections of the canopy surrounding the glass bottomed boat was ideal.
Quite soon after we took off we headed for Seal Island which is situated to the right, or North of Penguin Island looking from the mainland . Seal Island as the name suggests is in inhabited by Sea Lions the tour guide or host on the boat mentioned how lucky we were to have an actual seal that had just bared a pup, and was nursing it on one of the secluded beaches separate to the other Sea Lions. It was explained to us that these seals are normally only found in colder climates like the Antarctic and we were very lucky to have this seal and its pup calling our Seal Island home for the time being. The others Sea Lions that we could easily see perhaps 20 or 30 m from the boat were all males lazy relaxing in the sun and we saw four males play fighting and being quite boisterous both in the water and on the shore. The females are pregnant for over 18 months and as soon as two weeks after they give birth they are pregnant again and out looking for food during pregnancy. The males have a good wicket and spend most of their life sleeping and laying about on the warm sand sunning themselves. If I come back I believe a Sea Lion would not be the worst reincarnation . After we spent time loitering around Seal Island we went back out into the bay and witnessed three dolphins hanging around a large,  2+ meter wingspan stingray. The dolphins have it wired, they hang around the large stingrays to get an easy feed. They were actually getting a sleep in at the same time. I had no idea but dolphins actually sleep with one eye open and one eye closed, they get short periods of sleep, (minutes at a time) approximately eight hours toatal during a 24 hour period. They do not fully shut off as they need to control their breathing. So we witnessed the dolphins cruising along slowly, bobbing like a cork at the surface of the ocean and it was explained to us that this was the way they slept. The host or MC on the boat was very informative, we got a schooling for the full 45 minutes.

After sometime hanging around the dolphins  we then headed to Penguin Island. Once on the island it is advised to keep to the boardwalks and just appreciate the nature around you. Penguin Island brags that it has no ground based predators like foxes,which I really enjoyed hearing. My father is a nature lover and during my life has been with many naturalists groups and being an avid photographer of wildlife has mentioned many times how destructive predators can be, especially the introduced kind. We saw fluffy little baby penguins, lizards, a variety of bird species with their young and enjoyed the lovely sunny weather that our region has to offer. I must say I truly felt very relaxed today as we really didn’t have much booked other than seeing the Penguins get fed, it was all about just appreciating the moment. We sat at a sheltered beach on the eastern side of the island away from the howling wind that had really picked up over the hours since we left the mainland. It was lovely to watch Keisha, our little four year old having a ball in the shallows, not having to wear floaties  as the water was dead still, super shallow and a beautiful aqua colour. For anyone living in this region that has not ventured over to Penguin Island or Seal Island, I highly recommend this! Especially if you have children, as I believe this is a great experience to get in touch with nature. I must say it doesn’t feel forced either, my stepdaughter Mikayla, who is 17, took an interest in the wildlife around her & enjoyed the day.
Penguin Island Link

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Daddy & Daughter Adventure.

Daddy & Daughter Adventure. Our four year old daughter, Keisha and I went for a ride on our push bikes this afternoon. Not long after we ventured off we rode through some bush land. Keisha hopped off her bike & asked me to lift her high enough to grab leaves hanging from a tree to the side of the path we were on. After she grabbed a handful of leaves she requested we go & explore. The bush we were in was dry and brown, however about 50 meters away was plenty of paperbark trees in what would be described as swamp land. Keisha found fun in finding sticks everywhere & attempting to pick up as many as possible. Her attention then turned to whacking trees, baseball swing style, our little girl definitely has a boisterous side!

As we ventured further into the thick paperbark trees we came across some substantial bike jumps. This took me back to my youth seeing the methods used to build these structures up to something peaky enough to help get some serious hang time while jumping gaps or table tops to then sail smoothly down the other side. Keisha was happy to hoick boulders and sticks around the place while I admired the handy work that had gone into making these jumps. I also felt a feeling of restored faith that kids still get outdoors & not all of today’s youngsters are totally devoted to computer games and their mobile phone screens. We were strolling past the jump pictured above when we noticed a Kangaroo casually chomping on grass meters from us. The marsupial was not fazed by Keisha and I, & was happy to pose for a piccy or two. Short Video Shortly after a group of young lads turned up and explained the triumphs and frustrations experienced putting the jumps together and talked about how stoked they were to be at the start of their 6 weeks of Summer school holidays.

The boys were good value and happy to hang with us despite our obvious age difference. Only one boy had his BMX bike with him, and was fine for me to snap photos of him taking on the jumps. However his first attempt proved to rattle his confidence as he over shot the table top all together and ended up stacking it. It was quickly explained that the bike was not his, and his preference was Mountain Bikes, not the smaller frame he was riding. We moved some pellets to try and fix one of the jumps and I was prepping to get some action photos however the young bloke decided against it. It ended up being quite a cool little adventure for Keisha and I. Earlier in the day our little one went to a birthday party which had a mermaid swim up mid party in the Dolphin Quay Marina. I know she will sleep well tonight. Tomorrow we have a family trip Penguin Island off Safety Bay.

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