Comments on: 12 Things Every Teenager Needs To Know About Money (And How To Teach Them) http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/ Money issues for college students and 20-somethings, without being boring. Sat, 10 Jul 2010 17:44:53 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Ann http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-75069 Ann Fri, 26 Jun 2009 22:15:59 +0000 http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-75069 Teaching teens how to handle money is important and not something they are likely to learn in school. If you teach your children smart ways to manage money, it will help to ensure they get the right start and don’t wind up with bad habits. Teaching teens how to handle money is important and not something they are likely to learn in school. If you teach your children smart ways to manage money, it will help to ensure they get the right start and don’t wind up with bad habits.

]]> By: Get by with a little help from the blogosphere « http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73764 Get by with a little help from the blogosphere « Tue, 28 Apr 2009 08:26:19 +0000 http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73764 [...] 4.Two words: Compound interest [...] [...] 4.Two words: Compound interest [...]

]]> By: Stephanie http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73727 Stephanie Thu, 23 Apr 2009 04:50:58 +0000 http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73727 @Jeremy: Here's what it looks like if you took a penny and every day doubled the amount, for 30 days: Day 1: $.01 Day 2: $.02 Day 3: $.04 Day 4: $.08 Day 5: $.16 Day 6: $.32 Day 7: $.64 Day 8: $1.28 Day 9: $2.56 Day 10: $5.12 Day 11: $10.24 Day 12: $20.48 Day 13: $40.96 Day 14: $81.92 Day 15: $163.84 Day 16: $327.68 Day 17: $655.36 Day 18: $1,310.72 Day 19: $2,621.44 Day 20: $5,242.88 Day 21: $10,485.76 Day 22: $20,971.52 Day 23: $41,943.04 Day 24: $83,886.08 Day 25: $167,772.16 Day 26: $335,544.32 Day 27: $671,088.64 Day 28: $1,342,177.28 Day 29: $2,684,354.56 Day 30: $5,368,709.12 In other words, it's 1 cent invested at 100% interest per day - not an investment you'll find anywhere in the real world, but a cool demonstration of the power of compound interest nevertheless. @Jeremy: Here’s what it looks like if you took a penny and every day doubled the amount, for 30 days:

Day 1: $.01
Day 2: $.02
Day 3: $.04
Day 4: $.08
Day 5: $.16
Day 6: $.32
Day 7: $.64
Day 8: $1.28
Day 9: $2.56
Day 10: $5.12
Day 11: $10.24
Day 12: $20.48
Day 13: $40.96
Day 14: $81.92
Day 15: $163.84
Day 16: $327.68
Day 17: $655.36
Day 18: $1,310.72
Day 19: $2,621.44
Day 20: $5,242.88
Day 21: $10,485.76
Day 22: $20,971.52
Day 23: $41,943.04
Day 24: $83,886.08
Day 25: $167,772.16
Day 26: $335,544.32
Day 27: $671,088.64
Day 28: $1,342,177.28
Day 29: $2,684,354.56
Day 30: $5,368,709.12

In other words, it’s 1 cent invested at 100% interest per day – not an investment you’ll find anywhere in the real world, but a cool demonstration of the power of compound interest nevertheless.

]]> By: Jeremy http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73726 Jeremy Thu, 23 Apr 2009 04:47:17 +0000 http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73726 I dont understand how doubling a penny for 30 days will give you 5 million dollars... I dont understand how doubling a penny for 30 days will give you 5 million dollars…

]]> By: Rob Rubin http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73705 Rob Rubin Tue, 21 Apr 2009 21:37:10 +0000 http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73705 Great piece Brandon. We recently posted about the same topic titled "Teaching Kids Smart Money Habits.". Here's a link if any of your readers are interested in checking it out: http://blog.findabetterbank.com/dollars-and-sense-teaching-kids-smart-spending-and-saving/ Rob Great piece Brandon. We recently posted about the same topic titled “Teaching Kids Smart Money Habits.”. Here’s a link if any of your readers are interested in checking it out:

http://blog.findabetterbank.com/dollars-and-sense-teaching-kids-smart-spending-and-saving/

Rob

]]> By: Brandon http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73693 Brandon Tue, 21 Apr 2009 11:21:21 +0000 http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73693 This is a great post. I'm currently trying to teach my 5 year old about the importance and value of money. Amazingly, she is getting it, and I think it is going to have a profound impact on her financial future. Thanks, -TAM This is a great post. I’m currently trying to teach my 5 year old about the importance and value of money. Amazingly, she is getting it, and I think it is going to have a profound impact on her financial future.
Thanks,
-TAM

]]> By: Weekly Dividend Investing Roundup - April 18, 2009 | The Dividend Guy Blog http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73657 Weekly Dividend Investing Roundup - April 18, 2009 | The Dividend Guy Blog Sat, 18 Apr 2009 11:02:11 +0000 http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73657 [...] Teach your teenager about money [...] [...] Teach your teenager about money [...]

]]> By: Jerry http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73649 Jerry Fri, 17 Apr 2009 15:42:45 +0000 http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73649 I knew SO little about money as a teen, and unfortunately it would lead to financial idiocy until my early 30s. I didn't understand insurance, investments, savings, ANYTHING. Financial wisdom will be something that I teach - and demonstrate - to my daughter (now 4) as she grows up, to hopefully avoid these pitfalls. Jerry I knew SO little about money as a teen, and unfortunately it would lead to financial idiocy until my early 30s. I didn’t understand insurance, investments, savings, ANYTHING. Financial wisdom will be something that I teach – and demonstrate – to my daughter (now 4) as she grows up, to hopefully avoid these pitfalls.
Jerry

]]> By: El Cheapo http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73642 El Cheapo Fri, 17 Apr 2009 03:42:15 +0000 http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73642 This isn't just for kids, I learned a thing or two as well. Guess you can never be too young or too old to learn something new. Keep up the good work. This isn’t just for kids, I learned a thing or two as well. Guess you can never be too young or too old to learn something new. Keep up the good work.

]]> By: Tracie http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73639 Tracie Thu, 16 Apr 2009 23:49:54 +0000 http://poorerthanyou.com/2009/04/15/12-things-every-teenager-needs-to-know-about-money-and-how-to-teach-them/#comment-73639 I'll definately have to remember this for my son. He needs all the help he can get when it comes to saving. I’ll definately have to remember this for my son. He needs all the help he can get when it comes to saving.

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