Teens Guide To Money Is A Website Tool For TeensTo Learn All About Money
All the topics are ones you should know about-some you might want or need now (like how to find a paying job). Others-like Individual Retirement Accounts-you should learn about, but won't need till later. Some of you might be in your early teens and just want the basics. Others will be getting jobs and earning money and want to know how to save and invest. Still others will store this information mentally, or add our site: Teens Guide To Money (www.teensguidetomoney.com) to your favorites, and refer to it when you get to college or when you start to make money and really need it. The goal here is to provide you with the information you need, on one site, to make your own wise financial decisions and your own financial blueprint to success.
We would also appreciate your feedback and ideas on additional topics you would like to see discussed on this site. We will post some of the comments on the Feedback section below.(Feedback@teenguidetomoney.com)
The site is broken down into four major categories: Earning , Saving , Investing , and Spending . Under each major category you can click on a topic that interest you. You can read it completely or highlight and click on a sub-topic that interest you.
The top of each section, called Basics, gives a quick overview. This might be all you want at this time-no problem. However, if you want more in-depth information, continue reading. Really intrigued? The cliIck on to our links to trusted expert sites we have provided.
IN THE NEWS
All New Federal Student Loans Will Come No Longer Come From Private Lenders Only Directly From the Department of Education - As Of July 1
"As a result of the Health Care and Education Reconciliation Act, beginning July 1, 2010, federal student loans will no longer be made by private lenders under the Federal Family Education Loan (FEEL) Program. Instead, all new federal student loans will come directly from the U.S. Department of Education under the Direct Loan Programs." http://www.studentaid.ed.gov
Affordable Health Care Act Allows kids Under 26 to stay on parent's plan. Also, No Pre-Existing Condition Exclusion for children under 19 - As Of September 23
" Starting September 23, children under 26 will be allowed to stay on their parent’s family policy, or be added to it. Group health plans that are grandfathered plans can limit this option to adult children that don’t have another offer of employment-based coverage. Many insurance companies and employers have agreed to implement this program early, to avoid a gap in coverage for new college graduates and other young adults.
No Pre-Existing Condition Exclusions for Children Under Age 19. Each year, thousands of children who were either born with or develop a costly medical condition are denied coverage by insurers. Research has shown that, compared to those with insurance, children who are uninsured are less likely to get critical preventive care including immunizations and well-baby checkups. That leaves them twice as likely to miss school and at much greater risk of hospitalization for avoidable conditions." http://www.healthreform.gov
Most Teens Won’t Be Able to Get A Credit Card without a Co-Signer - As Of February 22
After March 1st, teens and consumers under 21 will need a co-signer who is willing to take on the responsibility of debt, in case you don’t pay. Additionally, the co-signer must approve a request for a limit increase. However, if a person under 21 can prove they have the ability to pay; this age limit might be waived. See our section on credit card changes managing credit wisely.
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Checking Account Basics
Basics
The primary benefit of getting a checking account is the ability to write checks. Checks can be used to pay bills at a store, give a person a check if you are short of cash, or send a check through the mail or electronically. Checks allow you to pay for things without having to carry large amounts of cash. But writing a check or receiving a check does not guarantee the money is the bank, unlike an ATM or Check Card. Most people will want some basic information if you are using a check, such as your address and phone number, and most will also require you to show a photo ID and some will even take down your driver’s license number. A growing trend with most banks is allo...Click Here To Read More
Bonds
Basics
When you buy a stock, you become part owner of a company (equity ownership). When you buy a bond, you become a creditor of the company, not a corporate owner. When you invest in a bond, you are lending money to a corporation or government and their agencies, which are used to finance a project or put the money to work (working capital). In turn you are issued an I.O.U., a Promissory Note (a bond) obligating the issuer to:
- Pay back the principal, the amount they borrow, which is the amount of the bond, also known as Face Value.
- Give you a date, referred to as Maturity Date, whe...
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