How to Teach Teenagers and Recent Grads About Money. Episode 46

DSS#46graphic

In episode 46 of the Dollars and Sense Show, host Carol Topp continues her presentation on how to teach kids about managing money. She explains the important lessons to teach high school students and young adults.

This is part 2 of a two-part presentation. Listen to Part 1 .

This Handout lists helpful resources for teaching teenagers about managing money.

You might be interested in Carol’s 4-part podcast series in teaching kids about money:

Episode 7: Teach Preschoolers About Money

Episode 8: Teach Kids About Money

Episode 9: Teach Pre-Teens About Money

Episode 10: Teach Teenagers About Money

 

Career Cover-100px

Carol’s newest book Career Exploration for Homeschool High School Students is available in print and ebook format. Learn more.

How to Teach Kids About Managing Money (Part 1) Episode 45

DSS#45graphic

In episode 45 of the Dollars and Sense Show, host Carol Topp discusses how to teach kids about managing money when you’re not doing so great yourself. Carol explains the important lessons to teach young and elementary age children.

This Handout lists helpful resources for teaching kids about managing money.

If you enjoyed this podcast, you might be interested in Carol’s 4-part podcast series in teaching kids about money:

Episode 7: Teach Preschoolers About Money

Episode 8: Teach Kids About Money

Episode 9: Teach Pre-Teens About Money

Episode 10: Teach Teenagers About Money

 

Career Cover-100px

Carol’s newest book Career Exploration for Homeschool High School Students is available in print and ebook format. Learn more.

Business Tips for Writers Part 2. Dollars and Sense Show # 35

DSS#35

Writers, authors, bloggers…whatever you write, you’re in business!

Author and CPA, Carol Topp, shares business tips in this podcast recorded at the International Business of Writing Summit in Louisville Kentucky.

In the podcast Carol discusses

  • record keeping in a business
  • helpful software
  • tax tips

Here’s a handout of the slides

BizTipsCover300pix

Carol’s book, Business Tips and Taxes for Writers in a helpful reference. Available here.

Listen to Part 1 of this podcast.

Business Tips for Writers Part 1. Dollars and Sense Show # 34

If you’re a writer, author or blogger you are a business owner!
This podcast by Carol Topp, CPA will help you understand the business side of writing.

This podcast was recorded at the International Business of Writing Summit in Louisville, Kentucky in 2014.

Topics covered in this podcast include:

  • Business structures, especially LLC status for your business
  • Hobby  writing
  • Start up expenses and how to deduct them
  • Using a Doing Business As (DBA) fictitious name

Here’s a handout of the slides.

Podcast host Carol Topp mentions her book, Business Tips and Taxes for Writers. Get a copy here.

BizTipsCover300pix

In the next episode of the Dollars and Sense podcast, Carol will finish this workshop on business tips for writers and share tips on record keeping, taxes, and software.

 

 

 

 

Debt Free Homeschooling. Dollars and Sense Show # 26

DollarsSenseShow#26 Debt free

Join host, Carol Topp, and her guest Stacy Lane who successfully became debt free (including her mortgage) when her oldest child was a freshman in high school. She met Dave Ramsey, the debt-free guru, and got to do the famous “We’re debt free! ” yell on his radio show.

Could your homeschool family ever become debt free like Stacy did?

Listen as she discusses the sacrifices and tough decisions she and her entire family made to be free of debt. Stacy is honest and admits there are not 3 easy steps to be debt free.  But she does offer advice, hope and the right attitude to have when homeschooling and struggling to be debt free.

Stacy blogs about life in its many layers at LayeredSoul.com

Listen to Carol’s other podcasts on teaching kids about managing money, Episodes #7-#10

Teach preschoolers about money
Teach kids about money
Teach pre-teens about money
Teach teenagers about money

Start a Micro Business Without Debt

 

Start a Micro Business with No Debt. Dollars and Sense Show #16

 DollarsSenseShow16

I hate debt-especially for a teenager starting a micro business!

Dollars and Sense host, Carol Topp and guest host, 17 year old Jonah Wilson, discuss 5 dangers of using debt to start a micro business.

In the podcast, Carol and Jonah mention Starting a Micro Business, a helpful book (and ebook) that can be very helpful in launching your micro business.

Show Notes:

5 dangers of starting a micro business with debt

  1. Debt presumes on the future
  2. Debt encourages quick decisions, not careful planning6
  3. With debt, you are a slave to lender
  4. A loan can increase the risk of failure
  5. Debt can stop blessings.

Listen to the next Dollars and Sense Podcast (Episode #17) where Carol will discuss paying workers in a homeschool organization.

 

Start a Micro Business with No Money. Dollars and Sense Show #15

DollarsSenseShow15

Do you (or your teenager) want to start a micro business, but fear you don’t have the money to start?

Dollars and Sense host, Carol Topp and guest host, 17 year old Jonah Wilson, claim that you can start a micro business with no money!

How?

Listen in as Carol and Jonah share several ways to start a micro business with no money

In the podcast, Carol and Jonah mention Starting a Micro Business, a helpful book (and ebook) that can be very helpful in launching your micro business.

Show Notes:

What does it cost to start a micro business?
If a product-based business,  then inventory, packaging & shipping and advertising costs
Maybe equipment like computer, lawnmower, oven, piano, etc.
If a service-based business, then not much start-up money needed except for ads, a website, business cards, etc.

Where does the start up money come from?

  • Savings
  • Start as a hobby/volunteer/only break even
  • Investor (or small loan from parents), but not a partner
  • Sell something
  • Work a temporary job
  • Start a service business and save up to launch a larger business

Listen to the next Dollars and Sense Podcast (Episode #16) where Carol and Jonah will discuss the dangers of starting a micro business with debt.

 

More Money Myths Homeschool Moms Believe. Dollars and Sense Show #14

DollarsSenseShow#14

In this episode of the Dollars and Sense Show host Carol Topp and her guest Susan Raber of AtHomeAndSchool.com discuss more money myths that homeschool moms believe.

Listen to the show here


From Episode #13 of the Dollars and Sense Show, Carol and Susan discussed three money myths:

Myth #1: Just a Little More Money is All I Need…

Myth # 2: I Need …..

Myth # 3: It was on sale; I saved a lot of money!

On today’s show, Carol And Susan discuss two more money myths

Myth # 4: Homeschooling is Expensive:

A study of 220 families spend between $300 and $1,000 per family each year Private schools cost from $3,000-$10,000 year. That’s expensive!

Truth: Homeschooling is time consuming.

“Opportunity cost” is the cost of passing up a choice when making a decision.

Money tip: Make up a homeschool budget. Include books, field trips, classes, magazine subscriptions

 

Myth # 5: I’ll use it someday

Truth: You don’t know what the future holds

Ask yourself:

  1. Am I going to use it now or in the near future? Beware of buying things with the reasoning, ‘I’m not sure when I’ll use it, but I’ll use it someday.’ Tell yourself, “If it’s that good, it will be there when I need it. If not, something better will replace it”
  2. Where is it going to go? Make sure you have a clearly designated space otherwise it increases your clutter.

 

We hope you’ve enjoyed these Five Money Myths and remember them as we enter the homeschool convention shopping season!

Money Myths Homeschool Moms Believe. Dollars and Sense Show #13

DollarsSenseShow#13

In this episode of the Dollars and Sense Show host Carol Topp and her guest Susan Raber of AtHomeAndSchool.com discuss money myths that homeschool moms believe.

Do any of you, like me, have curriculum sitting on your shelf, that, if you are honest with yourself, you will probably never use?

I want to share some experiences I’ve learned about money and homeschooling. I call it the Five Money Myths that Homeschool Moms Believe

Myth #1: Just a Little More Money Will Solve All My Problems

Truth: Problem is not lack of money, but lack of contentment

Contentment Robbers: mail order catalogs, magazines, malls, etc… For homeschoolers the list is similar:

  • homeschool catalogs,
  • homeschool curriculum fairs,
  • homeschooling web sites and forums,
  • homeschooling magazines
  • and even (gasp) other homeschoolers

What are your contentment robbers?

Here’s some advice:

  1. Only look at catalogs when you have a specific need
  2. Use a shopping list at curriculum fairs. If it’s not on the list, you don’t need it.

Myth # 2: I Need …..

Truth: Wants are different from needs

Do you think that you just have to have a certain item (whether you need it or not) just because another homeschooler has it?

Here are some tips:

  1. Don’t buy things sight unseen
  2. Don’t buy more than one year of a new text

Myth # 3: It was on sale; I saved a lot of money!

Truth: Money is not saved unless there is a deposit into the bank!

As yourself: Is the sale price a good value?

My daughter was looking at an audio book catalog with deeply discounted prices. “How can they sell these audio books so cheaply?” she asked me. “The original price was $500 and they’ll sell it for $150.” Perhaps, it never sold at $500 and it’s only worth $150. Is the $150 a good value?

Tip: If you buy something on sale, put the difference in a savings account. Use the savings for future homeschool needs.

 

Tune in for the next Dollars and Sense show on April 10, 2014 when Carol and Susan will discuss More Money Myths that Homeschool Moms Believe.

 

Teens and taxes. Dollars and Sense Show #12

DollarsandSenseShow12

In this episode of the Dollars and Sense Show host Carol Topp discusses taxes and teenagers.

Show Notes:

A teenager files their own tax return! Do NOT add your child’s income to your tax return.

You can still claim your teenager as your dependent. They check a box stating they are claimed as a dependent on your tax return.

Major taxes affecting teenagers: earned income, unearned income, and self-employment tax.

Earned Income from a job or micro business (including babysitting). Federal income tax is owed if earned income is more than $6,100 (in 2013)

Unearned Income: interest, dividends, capital gains on taxable accounts in the student’s name. Federal income tax is owed if unearned income is more than $1,000. Between $1,00 and $2,00 unearned income is taxed at child’s tax rate. More than $2,000 unearned income is taxed at parent’s rate on Form 8615 (“Kiddie tax”)

Self-Employment Tax

Same as Social Security and Medicare for self-employed people. 15.3% of profit over $400. Unadjusted since 1954 (adjusted would be $6,250). Schedule SE attached to Form 1040. Reported on Line 56 under Other Taxes on back of Form 1040. (the “hidden” tax)

Example: $5,000 profit earned by single teenager. Income tax $0. SE tax $706!

If you’d like to see this changed, visit MicroBusinessForTeens.com/eliminate-tax-on-teen-entrepreneurs for a position paper you can share with your congressman.

Exception to SE tax for teenage Household Employee: Students under age 18 working in or around an individual’s home is a household employee are not subject to SE tax. Report wages on Form 1040 Line 7 with “HSH” as note. Examples: babysitting, lawn care, house cleaner

Teenagers scammed: Treated as independent contractor instead of employee.
Signs: Paycheck with no SS/Medicare withheld. Paid in cash. 1099MISC not W-2.
Action: Complain to employer. File complaint with IRS (Form SS-8) and Form 8919 to pay half SS/Medicare.

Resources

Teens and Taxes ebook by Carol Topp, CPA available at TeensandTaxes.com
Money and Taxes in a Micro Business by Carol Topp, CPA available at MicroBusinessForTeens.com
IRS Understanding Taxes website http://apps.irs.gov/app/UnderstandingTaxes

 

Tune in for the next Dollars and Sense show on March 27, 2014 when Carol will discuss 5 Money Myths that homeschool moms believe.