Two words that don't go together very well. Not only is it challenging to make money when you are a young teen, but then needing to have the maturity to be wise with it? Challenging indeed. And that is what Wealth Quest For Teens is for, to help train your teen how to make money and to use it wisely.
What It Is:
This online program is meant to be used with teen-age students. There are 4 components:
- Online Video/Workbook Seminar
- Teen ebook
- Parent's Guide
To begin, your student will watch the online videos. There are seven modules to watch.
These cover the rules of money, compound interest, investing, passive and earned income, and instructions for your teen to create their own budget. This is done through a "silo" system where, each time your teen gets money, they divvy it into the silos. There are 6 silos, and each silo gets a certain percentage of their income. The important thing about this is that the silos are in charge, and not your whims and fancies.
- Necessities - 50%
- Saving For Big Ticket Items - 10%
- Future Financial Freedom (Investments) - 10%
- Learning (Education) - 10%
- Fun Money - 10%
- Heal the World (Tithe) - 10%
While your teen watches the video, they are also filling out a workbook that is on the same web page. This can either be filled out online and then printed, or you may choose to print it and have your student fill it in with a pencil.
You can conveniently pause the video to answer the questions, but be warned that you cannot rewind the video or move forward. This part of the course takes an hour or two to complete.
After your student finishes the videos they will begin to work through the Teen ebook. There are 30 days worth of pages to do; this part of the course is meant to make your child think hard about money. Some of the things they are asked to do are to list specific things that they should be saving big for, or the kind of education they want to get. There are also worksheets to practice dividing the money correctly into the silos, and setting net worth goals.
The final portion for your teen to use is an independent site online; moneytrail.net. This free online resource lets you create accounts where you can set up the amount you are paid, and budget out your income. The course suggests letting your child set up mock accounts to act as silos, and to use this fun system to move money around and track spending and saving.
What You Get:
For $39.95 you will receive access to the online videos and workbook, the Teen ebook, and the Parent's Guide. The Parent's Guide is a 60 page ebook that gives you the tools to teach your teens about money.
To use this course you will need:
- A laptop or computer
- pencil, paper, calculator, binder
- Play money
- A book about money
There is a short video you can watch on the website.
How We Used This:
I had 15 year-old Mr. Lego take this course. We both sat and watched the videos together, and then he filled in the workbook online. The questions that were asked during the videos were thought provoking ones, that really made you think about your future and money.
I then printed off the Teen ebook, which he filled out. We took a couple of weeks to do this; you could spread it out over 30 days, or do two pages a day and get it done sooner. A lot of these questions seemed to be similar to the online workbook, and some of them were harder for my son, who is not a big writer. Some of the questions would have a statement about money and then ask,
"What do you think of this? Write your ideas and thoughts here."
My daughter could of filled in the whole page with her thoughts, but my son is a boy of few words. So for those type of questions I needed to tell him how many sentences I wanted him to answer the questions with.
While he was doing the workbook I was reading the Parent's Guide and read about the final part of the course; playing with your money on moneytrail.net. We started doing this halfway through the Teen ebook; I know my son and he learns best by doing. And this turned out to be our favorite part. He was able to take what he had learned in the videos and ebook and apply it to the silo system using pretend money.
What I Thought:
Overall, I liked this curriculum. It followed the basic principles of budgeting and that simple rule that if you don't have it, you can't spend it. The videos were narrated by teens and were engaging and fun to watch. There seemed to be a lot of emphasis on obtaining wealth, getting rich, and the idea that money is the key to happiness. I was glad I was watching it with my son so we could talk about this in light of our own belief system; we looked into the Bible and compared that to how we as Christians should think about money. The Teen ebook and Parent's Guide were helpful and gave lots of good budgeting advice. One of the things that was emphasized is a life long habit of learning, so it is suggested to read books about money, which is a great idea for anyone. But the thing that helped us the most? The silo system. Mr. Lego set one up with mason jars, and when he got any money during the month we divided it between the jars. He really enjoyed knowing exactly how much he had to spend on candy at the store, how much to tithe, and so on. And since my son does not have a job yet, (even though he is actively looking!) playing around with the money on moneytrail.net was a big step in learning about budgeting and was super fun too.
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Disclaimer: As a member of the TOS Crew, I received this product, at no cost to me, for my honest and humble review. All opinions are mine.