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5 Smart Money Moves Your Kids Can Make Over Summer Vacation

Emily Guy Birken — Thu, 05 Jul 2018 09:00:11 +0000

Summer vacation when you're a kid means endless days of bike riding, swimming, playing video games, and fighting over who gets the last purple Popsicle in the freezer.

It's not nearly as idyllic for Mom and Dad. Not only do parents need to line up (and pay for) alternate child care for the kids during the summer months, but they also have to worry about Junior and Sis spending their allowances on Dilly bars and Star Wars sunglasses that break immediately, only to ask for more money to go to the movies every weekend.

That's why summer is a perfect opportunity to teach your kids about money management. Not only will these money moves help to improve your kids' money skills, but it will also help them to retain the math and reading skills they might not otherwise be practicing while school is out.

Here are five great money activities your kids can enjoy this summer vacation.

1. Lemonade stand

There's a reason why this classic introduction to entrepreneurship is a perennial favorite. Encouraging your kids to set up a lemonade stand gives them an opportunity to think about all the aspects of making a business successful, including venue, startup costs, pricing, advertisement, and signage.

Your kids will learn all sorts of important lessons about economics through this summer project. For instance, they can charge a higher price for homemade lemonade made from real lemons as compared to lemonade mixed from a powder — but they have to do more work to make the more expensive product. Is the increased price worth the increased work for these budding business owners?

In addition, your kids can learn that choosing a popular spot on a hot day will increase their sales, as opposed to setting up shop on a quiet street on a cooler day.

The one caveat about lemonade stands is the potential legal aspect of this kind of business. There are laws in many parts of the country that prohibit these kinds of sidewalk businesses without a permit, even when such businesses are run by adorable 10-year-olds. Help your child research the local laws before she sets up shop.

2. Investment club

Have your older kids form an investment club together. This club will invest a hypothetical $1,000 in whatever stocks the kids decide on together. Encourage them to choose stocks from companies that they already have a relationship with, like McDonald's, Facebook, Disney, Coca-Cola, Nike, Apple, or Microsoft. Remind them of what Warren Buffett says: Invest in what you understand. Their understanding of these brands will make them better investors than if they try to just pick something they are unfamiliar with.

Once they have "invested" their money, ask them to provide a weekly report on how their investments are doing. They will need to track the prices of their stocks and record those prices, which means they will learn how to look up stock information online. They can even make charts plotting the movement of their stock choices, so that they can have a good visualization of what their money is doing.

This project will help to encourage them to think of investing as something that anyone can do, even a kid, and can get them excited about potentially investing some of their real allowance money rather than spending it on Legos. (See also: 10 Investing Lessons You Must Teach Your Kids)

3. Grocery store math

When you take your child with you to the grocery store, put him in charge of keeping track of how much you have spent. For each item that you place in the cart, ask your child to write down the cost, which he will add to a running tally. Not only will this help him practice his math skills, but it will also give him an opportunity to do price comparisons, learn how pricing works for loose items like produce, and offer you a chance to talk about sales tax and how that affects your total at the cash register. (See also: 6 Fun Games That Teach Your Kids About Money)

4. Create a practice budget

One way of doing a practice budget is with a toy catalog. If you can't find one in print, check online, as many retailers upload versions of their toy catalog digitally. Tell your kids they have $50 to "spend" in the catalog, and let them go through the pages circling or noting what they are interested in. Then, ask them to add up the costs of all the items they circled to see if they stayed within their budget. Depending on the age of your kids, this can be a tough exercise, since they may be overwhelmed with how much they want.

For younger kids, another practice budget exercise is to take them to a dollar store and give them $5 each to spend. While they will be able to pick out at least a few items each, they will need to do some important thinking about which things they want most. This will help them understand opportunity cost — buying one item means you have less money available to buy a different item.

Similarly, if you have an older kid who loves video games that offer in-app purchase upgrades, ask them to list the cost of all the upgrades they want. These types of purchases tend to be low dollar amounts, but they add up quickly — and asking your kid to do the math on how much all of the character upgrades will cost can be very eye-opening. (See also: How to Help Your Kid Build Their First Budget)

5. Save up for a trip to a theme park

Going to an amusement park is a great family outing, but such day trips can be expensive. Between the price of tickets, the cost for things like ride photos and other souvenirs, extras like face painting, and the high markup on food, a family can drop quite a lot of money in a single day at a theme park.

Have your kids plan the budget for your trip to their favorite amusement park. Ask them to research how much entrance tickets cost and if there are ways to lower those costs. For instance, there are often reduced rates for purchasing tickets online as compared to at the gate, and amusement parks will often pair up with major retailers or brands to offer promo codes to reduce rates even further.

Let the kids know how much of the trip you will pay for, and ask them to cover any extras. For instance, you might offer to pay for half the cost of the admission, and will help them pack food for the trip. The kids will have to cover the rest of the admission price, as well as any extras or food purchased on site. This will help them figure out the best ways to budget, and determine whether having Dippin' Dots or a souvenir from the park is more important to them. (See also: 8 Affordable Amusement Parks That Are Just as Fun As Disney)

It's summertime, and the money lessons are easy

This summer, help your kids learn how to make responsible choices with money. These fun activities will ensure they go back to school in the fall with a clearer understanding of economics, budgeting, wants versus needs, and money management.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Profit From China's Growing Upper Class — Even If You Don't Speak Chinese

Carrie Kirby — Mon, 14 May 2018 08:31:13 +0000

When I lived in Beijing in the late 1990s, most Chinese people were poor compared to their American counterparts. I remember visiting bars that catered to foreigners with local friends in tow, and having them marvel that the price of one drink could feed them for a week. People were considered well off if they owned a car or had an apartment with hot water on demand.

Things have changed. While poverty is still common in China, the wealthy class has ballooned. China is now in second place, after the U.S., for the most ultra high net worth individuals. And the wealthy class there is expected to keep on growing, with the number of Chinese millionaires expected to surge 41 percent to 2.7 million by 2022, according to Credit Suisse.

This means that there are lots of Chinese people in the market for goods and services their parents couldn't afford. Here are some ways you could cash in.

Teach English online

Teaching English for a low salary or as a volunteer has long been a way for new college grads to see the world. But the combination of global broadband and growing Chinese wealth has created an opportunity for Americans to make decent money teaching English from the comfort of their homes. VIPKID connects English-speaking teachers with children in China for one-on-one video lessons that pay $14 to $22 per hour. (See also: How to Earn $1,000 a Month or More as an Online Tutor)

Be a butler

In 2016, the Netherlands-based International Butler Academy opened a training program in Shanghai to serve the growing demand for butlers among high net worth households in China. English or English-appearing butlers who are willing to travel to China can start at $60,000 — nearly 50 percent more than beginner butlers earn in the West. Staffing agencies report that the premium is driven by the status boost that comes with employing a bona fide Downton Abbey-style butler. (See also: 14 Jobs that Capitalize on the Growth in Rich Households)

Rent your vacation property to Chinese tourists

Airbnb has been pushing hard into the Chinese market, adding 24/7 Chinese-language customer support and locally used payment options. At the same time, the number of Chinese visitors to the United States has been exploding, with more Chinese visitors than any other country except Mexico.

If you own a vacation property in a popular Chinese destination, such as Los Angeles, or near a national park, you can make your listing more attractive to Chinese travelers by providing a high level of service, since Chinese travelers are more used to hotels than home sharing. Discounts for longer stays help, too. If you have Chinese visitors coming in, thoughtful touches such as having a hot water kettle and house slippers available can help them feel more at home. (See also: 5 Easy Ways to Make Good Money From Airbnb)

Teach skiing

Skiing didn't really take off in China until the recent wealth boom, with the number of domestic ski areas rocketing to 568 from just six between 1996 and 2016. The run up to the 2022 Beijing Winter Olympics is further ratcheting up interest.

The combination of booming popularity and a limited history means that ski instructors are in short supply in China. A Club Med recruiting page promises ski instructors who travel to China perks such as accommodations, meals, and free flights in addition to an "attractive wage." How attractive? While ski instructors in the United States earn $15 to $20 an hour, in China you can make $20 to $30. Although speaking Chinese would increase your chances of getting hired, resorts are increasingly accepting that most available ski instructors don't.

Host a high school student

The number of international students earning high school diplomas in the United States has skyrocketed over the past decade, and the trend is led by China, whose students make up 46 percent of all international high school students here. Some of these kids are in U.S. boarding schools, but others are in private day schools and even public schools. These students need host families, who can earn $500 to $600 monthly per student for providing room and board.

Sell your property to a Chinese investor

To the chagrin of many would-be homeowners in certain markets, U.S. real estate has become attractive to Chinese investors making all-cash purchases. In fact, Chinese are now the top foreign buyers of U.S. real estate.

If you are looking to get top dollar, cash, for a property, it may be worthwhile to enlist an agent who knows the Chinese investor market well. Just don't expect this tactic to win you any friends among neighbors who might not like to see neighborhood properties turn into investor-owned ones.

Be a private schoolteacher or administrator

As I mentioned in the first item on this list, teaching in China used to be a low-earning opportunity for young people who wanted an adventure. With the growth of wealth in China, however, comes many domestic private schools who want English-speaking teachers and administrators, and are willing to pay for them.

Experienced teachers can earn $3,000 or more per month, and while that might not sound like big bucks, if it comes with a furnished apartment, airfare, and halftime pay over holiday breaks, some estimate you could sock away at least half your salary.

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This article is from Carrie Kirby of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How I Made $400 in 10 Days by Selling an Online Course I Created

Annie Mueller — Mon, 21 Aug 2017 08:31:06 +0000

I've been a freelance writer for over 13 years. Recently, I decided to create something I wish I'd had when I first started out: a course on prolific nonfiction writing called Write More Words, Faster. In the first 10 days of offering the course, with minimal marketing, I made almost $400. Here's what I did, and some tips on how you can do the same (or better!).

1. Figure out the topic

Something that's helped me turn writing from a hobby into a career is my ability to write fast. When I started freelancing, I was churning out five to 10 articles a day for content mills. I wouldn't recommend reading any of those articles — if they're even still around — and I didn't love writing them. But I did learn how to quickly assess the content, organize material, write solid main points, and bring it all together with transitions. Doing so quickly was key to keeping up with my writing schedule.

It seems that most people who want to write have to do so in the edges of their schedule. Even full-time writers such as myself have to be quick and focused; we have families and responsibilities, and we like to sleep sometimes, too. So, I decided to focus my course on prolific nonfiction writing.

The take-away

Your course material should grow out of a skill, or set of skills, that you already possess. The most obvious starting point is what you currently do for a living; however, don't stop there. Look at your hobbies, side interests, and particular strengths, as well. Try combining two of these elements for a course that's more unique and valuable. (See also: How to Sell Yourself to Potential Employers)

2. Develop a course outline

Developing a course outline was the easiest part for me, because (as anyone who's taken my course will tell you) I am obsessed with outlines. They make my writing workflow easier and thus, more prolific. (See also: Achieve More With Goal Sequencing)

I like 30-day courses — something I can work on every day for a month is long enough to feel substantial, but short enough to feel doable. I divided my course into four units, then divided each unit into seven lessons. I added a course introduction and a big, wrap-it-all-up course conclusion to hit that 30-day target.

I used a spreadsheet to start organizing my thoughts for the course outline. First, I created a column with the titles of every post I'd already written about writing. Then, I created a column for each unit. Lastly, I started brainstorming lessons for each unit, and decided which of my already-written posts I could use for each lesson.

The take-away

If you don't love planning and outlining as much as I do, you may not like this step! But seriously, take the time to do it. The more detailed your outline, the easier it will be to create the course content. If you're already writing regularly about something, build a course from what you have; you can add more material as needed to round it out.

3. Create a sales and delivery plan

How you deliver your content will affect what your content needs to look like. So before you start creating, choose how you'll deliver it.

I had a few requirements for a delivery system:

Something I was already familiar with.
Something that would work with PayPal.
Something that could be automated.

MailChimp met my requirements, and I didn't have a lot of time to shop around. (I gave myself a deadline to course launch — and then went around announcing it — so I had a little less than a month.) Decision made.

My sales plan was very basic:

Set up a landing page.
Put a PayPal button at the bottom.
Automate adding all PayPal purchasers to a specifically created mailing list in MailChimp.

I decided to give purchasers an option of three price points. All but one subscriber paid the lowest price point for the course. I've since simplified the pricing.

The take-away

Your sales and delivery systems do not have to be complex, nor do they have to be perfect. You can spend more time tweaking and automating after you've launched, marketed, and received feedback.

4. Create your course content

Course content was the most time-consuming step. Using a detailed outline, and using content I'd already written, made the process faster. As I finished writing a lesson, or a batch of lessons, I would edit and schedule them in MailChimp.

The take-away

Trying to create a perfect course of any kind will keep you from ever creating a course at all. Your skill is valuable, and you can ask for feedback to learn how to improve your content and your delivery. You can always get better; but you can't improve something that doesn't exist.

Remember, too, that your course can be the length you choose. You can create a 10-lesson course, a one-week course, or a one-hour course.

5. Market to the right crowd

The more time you give yourself to market your course, the more effective it will be. I, however, did minimal marketing, and didn't start it until 10 days before I the course launch date.

Here's what I did:

Created a couple of rudimentary promo graphics for Twitter and Facebook.
Paid for two short ad runs on both Facebook and Twitter, keeping it under $20 for each.
Shared a post about my course on LinkedIn.
Posted about my course on Twitter.
Posted about my course on Facebook.

I don't have a huge follower count on Twitter (around 1,200 people); they're mostly bloggers, writers, and folks with shared interests (such as productivity). You know who's interested in prolific writing? Bloggers, writers, and productivity people. Cool, huh?

All of my course subscribers came through Twitter, which I found very interesting. I know a lot of people on Facebook, but they're mostly personal connections: friends, family, extended family, neighbors, etc.

My minimal marketing showed me that my personal network, while lovely and supportive, was not interested in prolific writing courses. In my peer and professional network, however, my course content was a match for their interests. That's targeted marketing.

The take-away

No matter what kind of marketing you do, find the right crowd. A connection doesn't guarantee an interest. Think about the interests that overlap with the skill you'll teach. You can do low-cost ads on Facebook, Twitter, or LinkedIn using keywords and filters to target people whose interests align with your course. You can also ask people in your networks to share with others they know who might be interested.

My results

I developed the course idea in early June and set the launch date for July 1. I first mentioned it on Twitter on June 19, and got my first two subscribers within two days. I ran ads on Twitter and Facebook for the last week of June. All my remaining first-run subscribers bought the course in that last week, netting me just under $400 within 10 days.

Of course, I spent more than 10 days putting the course together, and I'll continue to spend more time improving it.

Still, I'm happy with the results. It was scary to commit and launch something, but so far, the feedback has been positive. The first-run students have already helped me improve the course (we changed the mailing schedule, for example, after a quick poll showed that 80 percent of the students preferred to receive lessons two days apart rather than daily).

The take-away

Create a course by collecting the insights you already have for a skill you're already using. The content is right there, in your head! It takes work to create a course, but the initial return can be quick and significant. And you can continue to market and sell your course as long as the skill is relevant. The more you market, the more subscribers you can gain. By creating a course now, you're establishing a potential source of income for a long time.

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This article is from Annie Mueller of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Earn $1,000 a Month or More as an Online Tutor

Kat Tretina — Mon, 19 Jun 2017 08:00:12 +0000

If you're on a tight budget, want to accelerate debt repayment, or need extra money to save for an emergency fund, a side gig can be a smart way to boost your income.

One of the most lucrative side gigs is tutoring. Whether you work well with children or prefer helping college students, you can earn up to $1,000 a month tutoring just a few hours a week. And there are many sites out there that eliminate the work of finding clients and marketing yourself; they connect you directly with customers and handle the administrative work.

Below are five online tutoring companies that allow you to earn money on your own schedule.

1. Chegg

Chegg connects students with tutors in a range of subjects, including science and mathematics. Unlike some tutoring sites, Chegg works with students from middle school through college. Rates start at $20 an hour, and top tutors can make as much as $1,000 a month.

You can tutor whenever you want, depending on your availability; Chegg offers tutoring 24/7. Chegg pays weekly, so it's great for someone who needs extra money quickly. And you can earn more by tutoring high-demand subjects, such as calculus or computer science.

To apply, you need to create an account with your email or Facebook login. Chegg will prompt you to enter your information, areas of expertise, and qualifications. You'll receive a decision from the company within a few days.

2. StudyPool

StudyPool offers tutoring sessions in over 30 subjects. Online tutors can set their own deadlines and prices. According to the company, some of the top-earning tutors can make salaries well into the six-figures.

Unlike other platforms, StudyPool allows students to pose questions to tutors, and a price is set for each question. For example, a student could post a question about a physics problem and offer $7 for help. You can choose as many or as few questions as you'd like to answer.

3. Tutor.com

Tutor.com connects you with students of all ages for tutoring sessions in a range of subjects, including accounting, economics, and college essay writing. According to Glassdoor, Tutor.com contractors report making approximately $11 an hour, but some subjects pay even more.

To be eligible, you must be a citizen of either the United States or Canada. Tutor.com can be a great source of income for college and graduate school students. While other companies require you to have a degree to accept clients, Tutor.com just asks that you be at least a college sophomore.

Sessions are available day and night, seven days a week, so you can work on your own schedule. However, unlike some other sites, Tutor.com does require you to commit to at least five hours a week.

4. VIPKid

VIPKid specializes in connecting Chinese students with English language instructors. The children you work with are between the ages of four and 12. All sessions are one-on-one with an individual child via webcam.

With VIPKid, there's no need to spend hours planning classes and materials; VIPKid provides class materials for you. You just need to review the curriculum before each class. The pay rate can be as high as $22 an hour, with incentive bonuses for student performance and number of classes you complete.

To be eligible to become a VIPKid tutor, you must have at least a bachelor's degree. You can submit your resume and application online. If the company selects you to proceed, you will undergo an interview, a class demonstration, and a mock session. If you pass these steps, VIPKid will have you sign a six-month contract and you can begin teaching.

5. Wyzant

Wyzant allows tutors to set their own rates, which can give you more flexibility and earning potential. In fact, some Wyzant tutors turn it into a full-time job and earn over $50,000 a year.

Wyzant caters to a broad range of customers, from high school students who need help preparing for the SATs to college students who need to be coached in physics or engineering. You can set your own hours and take on as many or as few clients as you like. While you can tutor online with Wyzant, you can also offer in-person sessions for an additional fee for local customers.

To become a Wyzant tutor, you must complete a profile and take a subject proficiency exam in your desired area of study. You can only tutor in subjects if you pass the exam.

Bottom line

Working as an online tutor can be a lucrative side gig that accommodates the other demands on your schedule. You can make extra money using just a few spare hours to accelerate debt repayment or build up your savings.

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This article is from Kat Tretina of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 Ways to Make Money During a Semester Abroad

Emily Guy Birken — Wed, 28 Dec 2016 10:30:23 +0000

Studying abroad offers college students the chance to explore the world, learn more about different cultures, and meet people from a variety of backgrounds. But studying abroad can be expensive. The average cost for a semester abroad was $17,785 during the 2012–2013 school year, and costs have no doubt increased since then.

So how can a college student on a budget afford to study abroad and enjoy all of the food, travel, and experiences available to them?

Thankfully, there are plenty of working opportunities available to American students studying abroad.

1. Teaching English

American students studying in a country where English is not the official language have a built-in job opportunity. There is demand for native speaking English teachers all over the world, and the average college student is in a great position to take a part-time job teaching English as a foreign language. You can pursue this informally by chatting with your local classmates or professors at the university to find one-on-one students, or you can pursue more traditional teaching positions through your study abroad program or your university.

This option is especially beneficial to any students who hope to have a career in education. My experience volunteering at a French primary school when I studied abroad was a big factor in my favor when I went to graduate school for a Master's degree in education.

2. Translation Work

If you are relatively fluent in your host country's official language, working as a translator can be a great way to make money and practice your foreign language skills. Typically, translators will translate into their native tongue, which means you can offer successful translation services even if you are not completely fluent in your adopted language.

For many students, simply posting some fliers around campus offering your translation services can net you plenty of clients.

3. On-Campus Jobs

Just like American universities, many international schools offer work-study jobs for students, including those who are visiting from other countries. Stop by the work-study office at your university, or ask some of your local classmates if they know of opportunities for on-campus jobs.

4. Guiding Tours

No matter where you are studying, it's likely that it is a destination for English-speaking tourists. Contact local tourism boards to find out if there is a need for English-speaking tour guides. This will give you an excellent way to learn the intricacies of your adopted home while earning a little cash.

You can also rely on your other expertise to land a tour guide job. For instance, an art history major might find a job as a docent in a museum, while a future architect might be able to get a job leading groups on tours of architecturally significant buildings.

5. Bartending or Working in a Coffee Shop

For students who wish to completely immerse themselves in their new home, working as a bartender or a barista in a cafe can be an excellent way to earn money while also meeting a variety of people and practicing your language or cultural skills.

To land a serving job, stroll through the popular areas of town and chat with managers of bars, restaurants, and coffee shops. Bring your resume and evidence that your visa allows you to work legally.

6. Work at a Tourist Hostel

Hostels are an inexpensive place for tourists to stay, and they can be an excellent workplace for a visiting student. Like hotels, hostels are open round-the-clock, and so they need workers for every shift. If you are fluent in a common language (including English!), the hostel's management might need you to work at the front desk. Hostels have guests from all over the world, and a front desk attendant who can speak multiple languages is a boon.

In addition to front desk work, you might also take a job in housekeeping or the kitchen. While the work may not be glamorous, it will offer you an opportunity to earn money and learn more about your adopted country.

7. Write for Travel Sites

You're probably already keeping a journal or diary of your time abroad — why not get paid for it? There are a number of travel sites and other publications that are always looking for well-written pieces on travel destinations. And don't assume that your writing will only find a home in a travel-specific website. There are often regional publications or other sites that would welcome your work.

In addition, you could also start your own blog. No one is claiming that blogging is a quick way to make big bucks, but a student living abroad has plenty of stories to write about, and it's easy to place ads on your blog. Blogspot, WordPress, and Tumblr are all places you can easily start a blog that you can monetize. (See also: 5 Easy Ways to Make Extra Money Blogging)

Considerations for Student Workers Studying Abroad

It's not enough to just land your job while you're studying. You also need to be aware of the financial and logistical concerns of your work.

In particular, make sure you have a visa that will allow you to work, even if you are working for cash. Also, remember that the currency exchange rate can affect just how far your money will go, especially if you are earning American money (as a blogger or freelancer might). Make sure you know how the conversion rate will affect your spending power, and know the costs of exchanging money when you withdraw money locally from your American bank.

Finally, there is some good news for any student working for a foreign employer: You will owe no U.S. taxes on anything you earn under $101,300 as of 2016. You still have to pay local taxes on your wages, but Uncle Sam will let you keep all that is left.

Working and Studying Abroad

In general, the most valuable experiences you will have during your time abroad will happen outside of the classroom. Finding a way to earn money while you study is not only a savvy financial move, but it will also add depth and richness to your time in another country.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

8 Best Sites to Help Your Kids Learn About Money

Ashley Eneriz — Mon, 19 Sep 2016 10:00:07 +0000

Teaching your children about money is an important, yet often overlooked area of education. Most kids will not want to sit through a lecture about credit card usage and budgeting practices, but they might be more willing to listen to interactive videos and games. These sites make learning about money and money management fun and enjoyable.

1. Biz Kids

Biz Kids offers short and interesting videos aimed toward middle schoolers. These videos cover a wide range of topics from young entrepreneurs to starting a business to different money personalities. For teachers and home-schoolers, there are coordinating lessons that go with the videos. The site also has three different games — Break the Bank, Bring Home the Bacon, and Dollar a Glass — which allow kids to try their hands at running a virtual lemonade stand.

2. Rich Kid, Smart Kid

The Rich Kid, Smart Kid site was created by The Rich Dad Company, the brand behind the popular book, Rich Dad, Poor Dad. The site comes with four interactive games: Jesse's Ice Cream Stand, Reno's Debt Dilemma, Ima's Pay Yourself 1st, and Jesse's Big Change. The site has fun graphics and is kid-friendly to use. For parents and teachers, there are teaching resources for every age level.

3. Lemonade Tycoon

While not technically a site, Lemonade Tycoon is an addicting game that shows kids the way to build a business from the bare minimum to franchise status. This game can help show children that in order to grow a business, you need to strike a balance between profits and investments. Kids will also learn that there is a fine balance between product cost, product quality, and product success. For example, adding more water to the lemonade will bring down costs, but it can also drive away customers. On the other hand, using a lot of sugar in the lemonade will cost more and gain more sales, but the profit margin is smaller.

4. H.I.P. Pocket Change

H.I.P. Pocket Change focuses less on money management and more on the history of coins worldwide. The site has several games and cartoons that teach how a coin is made and other important dates in coin history. There are also a lot of great resources for kids interested in coin collecting.

5. Sense & Dollars

The Sense & Dollars site has several interactive calculators. The site calls them games, but they are simply calculators that require little input. The Saving Money section of the site is most helpful, especially the Show Me the Money calculator, which shows how much an investment will grow in different saving accounts. The Charge game is also useful since it can show your child how much something costs when you charge it and then make minimum payments. On the other hand, The Makin' the Bacon calculator is extremely outdated and does not factor in taxes or SSI taken out of each paycheck.

6. It's My Life

It's My Life from PBS Kids offers advice, shows, and games for all areas of life. The money section is small, but there is a game called Mad Money. There is also a lot of helpful advice for older kids that want to get started in babysitting.

7. Credit Card Simulator Game

This Credit Card Simulator game from Channel One allows kids to get a virtual platform card and virtually shop in the game's mall. The game will then teach about the downside of interest and debt.

8. Three Jars

Three Jars is a great site for kids and parents alike, since it can help streamline allowance time. With this site, kids keep track of how much money is owed to them through either chores, odd jobs, or both. The money then gets split into three jars entitled Spend, Save, and Share. The goal of the site is to make managing allowances easier, while minimizing nagging and entitlement in your home. For example, when a child asks for something at the store, you can buy it for them if the money is in their spend jar. If the item costs $20, and they only have $5 in their spend jar, then the responsibility is on them. They either need to do more chores or spend less money.

While your kids might not want to trade in their video games for these interactive money games and websites, they are a great starting point to talk about money in your home.

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This article is from Ashley Eneriz of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Fun Money Apps for Kids

Ashley Marcin — Fri, 04 Mar 2016 11:00:06 +0000

Think personal finance is an adults-only matter? Think again. You can start teaching your child smart money habits from a very young age. Whether you use points or dollars, the concepts will surely sink in if a little fun is involved. Here are 10 apps that will teach your kids about money — all while letting them play on their favorite devices.

1. Savings Spree

Cost: $5.99 on iTunes

Ages: 7 and up

Rating: 4+ stars

Savings Spree doesn't just teach your kid how to count nickels and dimes. Instead, it focuses on how different lifestyle choices in the everyday can add up to either big savings or big expenses. Your child can earn, spend, donate, or invest "money" in a variety of scenarios, which are presented in a game show format for added interest. Along with teaching the basics, this app will even present your little one with the harsh reality of those unexpected expenses that necessitate an emergency fund. Important lesson, indeed!

2. P2K Money

Cost: Free on iTunes

Rating: 4+ stars

P2K Money is all about teaching your child the value and responsibility of money — plain and simple. You can engage in the learning process together using tools for budgeting, spending, and savings of your kid's earnings, like an allowance. They can even create wish lists to save for the items they want to buy. And what's especially cool is that the app will save those wish lists so your little guy or gal can evaluate if those items were actually worth the expense.

3. Bee Farming

Cost: $1.99 on iTunes

Rating: 4+ stars

Bee Farming gives your child the opportunity to start his or her own virtual business with a swarm of bees and just $100. Each week, the bees can go to work in the forest collecting honey that your child will "sell" in a market to earn more bees or other supplies. This is such a fun game, even adults play it and compete to earn a spot on the Top Farmers Board. What a great way to give your kid the basics on business, hard work, and managing expenses.

4. PiggyBot

Cost: Free on iTunes

Ages: 6 to 8 years old

Rating: 4+ stars

Even young kids with an allowance can jump in on PiggyBot to collect a virtual allowance. This tool will help your child visualize his or her allowance and categorize it into what areas they'll spend, share, and save. This app also motivates kids to pick savings goals and gives them useful information for how much money they need to save and how long it will take them to save it.

5. The Game of Life

Cost: $0.99 on iTunes and Google Play

Rating: 4+ stars

Want to really disguise the financial learning experience? Try The Game of Life app, which is an electronic version of the favorite board game. Throughout play, your child will be encountered with a number of decisions that have them choosing between wise or risky investments. Players even have the chance to earn Wealth Cards that can stack up to $1,000,000. Plus, you can play with up to six friends, which makes it a great activity for the whole family.

6. Flocabulary

Cost: $12/month or $96/year

Ages: 11 to 18

Flocabulary takes on yet a different approach for older kids, with catchy songs, rap battles, and videos about financial literacy (plus many more subjects and life skills). The topics range from paying for college to budgeting to credit cards to goal setting, and beyond. Since the cost for this service is somewhat steep compared to the other apps on this list, you may want to check with your local school district to see if it's available to your child through school. You can also get free trial to check it out for 14 days.

7. Save! The Game

Cost: Free on iTunes

Rating: 4+ stars

The object in Save! The Game is to collect as much virtual money as possible and put it in the bank. Along the way, your child will need to avoid "iWannas" — you know, impulse buys like soda, toys, candy, and more. One reviewer downloaded this game before a long car trip and said that after playing, his kids engaged in a great discussion about avoiding "iWannas" in life, not just on the screen.

8. Bankaroo

Cost: Free on iTunes

Rating: 4+ stars

Bankaroo is another great allowance-tracking app that is also unique because offers different currencies. In fact, you can track funds using U.S. Dollars, Euros, hearts, stars, points, and more. In other words: Even the youngest kids can start to learn money concepts. This app was created by an 11-year-old girl who was looking for a way to keep track of her own allowance and thought other kids might want to do the same. The graphics are cute, and you can keep track of multiple accounts if you have multiple children.

9. Coin Math

Cost: $1.99 on iTunes

Ages: 9 to 11*

Rating: 4+ stars

What ever happened to old fashioned dollars and coins? They're definitely still around. With Coin Math, your child can learn to identify and count coins, as well as how to pay and make change. Though this app is rated for slightly older kids, many reviewers share that their little ones as young as five years old enjoyed playing with the game.

10. FamZoo Family Finance

Cost: Free on iTunes

Ages: 4 and up

Rating: 4+ stars

Give your child a headstart to understanding money, budgeting, and saving with FamZoo. This app can be used by your entire family — even preschoolers — to manage allowances, track chores, handle reimbursements, and more. How does it work? Each member of your family is issued a card that is linked together in the app. In the "Family Bank," the parents serve as the bankers while the kids are the customers. Then you get to tracking your everyday financial flow (even experiment with setting up automated tasks). You can also choose the IOU option if you'd rather track your money elsewhere. No matter how you do it, you'll be learning the rules of money together.

Do you use these or other money apps for kids?

This article is from Ashley Marcin of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

The 3 Best Jobs for Expats and Travelers

Damian Davila — Wed, 19 Aug 2015 17:00:17 +0000

"The world is a book, and those who don't travel read only a page," said Saint Augustine.

Americans take this advice to heart. They love to travel so much that they clock in more than 80 million trips abroad every year, and an estimated 8.7 million of Americans live overseas.

But if you're worried you can't indulge your travel bug and still make bank, consider these three best jobs for expats and travelers.

1. Teacher

Back in 2002, I had just completed my bachelor's degree at the University of Alberta (go Bears!) in Canada, and, like many of my fellow graduates, I was hunting for a job. You'd be surprised at the very high demand for graduates from Canadian and American colleges to teach abroad. If your dream is to live in a country for at least a year, then becoming a teacher at a foreign high school, English-language center, or university is a great way to make that dream a reality.

Here are three programs to consider.

JET Program

U.S. citizens with at least a bachelor's degree from an accredited university before July 1st of the departure year can apply to become an Assistant Language Teacher teaching English at various grade levels throughout Japan.

Prepa Tec

One of the largest education systems in Mexico is the Tecnologico de Monterrey. Their high school system (better known as Prepa Tec) recruits recent graduates from universities from several countries to teach a wide variety of courses, including English, Mathematics, Science, and Political Science.

Kaplan

The test prep company Kaplan has several partnerships and often needs educators of all levels who are interested in teaching abroad.

One important point to remember is to know who is responsible for applying and keeping your work visa (if required), because that's a process that can sometimes be expensive and time-consuming. Ideally, you want your employer to be the one handling all that paperwork.

2. Online Tutor

If a nine to five schedule or salary in local currency doesn't sound appealing to you, then take advantage of the internet and tutor students back in the U.S. using tools such as Skype, Adobe Connect, or FaceTime (and get paid in U.S. dollars). Additionally, depending on the length of your stay in various countries, tutoring lets you skip the entire work visa process.

There are several sites that allow you to find students interested in online tutoring.

WyzAnt

Expert tutors can connect with students across the U.S. to schedule online lessons. From GMAT prep to Algebra to French, your subject of choice is available at WyzAnt.

Tutor.com

Unlike other online tutoring sites, Tutor.com is looking for applicants that can tutor at least five hours per week. That's great news for those seeking a steady source of income. Tutor.com has a very specific list of subjects that they hire for.

SkillShare

Some instructors have been so successful tutoring on Skillshare that they've been able to quit their day jobs. Even some well-known individuals, such as James Franco, tutored at one time using Skillshare.

Of course, you don't need to limit yourself to just one online tutoring site. By signing up for a couple of them, you can increase your chances of keeping a consistent number of students.

Another best practice is to build your own site to showcase your teaching portfolio and provide student testimonials. It's harder to find students this way, but cutting out the middleman allows you to pocket more per tutoring hour.

3. Freelance Writer

You, too can "pull a Hemingway" and sip wine while working on your next set of articles for an online publication. Depending on your subject expertise and writing ability, you can write for online magazines or blogs.

There are several great blogs out there looking for quality writers. One great starting point to find writing assignments is the ProBlogger job board.

Don't think that the online medium is less demanding than more "traditional" ones. Before submitting your application to any blogging job, make sure to read the job posting thoroughly and understand what is required to apply. Sending an unrequested 31-page college thesis, misspelling the blog's name, or writing an unprofessional email will kill your application.

A word of advice is that you may find that most blogs pay once a month. To avoid a potential cash crunch, you should write for a couple blogs and not just one.

What are other great jobs for expats and travelers?

This article is from Damian Davila of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Teaching Your Teen Financial Responsibility

Ashley Jacobs — Wed, 07 Aug 2013 10:02:19 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some stellar articles on teaching your teen financial responsibility, things you should buy new, and uses for baking soda.

Best Money Tips: Teaching Kids About Money

Ashley Jacobs — Wed, 10 Oct 2012 10:24:48 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some great articles on teaching kids about money, things that are causing your bills to skyrocket, and the best ways to make extra money.

Best Money Tips: Teach Your Kids about Money

Ashley Jacobs — Fri, 23 Mar 2012 10:00:13 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some awesome articles on teaching your kids about money, why your tax refund may be delayed, and preparing for a layoff.

6 Ways to Get Paid to Learn

Ben Edwards — Mon, 03 Oct 2011 10:36:23 +0000

Getting paid to learn is a good way to keep your career skills sharp, and it may be the key to keeping your competitive edge in the future.

Penelope Trunk earns her living by keeping her finger on the pulse of the workplace, and not long ago she let slip the secret to competing with up and coming Generation Z — lifelong learning. Trunk's advice is to start focusing on your own lifelong learning now, so you won’t be stuck leaning on your cane when Gen-Z bursts through the office doors.

But with a busy job and life’s obligations, how do you find time to be continually learning? The good news is you don’t have to go back to school or take classes to expand your skill set. Here are six things you can do to constantly be learning new skills while you make money. (See also: 5 Ways to Learn a Language)

1. Write Articles

When you write how-to or news articles, you learn a lot about the topic you’re covering. Regardless of how much you knew before you wrote the article, chances are you’ll learn something as you research your topic.

It used to be that you had to get a Journalism degree and go work for a newspaper to get paid for writing. You still have to show you can write thoughtful and well-researched articles in order to get paid to write. If you can prove this, then there are many opportunities to learn new things as write about them. I know many people who earn a part-time or even full-time living from freelancing or self-publishing their own articles.

2. Teach Your Own Course

Modern technology has made it possible for you to create and deliver your own course digitally. If you’ve ever prepared a lesson or an entire course, you know that there’s a tremendous amount of learning that goes into the process.

Your goal as a teacher is to distill as much relevant information about the topic as you can into a concise and easily understandable package. You learn an amazing amount through your preparation — it’s true that the best way to learn a subject is to teach it.

You may not be able to convince anyone to pay for the first course you offer. However, if your material is good, then offering a few free courses can generate interest in a course people are willing to pay you for.

3. Write a Book

I’ve never written a book myself, but I know many people who have. Although you may start the process thinking that you’ll simply brain dump onto the pages of the book, you’ll probably discover that there’s some learning you need to do in order to do your subject justice.

Unless you’re a well-known expert, no one will pay you up front to write a book. However, the barriers of trading your knowledge and expertise for dollars have been greatly reduced. It used to be that you had to find a publisher to get a book out for sale. Now the ability to self-publish gives people like Mike Piper the ability to write, publish, and sell his own books on the topics of investing, accounting, retirement, and taxes.

4. Work in R&D

Constantly learning new technologies and coming up with ways to apply them is the role of research and development in many companies. Working in a R&D group myself, I can say that I’ve been paid to learn multiple new programming languages and web technologies. The R&D job is the best one I’ve ever had — I’m always learning something new, and I get a paycheck for it every two weeks! As an added bonus, if (when) I lose my job someday, I’ll have lots of marketable skills in my industry.

5. Be a Consultant

A relative of mine is one of the owners of a startup company, and they hire consultants to fill specialized roles. They don’t need a full-time employee for certain positions, but they do need the input of someone who’s an expert in the area.

Constant learning is a big part of being a consultant, because the people who hire you expect that you’re up on the latest trends and technologies. Consulting gigs won’t just fall into your lap, but if establish your expertise (through publishing articles and books or via networking), you can be well-paid to learn new skills.

6. Become a Professor

You don’t necessarily have to earn a PhD to teach at a University. There are graduate schools like Keller Graduate School and the University of Phoenix that hire people from inside the industry to teach their classes. Check out all the degrees and courses these schools offer on their websites; if you work in one of those industries and have a Masters degree, you may qualify.

One of my former co-workers didn’t have a Masters in Project Management, but he did hold the industry standard certification, the PMP certificate from the Project Management Institute. He was hired as an instructor at Keller, and when the new PMP test came out, he was paid to learn all the new requirements so he could teach them in his courses.

Not all of the methods I’ve covered provide full-time salaries. In fact, most don’t. However, they don’t take up all your time either. You can spend 10–15 hours a week on any of these and get paid to learn.

Like this article? Pin it!

This article is from Ben Edwards of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

The Garden as Classroom

Kentin Waits — Tue, 28 Dec 2010 14:00:10 +0000

Doesn’t it seem like there used to be more gardens? When I was a kid in the 1970s and 80s, my parents kept a huge garden by today’s standards — a full city lot planted with corn, dill, radishes, cucumbers, potatoes, tomatoes and green peppers, all framed by a few stately and towering sunflowers. It was straight out of Sunset Magazine, before we knew there was a Sunset Magazine. I kid you not, random drivers would pull over in their mid-1970’s Impalas or ozone-defying Fleetwoods (about as a big as the garden itself) to have a look. My mom and dad took pride in that garden, leveraging every ounce of their OCD pre-diagnoses to measure the rows carefully; and keep it fertilized, weeded, and watered, producing bumper crops every year. It wasn’t just fruitful, it was beautiful.

But where have all the gardens gone? When we can find them at all, they're confined to the country or to tiny single-plantings in the city. Are they shrinking with our interest, or with our time? Granted, our lives have become busier just making ends meet. Our jobs are Job One and hobby gardening has been relegated to some artisanal activity of the Martha Stewart set or act of revolution by the country homesteader. Gardens have lost their ubiquity.

Without realizing it at the time, my brother and I learned quite a bit from that family garden, and I can’t help but think there are a lot of kids growing up today without the valuable tutorial gardens can give. We learned how to plan a project, embrace seasonal cycles, nurture crops, grow organically, harvest, preserve, and have a decent dirt clod fight. We must have implicitly began to understand we were eating well by our own exertion and taken a certain pride in that autonomy. Even more, we were outside working as a family — tending to the garden, walking the rows, and hauling in our bounty.

My brother and I also learned a bit about marketing and selling. It may seem quaintly bucolic by today’s standards, but we walked door-to-door with buckets full of sweet corn, juicy red tomatoes, huge cucumbers, and potatoes, selling the extra produce to our neighbors. Our target market was anyone we could walk to with those produce-laden buckets. Back then, anyone we could manage to get to on foot was someone my parents knew and probably a person who’d lived in the community for years. I can’t remember if we only did cold-calls or if word got around and my parents set up our route for us, but selling was easy. Whether the produce sold itself or folks were charmed by our little business model, we always came home with pockets full and buckets empty.

Here’s the clincher (and don’t roll your eyes; it’s all true): My brother and I used our "bucket fund" as spending money at the State Fair every year. The cherry on this whole learning sundae was money management. Those quarters and dollars were all saved for a purpose and by August we were quite the fat cats on the roller coaster and giant slide — two little bucket boys on a corporate holiday. My parents must have had wry smiles on their faces at the genius of their method: exercise, sunshine, green thumbs, an organic diet, and money management skills all courtesy of a single garden every year. Brilliant.

I’m encouraged by the new Lawns-to-Gardens Movement and by what appears to be a growing locavore mentality. It may just revive our nation’s gardens and take a few kids out of the lawn-mower business and put them in sun hats behind tillers. Vive le jardin!

This article is from Kentin Waits of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Could Online Teaching Be For You?

Maggie Wells — Sun, 10 Jan 2010 17:00:05 +0000

What is online teaching about?

Both private and public universities now have online degree programs — some were/are traditional brick and mortar institutions while others are predominantly online. If you do a search for schools to teach for online you’ll find a great many of them available. What you are doing is delivering a class in a different medium to a slightly different demographic than you might be use to. Online students are often single mothers, military personnel, older students who’ve gone as far as they can go in their careers without a degree. They are all coming to you now because they have a very specific goal in mind — to get that degree and get on with their lives. The material itself might be no different than the traditional classroom but the delivery and demographic are (the median age is 33, for example). So, flexibility is a big deal with most private schools that are marketing their institutions as those that can work with adults going back to school.

Why teach online?

Why not is more like it. I started this because I had two small children who were preschool age and I didn't want to leave them in the care of strangers. Nowadays I can go on vacations like the photo indicates, and I can still check in and spend a few late nights in a motel catching up. Not that vacations happen so often but it's good to know I don't have to be tied down to specific times.

What’s should an online instructor look for in an institution?

At first they tend to all sound the same. They are paying you as an adjunct to teach for them. But realize that you do yourself and the whole adjunct world a disservice by selling yourself too cheaply. Shop around and don’t be afraid to ask questions! Most online situations are non-union. That might not sound like a big deal to you upfront but it can become an issue later. Most institutions hire and fire at will and contracts are on a term to term basis. Even so, adjuncts can develop long term relationships with institutions and get into a regular routine of teaching year round for them.

What things they should offer?

401K or retirement plan, medical insurance coverage, and advancement possibilities are a few. Most important to you should be the advancement possibilities. Some institutions do not offer anything in the way of advancement and that can make the whole gig get old fast. Tuition assistance, reimbursements for calls to students or a calling card, updated software, equipment (some require audio seminars and headphones or video conferencing), good tech support, reimbursement for conferences, subscriptions to trades in your field, and advancement based on your work in your field are often available.

What should they have in place at their institution?

You want a school that has an actual department in your field and regular department meetings. For example, I work for a school that has great instructor input. We have regular staff meetings and help shape the content and curriculum for our department which is lead by someone in our field. That might sound like a no brainer but often times online universities group their courses and departments not by the traditional Letters and Sciences model but by an arbitrary arrangement. One school I quit working for used to drive me crazy by having people whose degrees were in marketing and education in control of the English teachers. It felt like we didn't even speak the same language.

What is their schedule?

Each school will have a different schedule — not the traditional semester. One school I love working for does 4-Week intensives. You teach one class at a time at a max of six per year. Nine and six weeks courses seem to be the most common. You also need to consider what the requirements of your time will be. Some programs will have the instructor set the due dates for every assignment and leave it up to you to decide on when to grade within each week. Others are maniacal about what you do on which day. Some have synchronistic once a week seminars so everyone can touch base. Make sure that you can function within the given schedule or else it'll be a headache for you!

Big Brother vs. Autonomy Adjuncts

I think the one thing that has become the most important to me is autonomy. In a traditional setting autonomy is paramount, but online anyone can look into your classroom for any reason at any time. Find out what the policies are at the institution you are interested in. If I don't feel like I have academic freedom, I can't function in the classroom. If it doesn't bother you that people who aren't in your field are looking into your classroom and commenting on what they perceive is good or bad teaching practices, then you can be less discerning.

The Big Benefit

By and large the best thing about online teaching is actually two things. I've met some students who are truly amazing with hard knock lives that have been willing to put in the time to get their education. They struggle with lives that are far more complicated than mine was when I was going to school. I don't know how they do it. Often times I find it inspirational to be part of their education. The big benefit for me is my income isn't' tied to my local economy. Living in a rural area where unemployment is high, I find my online work to really be a life saver! With budget cuts at my local community college, it's good to have something else to depend on for income. Being an online instructor helped me stay home with my kids and has kept daycare to a minimum.

Starting your search

A good place to start is Adjunct Nation. Also Google the particular college or university you are interested in and read up on what other teachers are saying. Some are easy to start working for because they rather have you have experience in your field than teaching experience — which makes it easier to start. Questions on more specifics? Leave a comment here and I'll be happy to give you my opinion or direct you to someone I know.

Good luck on your quest to become an online instructor.

This article is from Maggie Wells of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: