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A row of colorful lockers.

Teacher Resources for School Year 2018

Around the country, school bells are ringing for the first time in months. Teachers are refreshing their classrooms, and students are picking out their outfits for the first day of school.

For teachers, the new year brings new opportunities for fresh content, new approaches, and revised plans. For educators looking to impart wisdom on the topics of financial literacy and entrepreneurship, there’s no better place for planning than right here. Our Emmy- and Parents’ Choice Award-winning content doesn’t stop with video. From lesson plans to classroom and family activities, our robust collection of engaging and inspiring content was crafted with teachers in mind.

Engaging Video Content

Our six seasons of Emmy-winning video content features real young entrepreneurs teaching kids about financial literacy and entrepreneurship. Clips are available for free on BizKids.com, YouTube, and full episodes of select seasons are free to stream with Amazon Prime.

Lesson Plans Mapped to State and National Standards

Each of our episodes is paired with a lesson plan written by seasoned educators, and mapped to state and national standards.

Online Games

Time for a break from the everyday? Our online games teach kids about running their own businesses, saving, debt, and spending through fun and entertaining premises.

Biz Kid Resources

Want to empower that high achiever in your class with the resources they need to take their idea to the next level? Point them to our resource page where they’ll find business plan guides, marketing plans, and even profit planning worksheets.

The Cost of College: $0?

The medical school at NYU announced this week that it was making tuition freefor all students, regardless of financial situation or merit. If that sounds like a big deal, it is. Tuition at the school has been more than $55,000 per year. It’s a bold move, and a major development in the skyrocketing world of college tuition.

Feeling bad for those who missed the cut? They thought of that, too. Even current students are receiving the grant. Talk about a clean bill of health!

We recently devoted an entire episode to the topic of college costs, hearing from all sides of the debate.

We heard from Andrew, a senior in college who had over $40,000 in debt. His take? It’s an investment.

And we also got a friendly reminder of the burden of debt, thanks to a familiar voice.

How does that affect your view of college, Biz Kid? Does NYU’s move make you more likely to enter the medical field?

A man looking at a stock chart on a computer screen.

Empowering Your Teen Investor

The following is a special post from our brand new parent blog, The Money Talk. Consider this a sneak peek, then bookmark www.bkmoneytalk.com to read all of the parent-minded posts moving forward!

A 15-year-old invests $1000 from their summer earnings into a portfolio of stocks and bonds. Meanwhile, a 40-year-old invests $10,000. With a 10% interest rate, who makes more? When the teen turns 65, they’ll have $116,000. Then the adult reaches the same golden age, they’ll have just over $108,000. When it comes to investing, nothing is more powerful than time. As a parent, you have a unique opportunity to encourage and support your child in crafting an investment plan. Here are four vital areas to address with your teen tycoon.

“Blanching” with Two Realities

Blanching is the process of quickly dropping food (like fresh asparagus or green beans) into boiling water, then quickly transferring them to an ice bath to stop their cooking and keep them crisp. Effectively talking to a teen about investing is a lot like the culinary process. First, the shock of what could be: like turning a hundred dollars into a million. But just as soon as their mind begins to simmer, it’s time to present the other reality, like losing your savings to a unforseen stock market collapse or financial scam. A teen needs to see the world of investing for what it is: a balance of risk and reward.

Planting a Seed

Once your teen has been effectively inspired and sobered, the next step is to get some skin in the game. It might sound easy to just provide your teen with some seed money to invest, especially if they’re looking into the best stocks for beginners with little money. But the more skin they have in the game, the more effort they’ll put into their investment strategy, and the more they’ll learn as a result. If you just can’t help but get involved, consider matching their funds dollar-for-dollar, just like an employer would.

Getting Practical

Assuming your child is younger than 18 years of age, there’s one area that your involvement will be a non-negotiable. That is the account setup stage. Minors will need a “custodian” in order to open the account. The custodian’s social security number, name, and address will be used alongside that of the minor’s to get the investment account up and running. Most brokers offer custodial accounts, and some even have special incentives for aspiring stock market mavens. Well-regarded kid-friendly brokers include Ally, Acorns, and Betterment.

Freakouts, Fees, and Follow-Through

Most teens love variety. Fast-paced activity and constant change are just a normal part of growing up. For a genius daytrader, such energy could be of enormous benefit. But to the average small investor, constant tinkering will result in one thing: fees. Most modern brokers charge by the trade. As a result, it’s important to encourage your child to let their investments sit. As tempting as it may be to sell a stock on during a day of market turmoil, Warren Buffett’s wisdom offers a clear warning: “be fearful when others are greedy and greedy when others are fearful.”

For more information about the power of compound interest, watch a clip from our episode on the subject below, or read our book for kids titled How to Turn $100 into $1,000,000.

A woman with a backpack.

College: Profitable or Not?

A new report from MSN Money made us stop and think this morning: “The 50 Top Ranked Colleges that Pay off the Least.” Talk about a downer. The report dug into public data to compare the average wages earned by grads ten years into their careers, and the average annual tuition. The unfortunate winner? Bennington College. Their average annual tuition is a whopping $64,019. And their grads’ median income after a decade? $26,000.

The report brings up a question that’s been in the national conversation for a while now. Is college worth it? With tuition increasing faster than inflation (or paychecks). And yet, many other stats show that a college degree is essential to maximizing lifetime earnings. Consider this chart from the US Department of Education:

Needless to say, it’s complicated. We recently devoted an entire episode to the subject. College Bound digs into the many of post-high school paths in search of answers. From trade schools to entrepreneurship and everything in between. So what do you think, Biz Kid? Is college worth it?

It’s Official: Better to be a Kardashian than General Electric

It’s been a busy month for counters of all kinds. The Forbes list just released its latest list of the country’s richest women. And guess who made the list this year? Kylie Jenner, of Keeping Up with the Kardashians fame.

Meanwhile, in another New York skyscraper, the Dow Jones company removed legacy brand General Electric from its famous index.

Out with the old, in with the new.

The Dow’s reason for cutting GE from its list? The market has changed, GE’s businesses are struggling, and “there’s no quick fix.”

As for Kylie’s success? Helping others with a quick fix—makeup! Forbes reports that her cosmetics line most famous for its lip kits is worth a whopping $800 million. Oh, and a few million in paychecks from her reality show.

Kylie’s fortune has made her a top contender for the title of youngest self-made billionaire, close to replacing Mark Zuckerberg for the title.

So, what’s the lesson here? Times, they are a changin’. And if you have to pick between a legacy business and a social one, pick the social one. Oh, and being a Kardashian doesn’t hurt.

A group of ice cream cones with berries and flowers.

Celebrating National Ice Cream Month

July has finally arrived! And with it, fireworks, flags, and freedom. But did you know that July is also National Ice Cream Month? It is, and at Biz Kid$, we’re celebrating the mouth-watering month the way we know best: with the help of a few of our most impressive Biz Kids. We’ve profiled quite a few ice cream-concocting young entrepreneurs over our six seasons. Here are two of our favorites.

 

Ice Cream Boat

Mik Mart Ice Cream Truck

 

A group of people shopping in a grocery store.

Understanding Mommy’s Credit Card

The following is a special post from our brand new parent blog, The Money Talk. Consider this a sneak peek, then bookmark www.bkmoneytalk.com to read all of the parent-minded posts moving forward!

Assumptions are a tricky thing. After all, much of what a child assumes rarely comes up in conversation. They just believe what they believe, until something contradicts it. But a child’s assumptions about credit cards can be downright dangerous, financially speaking.

For a child, money is usually tangible. Their money fills their pockets, lines their piggy bank, or falls out of birthday cards. So when mom or dad leave a store with a cart full of food by merely swiping a piece of plastic, a child can assume that such things didn’t cost a dime. But a few smart habits can turn your shopping trips into learning moments for your child.

Show and Tell

Studies show that 48% of all purchases are transacted with plastic. About half of those are debit cards, and the other half are credit. When you’re among the 48%, use the point of sale as a teaching moment. Explain that the card you’re swiping tells your bank to send the store some of your money. Perhaps something like this: “Today, we’re using some of the money mommy and daddy worked for, just like how you work for your allowance. We’re trading the store some of our money for this food.” Their follow up questions about how your bank communicates with the credit card processor? You have our permission to make that up.

Spill the Bills

If your child is old enough to understand the concept, sit them down at the end of your billing cycle and show them your transaction history. “See, we’re now paying for the food we ate last week. But we saved our money to pay this bill, so it’s okay! We worked hard to make money so our family could buy what we needed. We knew how much money we had in the bank, and were careful not to spend more than we had.” Your objective here? Drive home the point that those cash-free purchases didn’t go unnoticed by your pocketbook.

Practice Makes Perfect

Finally, to turn your credit card concepts into financial understanding, hands-on exercises will help. There are a number of modern apps and programs that allow parents to pay their child’s allowance digitally, offering practice in cash-free living. Here are a few of our favorites:

  • RoosterMoney is a beautifully designed digital allowance manager for families. Their tagline: “Transform the way you manage pocket money.”
  • FamZoo is a virtual online bank for families and kids that facilitates cash-free allowance, loans, expense sharing, and even matching contributions.
  • ThreeJars is a simple online allowance system that even keeps track of IOU’s between a parent and child. Coming soon: online shopping.
A man wearing glasses and a black shirt.

Landing That Summer Job

Summer is a time of swimming pools, lemonade stands, and sleeping in. But it’s also a fabulous opportunity to make some money and learn a few new skills. Landing the ideal summer job requires a bit of searching, a willing spirit, and a flexible mindset.

Usually, short-term jobs are also seasonal jobs. Consider the work is needed only in the summer: lifeguards, ice cream scoopers, and the like. For those willing to think—and work—outside the box, The Seattle Times just unveiled a list of some of the more unusual summer jobs. Among them: worm farmer, corn detasseler, and mosquito killer.

At Biz Kid$, we spend plenty of time focused on self-employed teens. But getting a summer job is a fabulous experience as well. Here are a few of the entrepreneurial kids we’ve profiled who just so happen to work for someone else:

Fabulous Coaches

Pumpkin Farm

https://youtu.be/QOoYhrtVKdo

Caity Kauffman

https://youtu.be/k5kFcdtbHwk

Want more? Check out our How Teens Can Get a JobYouTube Playlist:

https://www.youtube.com/watch?v=k5kFcdtbHwk&index=5&list=PLncTgd21d45Zi9UAn8mQebI6JmKyo4wsK

A white line drawing of a pig on a colorful background.

4 Perspectives on Kids & Allowance

The following is a special post from our brand new parent blog, The Money Talk. Consider this a sneak peek, then bookmark www.bkmoneytalk.com to read all of the parent-minded posts moving forward!

Allowance. As with every corner of parenting, it’s a controversial one. Opinions on the topic run the gamut. Give your child an allowance? You enabler, you! Don’t give your child an allowance? You fool! Today we’re giving ear to all sides of the debate that’s funded movie tickets, ice cream sundaes, and soccer balls for generations.

Perspective #1:

A Dose of Real Life

In his New York Times bestseller, The Opposite of Spoiled, Ron Lieber essentially argues to make allowance as close to a real job as possible. His main points: nix “chores” for more legitimate family contributions. A half-hearted wiping of the table? Not good enough. Helping to regularly prepare dinner? Better. But he’s matching that tough talk with generous spirit, imploring parents not to skimp. Lieber says to establish a set budget for things as important as clothing, then let your kids decide how to spend it (and likely fail to cover their bases.) If they spent the funds unwisely, don’t bail them out; this is their chance to learn how to manage their finances before the consequences are more severe.

Perspective #2

Be Hands-On About This One Thing

While some see it as being too much of an allowance micromanager, our money-minded friends MoonJar and Money Savvy Generation are big believers in the spend/save/share breakdown of kids’ allowance. Both companies create banks designed to contain the three categories of cash and coin. Parents can either dictate the precise amounts of each, or empower their kids to make the decision on their own. Either way, the spirits of saving and giving will gradually become a part their money mindset.

Perspective #3

Everything’s Negotiable

Time recently featured an entertaining profile of an Arizona family with a whimsical approach to allowance. In a word, it’s a negotiation. Jake Johnson (a.k.a. Dad) puts this ball in his 9-year-old’s court, allowing him to make proposals of potential chores around the house, and set the price. Obviously, such a method could lead to steep earnings and might eliminate the concept of serving the family good, but it comes with a valuable trade-off: mastering the art of negotiation.

Perspective #4

Don’t Do It

Personal finance guru Dave Ramsey has a different approach to allowance: don’t. “Allowance,” Ramsey argues speaks of entitlement. Kids learn that they’re owed a set amount of money each week, and that their wants are important. Instead, Ramsey recommends a “commision system,” paying them fifty cents for making their bed, a quarter for cleaning up their toys, and so on. The goal? Eradicate entitlement.

For engaging video content on the topic of kids & allowance, check out the Biz Kid$ episode, Where’s my Allowance. Want a sneak peek? Hit it, Lady Nana!

The Lemonade Stand Kid Goes Retail

First, he was a Biz Kid. Then, he was on Shark Tank. And now, Jack Bonneau (of Jack’s Lemonade fame) is going regional. At twelve years old, the young entrepreneur just signed a deal with 35 stores who will soon carry Jack’s lemonade by the jug. Congrats, Jack! Check out his Biz Kid$ profile, Shark Tank appearance, and 9 News retail announcement below: 

Jack on Shark Tank

Jack on 9 News

Thirsting for more lemonade? Check out the Lemonade Challenge from our very first season, or play our Dollar a Glass game to establish a digital stand of your own!

A calculator, pen and money on a white table.

Getting Real: Spilling the Family Budget

The following is a special post from our brand new parent blog, The Money Talk. Consider this a sneak peek, then bookmark www.bkmoneytalk.com to read all of the parent-minded posts moving forward!

 

 

For generations, there were two topics deemed too taboo to discuss among family. Chief among them, money. The size of the family’s nest egg, monthly paychecks, or savings accounts? Not to be discussed, end of conversation. Even now, among a generation waking up to the power of vulnerability, the idea of pulling back the curtain on how we spend our money feels like the ultimate disclosure.

Context is Key

When your ten-year-old with a total net worth of $42.73 sees how much you and your spouse make, confusion can follow: “What?! I didn’t know we were gagillionaires! Why couldn’t I get that iPad?” However flattering it may be to have your child assert that your paycheck-to-paycheck income should land you a spot on the Forbes list, their lack of context for expenses can give them unrealistic expectation of your family’s lifestyle. Our advice? Start with the budget before talking income.

Framing Your Cost of Living

Make a master list of the expenses your family incurs in a given month. Rent, utilities, grocery store runs, gas, health insurance, eating out, and even those little league dues. If it comes out of your paycheck, write it down. For added critical thinking, create a game out of the exercise: have your child guess the amounts of each budget category before revealing their true numbers. The gap between assumption and reality can be eye opening, not to mention entertaining. Then talk through each line item.

  • The family car costs this much to fuel, this much to insurance, and this much to maintain…
  • Our house? There are bills to pay to keep the power on, the water running, and the trash collected…
  • Public school may be free, but your activity fees cost this much and lunches cost this much…

Making the Big Reveal

When the grand total has been revealed, it’s time to share the long-awaited number: income. Show a copy of your monthly paycheck, and explain any deductions for taxes and retirement. Then discuss how much your family saves and gives to charitable causes each month. So what’s left over? Two lessons should come out of this vulnerable exercise: first, that every dollar is accounted for in some manner. A decision to spend over here comes from somewhere else. Perhaps savings, or perhaps a different spending category. And the second lesson should be that the family will be fine if we all work together to spend carefully.

Making Space to Clear the Air

There are certainly a number of risks to opening the checkbook up to kids. They could tell their friends how much you make, for instance. But another is that it could cause unwanted concern. There’s a significant difference between showing that the family doesn’t’ have endless means for everyone’s whims, and spreading worry. As such, it’s vital that you assure your kids that the family is provided for, protected, and safe. Then, open the conversation to questions. Make space to clarify any worries or concerns.

When handled carefully, talking to your kids about the family’s budget will instill a sense of ownership and stewardship of the family’s resources. The next time they ask for a video game, they’ll understand why the answer is probably, “not right now.”

Introducing Our New Blog for Parents!

Attention, moms and dads across America: your new favorite resource for all things money is now live! The Biz Kid$ team has been hard at work creating a new blog–Money Talk–just for you.

The goal of Money Talk is to empower parents with tips and tricks for sparking money-related conversations and raising financially savvy kids. Topics will include setting an allowance, approaching vulnerable financial topics like wealth and debt, and hilarious anecdotes from parents of real young entrepreneurs.

Bookmark it today, and spark a dinner table Money Talk tonight.

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