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A group of people sitting in a theater playing video games.

The 5 Questions to Ask Before Moving Out

Moving out: for many teens, it’s the shining light approaching at the end of a laundry-covered tunnel. But if dreams of endless pizza parties, video games, and rule-free reign are prancing in your head, you may find reality downright disappointing. So before you take the plunge to independence, ask yourself five important questions:

  1. How will you make money?

It might be a full-time job, a part-time gig, or a business of your own. But knowing where your income will come from is an absolute, nonnegotiable, no-nonsense prerequisite to moving out. But don’t be discouraged; even if you’re not the entrepreneurial type, today’s gig economy is chock full of opportunities to pad your wallet with extra income. From driving for Uber, to selling jewelry on Etsy, there’s no shortage of ways to make extra cash on the side.

  1. How much can you save?

If you spend everything you earn, you’ll never make it on your own. Setting a savings plan can be the difference between making ends meet and missing the rent when rainy days come. Make a habit of saving first, instead of spending first, when your paycheck arrives. 10% of your income is a fabulous benchmark. Establish an emergency fund to cover 3-6 months of bills when times are tough, then leave it untouched.

  1. What’s your budget?

When mom and dad are no longer underwriting your Doritos and cell phone, living on a budget will quickly become a necessary way of life. Use a software program like Mint or YNAB to track your expenses and spending, or go old school with a simple paper tracker. Whatever method you select, define your spending limits and stick to them. If you still have money left over at the end of the month for those flaming hot Doritos, good for you.

  1. How will you handle credit and debt?

Credit can be both a valuable financial tool and a dangerously alluring trap. Using credit only when absolutely necessary is rule #1 to destroying debt. The brake repair on the car that gets you to work? Important. The dress for your friend’s wedding? Borrow one instead. Also important is knowing your credit score and what affects it. Keeping on top of payments and using less (much, much less) credit than lenders offer are two of the most important factors to keeping your credit in check.

  1. Are you thinking about your future?

Retirement may seem like forever away, but the power of compound interest makes thinking about retirement now a must. Research whether a traditional IRA or roth IRA would be most beneficial to your bottom line come tax time, then open an account. Next, do everything in your power to max out your annual contribution limits and let time do it’s magic. Your golden years will thank you.

For more on moving out, check out our episode, Movin’ on Out!

A man in a white wig is standing in front of a green screen.

How to Be a (Kid) Millionaire

Long before Richie Rich gave kids everywhere dreams of being a millionaire, or Shark Tank had us screaming, “I had that idea!” at the television, young people were creating waves (and real wealth, too). But for all of the lucky breaks and wild windfalls, there are a dozen other money-savvy kids building their millions one dollar at a time. With these seven steps and some self-control, the world’s next kid millionaire could be you.

1. Be your own financial goalie. 

Think of goals like the stepping stones on your path to riches. If you’re ambitious, set short-, medium-, and long-term goals. An example plan could be to make $50 per week, save $50 per month, and invest $200 per year. Or, keep it simple with a straightforward goal like banking $100 in your trusty ceramic piggy. When you’ve reached your first goal, set another one.

  1. Build a budget.

No amount of income, regardless of how many zeros follow, will become a fortune if you spend every dime. So before you take another step, build a budget. Our previous post provides step-by-step instructions, including listing your income and expenses, having weekly check-ins, and making adjustments as needed.

  1. Make some moolah.

For most kids, this one feels the biggest hurdle. How can you make money when you can’t drive, can’t sign your name to a piece of paper without an adult, and may not be tall enough to see across the bank teller’s window? There are a number of ways kids can make money. A weekly allowance, the occasional lemonade stands, or even starting your own business are realistic ways to stretch your money-making muscles. 

  1. Laugh all the way to the bank (a real one).

If your savings account has an uncanny resemblance to your bedroom mattress or jacket pocket, it may be time to get a real savings account. Visit your local bank or credit union and ask about special accounts for kids. They may have fee-free options for the aspiring money-maven, or special perks for teen tycoons.

  1. Grow your dough.

What’s better than a pile of cash that doesn’t lose a cent in value? One with value that increases over time. Yes, kids can invest just like adults. Stocks, bonds, mutual funds, and even commodities like pork bellies and corn. But you’ll need an adult to open what’s called a “custodial account.” Or, start with simple apps that do the investing for you based on the level of risk that you’re comfortable with, like Stash or Wealthsimple.

  1. Hack the power of compound interest.

If there’s one category where kids have a major advantage against adults, it’s the power of compound interest. If you invest early and earn an average of 7-10% interest over time, compound interest can turn a modest amount of money into a million bucks. But it requires saving early and often, and watching your investments to make sure they earn enough interest. Isn’t it great to be young?

  1. Don’t do dumb stuff.

All the right moves can quickly be erased with a single foolish decision. People who fail to make a plan, budget, and save don’t become millionaires. Even some of the world’s most famous faces have let poor money management erase their fortunes. Avoid scams, schemes, and flim-flams. If you do make a mistake, get right back on track. The world is full of wealthy people who made mistakes but didn’t quit and came back to be financially successful.

Want more tips on becoming a kid millionaire? Check out this clip from our episode, “How to Turn $100 into $1,000,000.”

A stack of us dollar bills on a table.

4 Simple Steps for Building a Budget

Depending on how you grew up and how you’re wired, the word budget either makes you want to run in fear, run some numbers, or run to the mall before it’s too late. But creating a budget is all about perspective. Start by viewing your budget as a tool to empower your spending and saving, rather than a weapon to destroy your fun. Next, get practical. Here are four simple steps to make it happen:

  1. List out your life.

Building a budget requires taking careful inventory of your financial life. First, list out your income. (This is the fun part.) Include everything from your paycheck or business income to allowance, gifts, and even that $20 from your sister’s I.O.U. Then, consider your expenses. Your cell phone bill, fast food splurges, school supplies, and the occasional movie ticket should all be included.

 

  1. Pay yourself first.

When building your budget, there’s one category that takes priority over all the rest. Think it’s food? clothes? How about those absolutely poppin’ new sneakers? Nope. It’s you. And by you, we mean your savings account. Before you fork over your hard-earned income to all the brands and experiences clamoring for it, prioritize your own financial future. Say it with me: pay yourself first! Then, when you’ve amassed enough money in your savings account, consider moving it to an investment that earns more interest.

 

  1. Check yourself before you wreck yourself.

Each week, sit down and see how you’re doing at sticking to your goals. Is your entertainment budget laughing back at you after your trip to the movies? Is your spending column having buyer’s remorse? Make adjustments to your spending to stay on track. If possible, seek out ways to make additional income. Your neighbor’s lawn could use a mow, after all.

 

  1. Hit the drumroll and grab the calculator.

Okay, you budgeting guru, you. The time has come for your hard work to be revealed. At the end of the month, open your trusty calculator app and run the numbers. How much did you spend in each category? Now, how does that compare to what you budgeted? If you stuck with your budget, give yourself a huge pat on the back. If you didn’t, ask yourself if your budget was realistic. If it was, make adjustments to your spending next month. If not, increase the category you missed and give it another shot.

For more on how to create a budget, here’s a dose of wisdom from Beauty and the Budget:

Daytime emmy nominations.

Biz Kid$ Nominated for a Daytime Emmy!

We couldn’t be more thrilled to announce that our fabulous writers have been nominated for a Daytime Emmy Award from the National Academy of Television Arts & Sciences! Here’s what the nominations looked like when coming in:

 

We’re humbled to be in a category with such incredible programs for children and families. Winners will be awarded in late April in Pasadena, California.

HUGE congrats to our team of writers on this well-deserved honor.

 

Wheel of misfortune logo.

Celebs Who’ve Lost Millions

Celebrities, they’re just like us! In some cases, that means they make foolish financial decisions. It turns out that even the wealthiest among us can get into money trouble if they don’t watch their spending. Here are a few of the stars who’ve lost control of their financial independence:

Johnny Depp

What do you do if you’re a world famous actor? If you’re Johnny Depp, you buy houses. 14 of them. And a 150-foot yacht. And 12 storage facilities full of memorabilia. The bill for all of this? $75 million. The wild spending allegedly got Depp into deep financial trouble.

Lisa Marie Presley

You’d think Elvis’s daughter would have a comfortable life. She did–$100 million comfortable. But the famous daughter claims that her money manager kept her out of the money loop. Her current nest egg? $14,000.

50 Cent

Once among the world’s richest rappers, the former half-billionaire had $36 million in debt in 2015 and only $20 million in assets to cover them. He filed for bankruptcy.

Willie Nelson

One of the world’s most recognizable hippies had the US government after his assets in 1990. Uncle Sam took properties in six states after owning millions in back taxes.

Wheel of Misfortune

Money mistakes can get the best of any of us. Just ask the contestants of our beloved game show, Wheel of Misfortune!

A man and woman standing in front of a large screen.

The Gift Credit Unions Are Giving to 20,000 Lucky Biz Kids

The Biz Kid$ team has just returned home from an incredible trip to Washington, D.C. for the Credit Union National Association’s Governmental Affairs Conference, or #CUNAGAC. As most of you know, Biz Kid$ has been funded for years by the generosity of credit unions across the United States through the National Credit Union Foundation.

This year’s summit once again put Biz Kid$ in the spotlight—and a Biz Kid, too. Moziah Bridges, the dynamic personality behind Mo’s Bows, took the stage later shared by President George W. Bush, to share his inspirational story and show appreciation for the credit unions’ continued commitment to financial literacy.

Moziah was featured in Season Six of Biz Kid$. Watch his fashionable profile here:

 

 

The generosity continued when #CUNAGAC attendees came together to support a major financial literacy initiative for local schools. The credit unions rolled out the red carpet for Washington, D.C.-area students, pledging donations to put box sets of all six seasons of Biz Kid$ into the hands of 20,000 students.

All of us at Biz Kid$ send our heartfelt thanks to the fantastic people and generous attendees at this year’s #CUNAGAC. You’re all Biz Kids in our eyes.

A group of students are using laptops to learn about entrepreneurship in the 21st century.

4 Genius Ways to Use Biz Kid$ in the Classroom

Biz Kid$ has long had a close relationship with educators around the world, and for good reason. We know that what we do goes only as far as its ultimate reach. Teachers have the power to turn financial concepts into life-changing financial freedom for students. Here are four ways to bring Biz Kid$ into your classroom.

  1. Lesson Plans

Our lesson plans have been carefully mapped to state and national standards, are 100% free, and offer printable worksheets of money-minded vocabulary and thought-provoking questions.

  1. Emmy-Winning Video Clips

Looking for a 5-minute dose of entrepreneurial inspiration? Look no further. Consult our catalogue of young entrepreneur profiles, check out our dozens of sketches and “direct ed” hosted clips, or browse our YouTube channel for curated playlists.

  1. Classroom Activities

Practice makes perfect. Give your students some practice being a Biz Kid with our free business plan guide and template and catalogue of other activities.

  1. Piggy Bank Hunt

Ready to think big? Involve your entire school in a treasure hunt using Biz Kid$ video clips and custom worksheets. Some schools have worked with local credit unions to sponsor prizes and get involved with the families they serve.

A word from one of our sponsors: David Kezerashvili

As an entrepreneur and startup investor, my main goal is not to look for the most attractive investment opportunity but rather to look for a good business partner, someone I can trust will bring my investment to success. Bizkids has consistently proven to be exactly that and investing in young entrepreneurs through classroom tools is an investment in the future.” (David Kezerashvili)

A groundhog is being held by a man in a suit.

6 Ways to Use Those 6 Extra Weeks of Winter

Today, it happened. Punxsutawney Phil saw his shadow and six more weeks of winter were predicted. Groans could be heard around the world. But wait just a minute. You’re a Biz Kid! Sure, springtime brings lemonade stands and sunshine, but few times are better for getting to work than when rainy days keep us all inside. Here are six ways to use those extra six weeks of winter to your benefit:

1. Write a Business Plan

That idea that’s been circulating in your head deserves some attention. Get it on paper and start making some traction today. Our free business plan guide will walk you through everything you need to know.

2. Grow Your Savings

Have some money jingling around in that piggy bank? Make it grow! Our book and corresponding episode, How to Turn $100 into $1,000,000, will show you the ropes.

3. Apply for a Job

Getting a job takes time. Searching, applying, and following up is a process made easier before sunny days offer other alternatives. Check out our YouTube playlist, How Teens Can Get a Job.

4. Spruce Up Your Bookkeeping

Accounting may not be the most exciting part of being a young entrepreneur, but it is among the most important. Watch our episode on the subject and get your books in line!

5. Go Green

Already run a business? Spend some time improving its environmental impact. These inspiring Biz Kids will show just what’s possible when you put your mind to the matter.

6. Think Outside the Box!

Sometimes, our most creative ideas come when we’re least distracted. Our episode, Escape the Box, gives practical tips on creative thinking and visits with some truly innovative young entrepreneurs.

A family is posing for a picture in a barber shop.

Overcoming the Odds

Many decades ago, a young illustrator was fired from the Kansas City Star for a lack of creativity. In Baltimore, a young aspiring broadcaster was told she was unfit for television. The first went by the name Walt Disney. The second, Oprah Winfrey.

Sometimes, a person achieves success in a strike of luck and good timing. But more often than not, success is the result of overcoming setbacks, obstacles, and disappointment.

A number of the impressive Biz Kids we’ve profiled over the years have overcome incredible odds in their determined paths to becoming entrepreneurs. Here are a few of our favorite stories:

Painter Jeff Hanson

Born with a rare disease that impairs his eyesight, Jeff didn’t let that prevent him from creating art from his grand visions.

Lonnie’s Young Cuts

After Lonnie was robbed, he moved on, built a thriving barbershop business, and learned to budget.

 

The Debt-Free DJ

Crippling debt can squash the dreams of even the strongest among us. But not this determined DJ.

https://www.youtube.com/watch?v=D7CGUwTIoL4&feature=youtu.be

For more video content and a free lesson plan on overcoming obstacles, check out our episode, Wheel of Misfortune.

Escape the box flyer.

New Year’s Resolutions, Biz Kid$ Style

Happy 2018, Biz Kid! If you’re like most of us, the new year rings in a long list of goals, hopes, and dreams. Need some resolution inspiration? Borrow some of these, and check our our resources to back them up.

Save More

At the end of a year, we all wish we saved more. Those impulse buys have lost their luster, and our slim safety net makes us fearful for the future unknowns. A few simple tips can be the difference between savings goals and savings success. Here’s how Biz Kid host Kaelon built up major savings while living in LA:

Spend Less

A first step in saving more? Spending less! One of the keys to spending less is understanding the marketing ploys around you everyday. In other words, understanding that You are the Target!

Turn that Idea into Reality

The back of the napkin is a fabulous place for an idea to start. But to turn it into reality, you’ll need a plan, Stan. Use our free business plan template to take that next step.

Grow Your Money

Money makes money? You bet. With compound interest on your side, your money can earn money while you do nothing but wait. Whataya say you grow yours in 2018? Our book, How to Turn $100 into $1,000,000 is chock full of practicals and inspiration!

Get out of Debt

If you have credit card debt, few things can feel as overwhelming, and few achievements can be as liberating as paying it off. Take it from one ambitious DJ:

https://www.youtube.com/watch?v=D7CGUwTIoL4&feature=youtu.be

Escape the Box

Isn’t it about time you bucked convention and escaped the box? Thinking creativity is easier said than done. But our free lesson plan and activity sheet are the perfect partner to our episode on the subject.

A group of people standing in front of a big ball.

Secrets Revealed: Retail Credit Cards Edition

“Do you have our store credit card? If you sign up today, you could save an extra 20% off of today’s purchase.” Hmm, twenty percent, you think. That’s $10. I could use an extra $10. You’re about to accept the offer. But wait! Did you read the fine print? Credit card signup offers can seem like incredible paydays. But carry a balance, or make a late payment, and you could quickly watch your debt spiral out of control.

A recent thread on Reddit caught our eye this week. The original poster claimed to be the previous employee of a credit card company that manages the cards for many retail brands. They revealed a shocking statistic:

The average time it takes a customer to pay off a single purchase is six years. 

Six. Years. If you’re like me, you probably lose your excitement about an article of clothing at month three or so. Just imagine paying for that sweater when high school sophomores are graduating from college. How is that possible? By only making minimum payments, the interest snowballs. A typical retail card interest rate can be as much as 26%, 29%, or 35%. Talk about crazytown!

The bottom line: be on guard when reviewing credit card signup offers, and only sign up if you’re confident you could pay off the balance in the first month.

How about you, Biz Kid? Have you ever experienced snowballing debt from a quick decision in a mall or big box store? What do you wish you would have done instead? Tell us in the comments below.

For more about credit cards, check out our new episode, My First Credit Card.

San diego state vs california spartans holiday bowl.

Biz Kid$ Named SDCCU Holiday Bowl Beneficiary

The following release comes to us hot off the press from San Diego Credit Union (and we couldn’t be more excited!)

 

$1 from every ticket sold for the game will benefit teachers and students in San Diego

SAN DIEGO (December 8, 2017) – Biz Kid$ has been named the beneficiary of the 2017 San Diego County Credit Union Holiday Bowl. The Emmy award-winning comprehensive financial literacy program teaches kids how to use credit wisely and educates them on the importance of saving, budgeting, investing and giving back to their communities. $1 from each ticket sold to this year’s game will be donated to help provide financial education programs to local students.

Biz Kid$ is a national program that includes a public television series that promotes financial education for elementary through high school students and was created by the same team that produced Bill Nye the Science Guy. The money generated as a result of tickets sold for the 2017 San Diego County Credit Union Holiday Bowl will go towards providing additional sets of the complete SDCCU Biz Kid$ Program to teachers to ensure that our local students graduate high school with the critical financial skills needed for a successful future.

“SDCCU is proud that Biz Kid$ will serve as the beneficiary of the 2017 San Diego County Credit Union Holiday Bowl. Each ticket sold for this year’s game has the potential to benefit thousands of students in our community for years into the future,” said SDCCU President and CEO Teresa Halleck. “As San Diego’s largest locally-owned financial institution, and a Live Well San Diego partner, we are committed to encouraging and maintaining good financial health among individuals in our communities, which is essential to fostering a healthy and thriving economy.”

The SDCCU Holiday Bowl is a nonprofit organization and has a mission of generating tourism, exposure, economic benefit and civic pride for San Diego and its citizens by producing the nation’s most exciting bowl game and festival of events. For more information and tickets call 619-283-5808, or visit at www.HolidayBowl.com. For any additional information, please contact Rick Schloss at (619) 708-6007 or via email at rschloss@holidaybowl.com.

### HolidayBowl.com ####
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