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What is a credit score?

A credit score, also called a FICO score, is a rating of your previous responsibility with credit. When you apply for your first credit card or the usual Bank of America auto loan, a credit report is started in your name. This credit report will track every time you make a payment late, overdraw an account, or apply for new credit. The more mistakes you make with your credit, the lower your score and the more difficult it will be for you to get a loan in the future. So be responsible with your credit, Biz Kid! Your future will thank you for it.

For more information on how credit scores work, check out the HowStuffWorks page on credit scores.

A woman wearing a blue shirt.

Biz Kid$ Host Miriam Talks Money

Hey Biz Kid$!! Miriam here. It has been non-stop fun at the studio as we’ve been filming this season, however, some of the topics we’ve been talking about in our recent episodes have me thinking more seriously about my personal financial life. I am going into my last year of college this fall, and while the past three years have been about adjusting to living on my own, learning how to share an apartment with roommates, and budgeting for school expenses, this year I will be approaching the inevitable: the REAL world. It seems so overwhelming!

I’ve come to realize that becoming a “grown-up” in the real world doesn’t happen overnight. Growing up is a gradual process! Every year of my life I have experiences that help me become more responsible and more independent. And some things will always stay the same: I will still have to budget to live within my means, be mindful of the effects of advertising, and be sure to pay my bills on time. I find that trusting that I am a capable, smart, and savvy person helps me to feel more confident about the next stage of my life. And because you’re a Biz Kid, you can trust that too!!

How coins got their grooves

Many decades ago, all coins were made from solid gold or silver. The amount of metal used in the coin was equal to its value ($10 of gold in a $10 gold coin, etc.) Before coins’ edges had ridges, dishonest people would shave off small amounts of metal form the sides of coins, keeping a valuable collection of shavings before depositing their coins in the bank. By milling the edges of the coins, the U.S. Mint made it impossible for thieves to steal metal shavings without removing the familiar texture.

Want to know more about the money we use everyday? Check out the U.S. Treasury’s Bureau of Engraving and Printing website at www.moneyfactory.gov.

Biz Kid$ Host Austin’s Car Conundrum

Hey Biz Kid$! Austin here. I’d like to tell you guys about the importance of reading everything. I know I’m supposed to read everything on a document before I sign it, but I never thought about reading traffic signs. Let me tell the story. Two days ago, some friends of mine and I went to go perform magic in the streets of Seattle and see if we couldn’t get some passers-by to drop some bills in a hat we had on the ground. I’d just finished shooting here at the studio and went to go pick my friends up in my car. At 2:00 we parked on a street and I paid for my spot. We performed, and had a blast, but when we returned we couldn’t find the car! I looked more closely at the sign I had parked next to and realized I hadn’t read it thoroughly. The sign clearly mentioned that my parking spot had to be clear at 3:00 for a bus lane and that my car had been towed. The Devil is in the details!

My friends and I trekked across the city via bus to retrieve my car from the towing company, and it cost me $210! I tried to barter with the teller; “I’ll show you something magical if you waive my bill” The company didn’t take to kindly to that notion. Sighing, I pulled out my debit card to pay for the service. Luckily, I have a saving account and had some emergency cash on hand. As I was about to leave the teller presented me with an additional $40 ticket from the city. In total the day’s toll came to a crippling sum of about $250. We had made $15 performing in the streets. I only have to make and save $235 to make up the difference. It really pays to read the fine print.

Newsletter: September, 2011
The Vault September 2011: Businesses that give back
Businesses provide value by creating jobs and by offering useful products and services. That’s how capitalism works. For business owners, however, the most profitable decisions are not always the best for the community.
Many businesses today are trying to balance profit with progress toward things they care about–safer communities, cleaner environments, less hunger, and so on. These businesses give back.

Why give back?
Maybe because you…

  • Have a cause you believe in and would work toward no matter what.
  • Know that your business relies on community resources such as public schooling, roads, and police, and that it’s your duty to return the favor.
  • See giving back as a form of marketing and a way to distinguish your business from your competitors.
If you have a business, or have one planned, is it a business that gives back? What’s your reason?
Creative ways to give back
In addition to giving away money, there are lots of creative ways for businesses to make a difference.
  • In-kind donations. “In-kind” means giving anything but money. Products, services, employee time, and even office space are some of the things businesses can donate.
  • Volunteering. By giving employees paid time to work on volunteer projects, businesses help the community and provide a valuable benefit to their employees at the same time.
  • Training and mentoring: Businesses can share their expertise to help people in the community learn new skills. This can also broaden the labor force so the business has more qualified applicants to choose from.
  • Encouraging wellness: Wellness programs help employees stay fit so they live longer and happier lives, and are also intended to help keep health insurance costs down.
Going the distance: the B-Corp Certification
If a company is serious about giving back, they can get certified as a B-Corporation or B-Corp for short. Most companies are required to consider shareholders first in making any decision. That makes it hard to pursue anything but pure profit.
B-Corps change their bylaws so they are allowed to consider the environment, community, and employees in their decision making. They also agree to meet social, environmental, and legal standards and work together to build a community of businesses that want to do good. Learn more at their Web site: www.bcorporation.net.
Go play outside!
The Nickelodeon kids’ TV network has a “Worldwide Day of Play” where they go off the air for 3 hours to encourage kids to play outside. (Maybe “Worldwide Half-Afternoon of Play” was not catchy enough.)http://en.wikipedia.org/wiki/Worldwide_Day_of_Play

Peanut butter better
Justin’s Nut Butter is famous for their organic nut butter in squeeze packs, commonly served at Starbucks. They are investing in developing a totally recyclable, renewable squeeze pack–something that does not exist today.http://www.justinsnutbutter.com/sustainableSqueezePackJourney.php

Welcome to the new and improved Biz Kid$ Website!

As you can see, a lot has been going on over the past few months as we’ve been working feverishly to get the new website up and running! There is a lot to explore, and we hope you’ll take some time to take a look around.

Biz Kids: Saving up for the latest gadget or gizmo? Want to be a millionaire? Check out our new resource page for brand new tools. Teachers, be sure to take advantage of our updated bank of lesson plans for the classroom. Fans of all ages: sit back and catch up on your favorite clips from seasons 1 – 4. Welcome to the headquarters of all things Biz Kid$!

Oh, and a final word: Biz Kid$ now has a Twitter! Follow us for live taping updates, pictures from the set, and smart money tips. @BizKidsTV

Newsletter: August, 2011
The Vault, August 2011: You are the Target
Ads are fun. They make us laugh and introduce us to new products. Plus, ad revenues help pay for TV shows, magazines, and online media we enjoy. But don’t forget: ads have only one purpose—to get you to buy stuff.

Love The Vault? Share it with a friend!
Use the handy buttons on the upper right to share via Facebook or email.

Video of the Month
Do you buy things on the spur of the moment or take your time? See the adventures of Compulsive Kid and Compare Kid in this video clip.https://bizkids.com/clip/compulsive-and-compare-kid
Ads are everywhere
Advertisers will do just about anything to reach you. Here are some surprising places that you might find advertising.

  • Newsgroups, blogs, and chat rooms: Is your online “friend” obsessed with certain products or brands? They might be getting paid to promote them.
  • Schools: Companies provide technology, educational materials, and more in exchange for getting in front of students.
  • Place names: Corporations pay big bucks to name stadiums, parks, schools, and even subway systems after themselves. Every time you say the name of the place, you’re advertising for that company.
  • In entertainment: That action hero isn’t drinking Gatorade by accident—the company paid to put it in his hand. It’s called “product placement” and it’s at work almost any time you see real brands in TV shows, movies, and even video games.
Keep a level head
Ads try to bypass your rational brain and go for your emotions. If they can convince you that a product will make you feel good, it’s harder to say no. The best way to avoid being taken in is to think before you buy.
Ask questions. What emotion is the ad targeting? Is it really going to live up to its promises? Are there cheaper options? Do you really need it?
Have a budget and stick to it. It’s way easier to say “no” when you have financial goals.
Don’t buy on impulse. If you see something you want, wait a day—it may not seem like such a great purchase tomorrow.
Learn more
For more information on arming yourself against ads, visit the Campaign for a Commercial-Free Childhood:http://www.commercialfreechildhood.org/
Four people posing for a photo at the emmy awards.

Biz Kid$ at the Daytime Emmy Awards

Here are a few pics of Biz Kid$ at the recent Daytime Emmy Awards.  We were nominated in three categories – directing, single camera photography, and sound design thanks to Bad Animals.  Unfortunately we didn’t win, but it was still an honor to be nominated.  A good time was had by all.  Cross your fingers for next year!

Newsletter: July, 2011
The Vault July 2011: What’s Your Money Personality? Different people deal with money in different ways. Some people are obsessed with it. Others ignore it. Understanding your money personality can help you be a better Biz Kid!Pass The Vault along Help your friends discover their money personality. Pass along The Vault with the handy buttons on the upper right.Video of the Month
Want to save some dough? Here’s the Coupon Queen with some penny-pinching wisdom–without being “pound foolish.”http://youtu.be/HtZXJrSt91s
What’s your type? Everyone has a different money personality—a way of saving, spending, and thinking about money. What’s yours?
Oblivious Oblivious people don’t pay attention to their finances—they don’t keep records, check their bank statements, or worry about whether they’ll have enough.
Being Oblivious is nice because… * You don’t worry as much—at least not at first.Being Oblivious is risky because… * Bounced checks, late fees, and interest payments really add up—and your credit score will be lower than your bowling score.

To balance Oblivious tendencies you can… * Keep a diary of what you spend and read your bank statements
Money Star Money Stars like to look good and have the latest gear no matter what the cost.
Being a Money Star is nice because…
* Being trendy can help you feel like you fit in.
Being a Money Star is risky because…
* You can spend every penny trying to look good, and end up with nothing to show for it.
To balance Money Star tendencies you can…
* Pay yourself first—meet a savings goal and use what’s left over to fill out your wardrobe.
Penny Wise, Pound Foolish PWPF means you want always buy the cheapest thing to save money—which ends up costing you more in the end when it falls apart or doesn’t fit your needs.
Being PWPF is nice because: * You get some awesome deals.
Being PWPF is risky because: * Sometimes the cheapest thing can be more expensive—like going over your minute limit on a low-cost cell phone plan.
To balance PWPF tendencies, you can: * Don’t just look at price—think about whether a purchase is a good value.
More money personality types Here’s another look at money personalities—an interactive quiz from Bank of America:http://learn.bankofamerica.com/quizzes/money-management/get-to-know-your-money-personality.html

Where did the term ‘Piggy Bank’ come from?

Ever wonder why we don’t have ‘Doggie Banks’ instead of ‘Piggy Banks’?  The term comes from a reddish clay used for making pottery in the Middle Ages, called ‘pygg’.  Money was often kept in jars or pots made of pygg.  This type of pottery was called ‘piggery’, which was also a place where pigs were kept.  The words got mixed up, and by the eighteenth century people were making pig-shape banks.  Now go be a Biz Kid and put some $$ in your pig!

Newsletter: June, 2011
The Vault June 2011: Lemonade Stand Step by StepIt’s summer and people are thirsty! Ready to take your lemonade stand to the next level? Get started with our step-by-step guide—and most of all, have fun! Pass The Vault along Want to start your lemonade stand with a friend? Pass along the vault with the handy buttons on the upper right. Video of the Month
Need a little help figuring out the best price for your product? Check out this video clip from the Biz Kid$ TV show: https://bizkids.com/show.aspx?clip=/resources/flv/season_2/211F_VincentPrice.flv
Show off your lemonade stand! Have an awesome stand? Find a sweet spot to set up? Shoot some pictures and send them to us and we’ll post them on our Facebook. Or email them to J9@bizkids.com, and we’ll put them on our blog!
Step 1: Find a location Where are you going to set up? Lots of kids set up right in front of their house. That gives you easy access to supplies like water and ice. You could also look for a location where there are lots of thirsty people, like a popular jogging route or a park. Just make sure you know whether you are allowed to sell things there. Step 2: Product & price Are you going to use a mix or make it from scratch? A mix is cheap and easy, but you can charge more for fresh-squeezed and it might give you an edge over the competition. Think about who your customers will be—kids are probably happy with Country Time, but grownups might like something fancier. So how much should you charge?  First you need to figure out your total expenses. Example: 1 carton of lemonade mix: $5.00 3 bags ice: $3.00 100 cups: $3.00 Total cost = $11.00 Makes 100 cups Cost per cup = $11.00 / 100 = 11 cents In this case, as long as you’re charging more than 11 cents a cup, you’ll make a profit. Remember to add any money you need for marketing and decorating your stand.
Step 3: Get startup capital You’ll need money to buy supplies and also to make change. If you don’t have enough change, you’ll have to turn people away who don’t have the right bills. And the last thing you want to do is turn away paying customers! If you’re a true Biz Kid, you probably already have some money socked away in a savings account. Or, you can ask your folks for a loan—if you’re lucky, they won’t even charge you interest! Step 4: Create your stand Your stand can be a simple card table or a colorful flight of fancy. Add visual interest like banners or signs to draw people in from further away. Make sure to include a trash can for people to toss their empty cups.
Step 5: Get the word out In other words, do some marketing! Make some cool flyers and post them on telephone poles, or make an A-frame sign out of some scrap plywood and a couple of hinges. Anything you can do to tell people where you are located will boost profits. Step 6: Improve it! How can you make your stand better? Is your location ideal, or is there somewhere nearby that might draw more customers? Do people come back for more lemonade? Could you add products like homemade cookies? How about a special—buy two cups, get one free? Growing a business is all about paying attention to your customers and learning from experience. Fit your business to your values Do you care about the environment? Consider using recyclable cups. Want to support a cause? Give some or all of your profits to charity like Lemons to Aid:  http://lemonstoaid.org. Your business can make a difference and make a profit! Try a virtual stand Get some practice by setting up a virtual stand with our lemonade stand game. Visit https://bizkids.comand click on Cool Biz Stuff.

Biz Kid$ nominated for three Daytime Emmy Awards!

Woohoo!  The National Academy of Television Arts and Sciences announced today that Biz Kid$ has been nominated in three categories for Daytime Emmy Awards:  Directing, Single Camera Photography, and Sound Editing.  The Daytime Creative Arts Emmy Awards gala, which honors the craft behind the many shows that appear on daytime television, will be held in Los Angeles on Friday, June 17th, 2011.  Keep your fingers crossed!

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