How to Teach Kids to Sell

teach kids to sellAlong with financial literacy, I think that we all need to learn effective selling techniques.

Teaching how to sell is something that school typically doesn’t cover (even though many schools ask kids to sell in their fundraisers!). Many of our parents don’t feel comfortable teaching their kids how to sell (because they don’t think they know how). Sometimes people think of selling as sleazy and high pressure and don’t really think they SHOULD teach their children how.

I was never taught specifically how to persuade someone to buy, even though I worked in retail sales for a number of years and even though I was required to give client presentations on the products and services the financial services company for which I worked offered – with the intent of convincing them to sign up.

Each summer, I hold a Grandma Rie’s Money Camp for my grandchildren, hoping to help the parents teach the kids how to become financially independent. For the past few years, I have wanted to help the kids learn how to sell. But, I, like other parents and grandparents don’t feel too comfortable trying to pass along those skills. So far, I haven’t gotten around to it. This year, once again, I am hoping to introduce a focus on how to sell.

At this point, I planning to have the following type of content. These are preliminary thoughts, so if you have taught children how to sell, please comment on what you did! Hopefully by camp time I will have lots of new ideas.

Why you need to learn to sell.

Here, I will emphasize that selling is just a part of life, and is needed for just about everything we do or hope to do.

What you will use sales skills for.

As I noted in a post I wrote for Prairie Eco Thrifter a couple of years ago, some examples are:

  • “Want a job? You have to sell your ability, experience, training and ability to fit in to the organization.
  • Want to join that special group at school? You have to sell yourself to the group – present your mindset, belongingness and readiness to part of that ‘in’ crowd.
  • Want to start a business? You have to sell customers on what you are offering.
  • Want to buy a house? You may have to sell the loan officer on your loan worthiness.
  • Want to go to that certain special school? You have to sell the school on your academic readiness, your persistence, your activity levels and interests.
  • What to be in politics? Need I really say more?
  • Want to be a singer? You have to sell your song through your voice and get the listener involved. You have to market yourself to venues to get before an audience.”

When you will use sales skills.

I’ll come up with a game or exercise that will help us all think through the possibilities. Pretend you are at a garage sale, trying to buy something- will you use persuasion to try to get the price lower? If you want a second bowl of ice cream for dessert, will you try to sell your Mom on the idea?

Learn tips on selling.

I’ll present some selling techniques – probably in some kind of video that I myself make, then back it up with examples and discussion and maybe some Q/A in the workbook I’ll create for camp.

I’ll find a book that shows kids selling and we’ll talk through the techniques the story presents. Right now I’m thinking I will use the book Benji Franklin, Kid Zillioaire for that. Benji is a kid genius who designs and builds an app (as part of a class assignment) to help kids come up with excuses. He sells it in a presentation to his class using sales techniques.

I’ll search out videos that feature kids or tweens or teens selling, such as the one the teen inventor of Elemento used to present the product to venture capitalists and pick others from www.Bizkids.com – such as this one.

Practice tips on selling.

We will play some pretend games, where each of the kids takes turn being the buyer or seller. I’ll ask them to play out a plea they have given to their parents in order to get their way in the past, then ask the others to identify the techniques they used.

Each year, the kids have some kind of kid business for one day of camp. This year, they will practice beforehand using some of the selling techniques we learned, then hopefully they will remember (with my help) to use them with actual customers. At the end of camp, we will critique the techniques together to see which they used and what worked for them.

I’ve also ordered a copy of The Big Book of Sales Games by Peggy Carlaw and Vasudha Deming, hoping it will trigger some thoughts on how to convert the games for children.

Wish me luck! I’m a terrible sales person.

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How to Compare Secured Loans

Loans

Below is a guest post.

If you are looking for secured loans, the best piece of advice you will ever receive is that you must compare the market. There are so many different loans out there, secured on so many different things, that it may take you some time to find the one is right for you. At the end of the day, you need to find the one that will give you the most and cost you the least.

Educate Yourself

Take the time to teach yourself all there is to know about secured loans. The internet is full of useful information in terms of what the different factors to consider are, how circumstances influence your loan and more. Hopefully, the following 10 tips will also help you in your search to find the right loan for you.

10 Important Tips

  1. The best secured personal loans California has to offer are secured against your home. This means that if you don’t keep up the repayments, you will lose your home. However, the interest will be lower than an unsecured loan, so that is certainly interesting.
  2. Do not borrow more than what you need. The higher your loan is, the more you will pay in interest. The longer the term of your loan, the more you will pay in interest. Hence, keep it low and keep it short.
  3. The interest rate tends to be fixed. This is great to help you budget easily. If you do pick a variable loan, be aware of the fact that your payments could shoot up.
  4. Do not compare loans based on APR alone, but really look at all the different fees and rates.
  5. The “typical APR” will usually be far lower than what you will actually be offered. 67% of people do have to get this rate offered in order for a lender to be allowed to call it “typical”, but chances obviously are that you are part of the 33%.
  6. Compare by looking at Total Amount Repayable. This will tell you your loan principal and all the fees and charges. This will truly tell you which loan is the cheapest overall.
  7. The golden rule is that you get the best deal if you shop around. When it comes to loans, this could literally save you thousands.
  8. If your credit is reasonable, always try to go to your bank first. These tend to offer the best possible rates.
  9. Be wary of any type of payment protection on loans. Often, this is simply a way to get more money out of you for something you will never need and that will not protect you in any way.
  10. Try to find a loan that you can pay back early without being charged any fees. Some lenders can charge as much as two months in interest if you do want to pay back before the end of your term. Paying off early is always a good idea, but not if it will end up costing you more overall.
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What is a Reverse Mortgage?

2015-03 What is a reverse mortgage - family money

What this article is all about:

  • More About Reverse Mortgages
  • Criteria to Get a Reverse Mortgage
  • Testimonials

There are many common definitions of reverse mortgages. According to Wikipedia, reverse mortgages are home loans that provide “cash payments based on home equity”. Educational investment site Investopedia explains it as a type of mortgage in which homeowners can “borrow money against the value of his or her home”. Leading reverse mortgage lender American Advisors Group (AAG) describes it as a strategic retirement planning financial tool. Finally, the U.S. Department of Housing and Urban Development (HUD) defines the loan as a way to “convert a portion of the equity in your home into cash.” However one may define it, many seniors across the nation are discovering an amazing financial product that can help them gain access to the equity their home is holding.

More About Reverse Mortgages

Reverse mortgages have proven helpful to senior homeowners primarily because of its unique features of providing the borrower non-taxed cash without the requirement of a monthly mortgage payment and without the borrower having to leave the home. In the past, the only ways to access the cash from a home’s equity would be to sell the home or take out a second mortgage. With these options however, the borrower would have to leave the home or pay a monthly mortgage payment in order to access the home’s equity. But with a reverse mortgage the borrower will find that they are no longer required to do either in order to receive the helpful allotment of cash pulled from their home’s equity.

In addition, borrowers of reverse mortgages enjoy not only the many benefits this loan offers, but strong protections as well. Insured by the U.S. Federal Housing Administration (FHA) as a non-recourse loan, borrowers are protected if their loan balance ever exceeds their home value. Even if this happens, borrowers will only owe the value of the home when sold at loan maturity. Borrowers will never owe more than the value of the home because any excess will be covered by federal insurance. In addition, the only collateral that a lender can expect to repay the loan is the home. All other borrower assets are protected.

When the reverse mortgage reaches loan maturity, a borrower or their heirs can decide to keep the home instead of using it to pay back the loan. To keep the home, the borrower or heirs may repay the loan in another way, such as refinancing the loan into a traditional mortgage loan.

Criteria to Get a Reverse Mortgage

According to HUD, there are a few criteria that must be met for a borrower to qualify for a reverse mortgage. First off, borrowers must be homeowners ages 62 years and older occupying their home as the primary residence. The original mortgage must be paid off or paid down considerably, so that there is enough equity to access. In addition, HUD requires fulfillment of other criteria including:

  • Borrowers must be clear of delinquency on any federal debt.
  • Borrowers must have the financial means to continue paying property charges such as taxes, insurance, and HOA fees.
  • The property must be either a single family home, a 2-4 unit home with the borrower occupying one unit, or a HUD-approved condominium project or manufactured home that meets FHA guidelines.
  • Verified income, assets, and credit history.

Borrowers must also comply with all loan terms such as continuing to pay all taxes and insurance.

Testimonials

On their website, top reverse mortgage lender American Advisors Group shares that senior homeowners decide they need or want a reverse mortgage for many different reasons. Some borrowers want a reverse mortgage in order to use the line of credit option to essentially freeze their equity in place for possible future use. Others need a reverse mortgage to pay off credit card debts and free up other income sources that used to pay for those monthly credit card debts. Whatever the use, the one thing these borrowers have in common is that their reverse mortgage loan helps them achieve some degree of financial freedom.

Across the nation every day, reverse mortgages are helping more and more seniors tap into some of the equity sitting in their homes. Equity that may have normally remained sitting in a home is now being used to pay off credit card debts or existing mortgages, and to strategically plan for a financially comfortable retirement. Senior homeowners of today have choices if they would like to access their home equity, and the government-insured reverse mortgage joins the ranks as one of the best potential options.

 

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What Are the Advantages of a Family Business?

One of my favorite books on family and wealth is “Strategy for the Wealthy Family – Seven Principles to Assure Riches to Riches for Generations”.

Author, Mark Haynes Daniell has a section in it which lists the advantages of a family business.  How does a family demonstrate those?  I wrote about it in Advantages of a Family Business – Weyerhaeuser.

The Weyerhaeuser company was long owned and run by family and is a great example of some of the advantages.

 

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Review of: Stock Market Pie

I’m always on the look out for books to use in my Grandma Rie’s Money Camp and this one fits the bill.

When my first Grandson was 8, I gave him a share of stock – framed so he could hang it on his wall. My Granddaughter is approaching 8 this year, so for Christmas, she will be getting a share of stock as well.

Read about one of the few places you can still get real paper stock certificates in my post How to Teach Your Kid About the Stock Market.

Stock Market Pie….Grandma Helps Emily Make a Million by J.M. Seymour will be helpful in prepping her, and reminding him, to understand stocks.

Summary

Stock Market Pie is a picture book with big ideas and grown up concept teaching. It is a blend of factual information about the market and a story about Grandma and Emily making pies. Continue reading

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