Grandma Rie’s Money Camp was last week – it was another week of fun, learning and activities about personal finance .
One of the activities we did this year explored the concept of the time value of money. The grandkids are 10 and 7 this year – old enough to know how to save up for something but still really too young to ‘get’ the concept of compounding growth (although the 10 year old seemed to understand at the end of this years camp!!).
A penny doubled every day for 30 days.
Before starting the activity, I asked each of them which they would rather have – a penny doubled every day for 30 days or a million dollars. Of course they wanted the million dollars. Even one of the parents wanted the million. Continue reading
I’m spending the month preparing for my 2014 Grandma Rie’s Money Camp session which will be held at the end of July this year. This year’s camp changed location to take advantage of a Federal Reserve tour, tours of my own banks as well as a great location for a busy garage sale to house their annual kid business.
The main theme is going to be all about saving. Why save, where to save (that is where the bank tours come in) and how to save. Part of the lessons will involve learning how to track their money, and introduction to the B word (budget). To demonstrate why people need to save and why folks need to plan and manage their money, we are going to try out a pretend play game I made up.
Today, I’m sharing that with you, in case you want to try it but also to see if you have any suggestions that I can incorporate to make it more interesting to my 7 and 10 year old grand-kids.
Lets get started. Continue reading
I’m a lucky parent. Both of our children (now adults) are healthy, independent, successful, happily married and responsible. I like to think that some of the things I did while raising them helped them reach that state. Today, I share with you my thoughts on 4 fundamental things parents should teach their children so that they grow into great adults. Continue reading
When the summer rolls around school is out and students need a way to bring in some money so they can have some summer fun. Finding a job is not as easy as it used to be in the old days. Therefore, today we are sharing surefire tips for students to find summer jobs. Continue reading
If you are involved in a family business, or maybe trying to encourage the next generation to start one, you may be looking for some guidance. A few years ago, I read the autobiography of Sam Walton (Sam Walton, Made in America – My Story). In it he laid out his 10 rules for running his business.
Walton, as you probably know, was the founder of Walmart. He developed a billion dollar fortune via his discount retailing endeavors. He started with a Ben Franklin franchise in Newport, Arkansas. He and his brother made it profitable but lost the lease on the space and had to start over. That is when he bought a store in Bentonville, Arkansas and started his first self service store.
By 1990, Walmart was the world’s largest retailer, with 1528 stores and doing a billion in profit every year. Sam and his family (he made them all partners in Walton Enterprises early on) were noted by Forbes as the richest in America from 1982 – 1988. As of September 2012, the combined heirs to the Walton fortune were worth over 107 billion dollars, a lot of it still in Walmart stock.
In his autobiography, Walton notes:
“These rules are not intended to be the Ten Commandments of Business. They are some rules that worked for me. But I always prided myself on breaking everybody else’s rules, and I always favored the mavericks who challenged my rules.”
Sam Walton’s 10 rules for building a business. Continue reading