It’s never too early to start teaching your kids about money.  The earlier you can instill good habits in them, the more likely they’ll be able to manage their money wisely as an adult.  And this can be an easier subject to talk about than you might think—there’s no need to start off talking about stocks and loans and mortgages, etc.  Teach your kids the very basics now, and you can add on as they grow up.

Give Them an Allowance

A good place to start is with the usual allowance, but don’t give your kids the money “just because.”  Let them earn their money.  Give them simple chores like keeping their room clean, taking the garbage out, helping with the dishes, etc.  It can be very helpful to teach them early that money is earned.  It doesn’t simply appear in Mommy and Daddy’s wallets—you want to adjust that way of thinking before they’re teenagers!

Open a Kids’ Savings Account

The next step after the allowance is to teach them how to save.  They’ll quickly learn that if they spend their full allowance every week, they’re limited on the toys and goodies that they can purchase by themselves.  Try to give them their money in small denominations and help them determine how much to set aside every week.  You can have them keep it in a traditional piggy bank or even open a kids’ savings account to start getting them accustomed to using a bank and seeing their savings grow.

Set Goals

What’s the new hot toy right now?  Whatever it is, your kids probably want it, and it’s probably expensive.  Here’s an opportunity to teach them how to set goals.  Have them use the goal to determine how much they must save every week in order to purchase their new toy as soon as possible.  Perhaps you could offer them a special bonus on their allowance if they add another small chore or two to their list, as well.  Here, your kid will learn restraint.

Teach the Difference Between Needs and Wants

Maybe that new toy is just too far out of range for your kid to purchase alone; by time they saved enough, there would be a new hot toy.  Or perhaps it’s time for back-to-school shopping and it sounds like a good idea to have them purchase some of their own supplies.  Now is when you can differentiate between needs and wants.  They’ll learn that sometimes they have to hold off on the fun purchase and only buy what they need or can really afford.

Bargain Shopping

Take your kids with you on your own shopping trips, whether it’s to the grocery store or the mall.  You can show them how you look for bargains and compare prices.  It’s no longer taboo to look on the clearance racks, and buying the store brand can usually be a good idea; show your kids that saving money on purchases is a good thing.  (Be sure to also show them when you should avoid paying the lowest price, when it means sacrificing quality!)

As they get older, you can open a checking account with them and teach them a little more about interest and the real world of finance.  They’ll be pressured more and more as they grow up to have the newest fashions and the hottest electronic gadgets.  If you’ve taught them at a young age to manage their money wisely, they’ll be more inclined to choose when to indulge and the right time to save—and how not to expect Mom and Dad to pay for their indulgences!

Starting a business doesn’t have to be all business.  Sure, you have to create a plan, take it seriously, and work hard to execute it in order to have successful results.  But before you write out your plan of attack, you need an idea, and I encourage you to remember this small piece of advice that you’ve probably seen and heard but haven’t used: find an idea that you are excited about!  If you’re not passionate about your idea, no matter how great it appears, you’ll struggle to succeed.

You can start with a simple hobby or an idea that plays to your strongest skills.  It’s always going to be unique to you, but here are a few fun business ideas to start with.

• Host parties!  Get into independent consulting with companies like Partylite, Beachbody, Mary Kay, Avon, Pampered Chef, etc.  These are businesses that already have a plan set up for you, but you can tailor details to fit your personality and your life.  They also only require a minimial investment to get started.  You can run them entirely out of your own home, on your own schedule, and get paid to host other people’s parties.  If you’re excited about the company you choose, it will never feel like work.
• If you love kids, start a daycare.  Especially if you can offer cheaper prices than the bigger local businesses, you’ll have parents practically begging you to take their kids while they go to work or have a much needed night out alone.  If you’re of the mindset that you’re getting paid to play with kids, this can be a lot of fun!
• Perhaps you’re into physical labor, or you’d just love to work outside during the warmer weather.  Get into landscaping or home repair.  Many people simply don’t have the time, talent, or energy to do the work themselves.  Enter you to save the day and make money.  Just as with the daycare, if you can offer a competitive rate and quality work, you’ll have so many jobs lined up that you’ll have to turn some people away.
• Do you like to write?  Do you always have a lot of ideas floating in your head or an opinion on almost every topic?  Start a blog.  It will take some time to build a following and be able to make any significant income, but if you can market yourself well and stay interesting, you can have a high chance of success doing something that you love.
• Sell on ebay.  You can sell your old “junk,” scour rummages and sell other people’s junk, or sell unique items that you’ve created yourself.
• If you’re handy and creative with a camera, you can start your own photography or videography business.  Get the word out that you’re available for weddings, bands, corporate and special events, family functions, etc.  You can do this part-time or work to turn it into a full-time gig, too.

Coming up with your idea might be one of the most difficult parts of starting a business.  You have to make sure it can be profitable and that you’ll be excited about it everyday.  What are your strengths?  If you’re much better with numbers or money itself and therefore not into a so-called “creative” idea, become a financial consultant or a wealth coach or even a personal accountant.  If you find your passion, run with it.  Your chances of success skyrocket when you start a business that you believe is fun!

If you’re new to trading stocks, penny stocks may seem appealing to you.  If you’re unfamiliar with them, you can see from the name itself that they are cheap stocks.  The actual amount can vary, though.  Some people classify them as being $5 or less, others just $1 or less.  They do have their advantages, but there are also some pretty big pitfalls to watch out for.  Here are some guidelines to help you gauge the opportunity vs. the risks.

Opportunity

• Penny stocks are advantageous for an obvious reason: they’re cheap.  This means you can buy more shares of the particular stock that you’re interested in.
• More shares=higher profit.  Of course, this is assuming that your stock rises, but when it does, your profit percentage will be quite high.
• Penny stocks move quickly. It is not unusual for a  stock that is worth $0.10 to quickly become worth $1. If you owned $100 worth of stocks at $0.10, they would now be worth $1,000.

Risks

• Penny stocks are risky just by their very nature.  They can rise and fall by hundreds of points multiple times during a single day.  You either need great faith in the stock or the ability to constantly keep an eye on it and know the right action to take.
• There is normally little to no solid information available on the company.  You should be able to trust the company you’re investing your money in, so research is crucial.  It’s possible that your penny stock is either a very new business or an older business in danger of bankruptcy.
• Lack of information means no history.  This makes it difficult to analyze any financial trends that the company has experienced, turning your investment into a guessing game.
• You risk unknowingly falling into a scam.  Penny stocks are sometimes sold through spam emails and subscription newsletters.  Just as with any other email in your spam folder, you must be careful about any decisions you make to go ahead and buy stocks through someone you don’t know and haven’t investigated.

It sure looks as though the risks far outweigh the opportunities, doesn’t it?  The truth is that any stock that you invest in comes with risks, and you’re just as likely to lose your money as you are to gain no matter the case.  Penny stocks do come packaged with a few risks, but for someone with little money to invest and little experience, they can be a good stepping stone with huge potential.  Make sure you do as much research as possible before investing, and find a trusted source to help  you.  Your best bet with any stock is to work on gaining experience first.  When you’re comfortable with reading trends, you can move on and take some bigger risks and make some bigger profits.