Episode #22: Four-Step Method for Problem Solving

I want to tell you a story about the Wilson family. Karen, their daughter, was about to turn 16 and wanted a car. Her parents were willing to help her, but they wanted her to contribute to the purchase of the car. Karen was reluctant. She said none of her friends had to buy their cars. Their parents just bought them one. Does this sound familiar? Do your teens fall prey to peer pressure? Well, The Real-Life Money Game® offers families a tool to help resolve arguments like this called the Four-Step Method For Problem Solving. This worksheet helps families break through impasses by focusing on the solution instead of on the problem.

Thanks for watching this video blog. I hope you enjoyed it and will share it with others. I'd love to hear from you. Send me an email with your comments or questions.

Download the PDF of the Four-Step Method for Problem Solving Worksheet

Episode #21: Mistakes Teens Make

Before you jump in and start playing The Real-Life Money Game® with your teen, let me warn you about the top four most common mistakes teens make. In other words, the top four things that drive parents crazy: Number 1: Lose things they've paid for. Number 2: Run out of money. Number 3: Don't keep track of their cash, resulting in overdraft charges. Number 4: Regret what they buy (buyer's remorse). There is no way to master money-management skills without making mistakes. Making mistakes is how they start their practice. With the help of our patience, our teens will learn successful money habits.

Thanks for watching this video blog. I hope you will share it with others. I'd love to hear from you. Send me an email with a comment or question.

Episode #20: The Golden Rule for Parents

I shared a spontaneous "magical" moment of joy with my teenage son by following The Real-Life Money Game® “Golden Rule For Parents” which is—silence. We were shopping at Barnes and Noble for some "summer" reading. I selected my book, and Michael brushed me off when I suggested the “Hobbit” for his summer reading. Instead, he picked up “Magic for Dummies.” I broke the Golden Rule For Parents and said I didn't think that was appropriate summer reading, but the price was within his spending parameters, so I said nothing more as he paid. Listen to this video blog to find out what happened to turn this common exchange between a parent and a teen into a magnificent moment between us!

Thanks for watching this video blog. I hope you will share it with others. I'd love to hear from you. Send me an email with a comment or question.

Episode #19: Mistakes Parents Make, Part III

A mistake parents often make is they are too secretive about money. Too often parents say, "We don't want our teen to know anything about our finances." These parents are concerned their teens will "blab" sensitive, personal financial information all over the neighborhood. Or, that their teens will not understand the complexities of what they hear. Because discussions about family finances can often be sensitive, the best way to avoid this trap of secrecy is to use a model. The Real-Life Money Game® offers a pie-chart model parents can use to show their teens their family’s financial circumstances without using real numbers.

Thanks for watching this video blog. I hope you enjoyed it and will share it with others. I'd love to hear from you. Send me an email with your comments or questions.

Download the PDF of The Real-Life Money Game Pie-Chart Model for Family Financial Discussions

Episode #18: Mistakes Parents Make, Part II

A mistake parents often make is that they are overly strict with money. Being overly strict is the opposite of the Automated Teller Mom I talked about in the last video blog who just hands over the cash without holding his or her teen accountable. Overly strict is the other extreme in which some parents believe that if you give your teen less money than your son or daughter actually needs, he or she will learn frugality. Such parents often end up with a contrary result. Teens who never have enough money often feel frustrated and begin to associate money with negative feelings. Listen to this video blog to find how The Real-Life Money Game® helps parents avoid this trap.

I'd love to hear from you. Send me an email with a comment or question.

Episode #17: Mistakes Parents Make, Part I

One day, I casually mentioned to a parent friend of mine that I was practicing money management with my teenage son. She said, with tongue in cheek, "Yeah, so am I. I just give it to them." This is what I call an ATM—an Automated Teller Mom—giving your teen money without holding him or her accountable. Loose money arrangements without accountability are missed opportunities to teach teens about spending. The problem is that parents do the thinking and parents make the decisions. They, not the teen, have taken the responsibility for the cost. To find out how you can hold your teen accountable, listen to this video blog. The Real-Life Money Game® offers four simple things you can do.

I'd love to hear from you. Send me an email with a comment or question.

Episode #16: Money Game Plan

I've created The Real-Life Money Game® Plan to help guide, direct, and validate every one of the money-management skills I wanted my son, Michael, to possess. Let me tell you how the plan helped the Wilson family. Connie and James Wilson had a daughter Karen who was about to turn 16. She wanted a car. Her parents were willing to help her, but they told her she had to contribute to buying the car. So they wanted her to get a summer job. Karen was not happy with that suggestion. She had never worked except for babysitting, and she told her parents that all her friends had gotten cars when they turned 16 and they didn't have to get jobs. Her parents told her that they never got cars when they were young, and they had to go out and work. Listen to this video blog to find out how the Wilson family used The Real-Life Money Game® Plan to resolve this conflict.

Thanks for watching this video blog. I hope you enjoyed it and will share it with others. I'd love to hear from you. Send me an email with your comments or questions.

Download the PDF of The Real-Life Money Game Plan Worksheet