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Cash, Credit, and Your Finances: The Teen Years

The Perfect Gift

Voted Best Teen Book by the Teen Team at RadicalParenting.com and was selected by Jim Agnew’s Literary World as one of this Daily Picks.

Help your kids:

Cope with product advertising
Understand that credit isn’t magic money.
Develop strong short-term budgeting skills
Create a short and long-term financial plan

Cash, Credit, and Your Finances: The Teen Years looks at finances through the eyes of five different teenagers. They all have things they want and need, but they all handle their money differently. Some will succeed and some will give up… which one do you want your child to be?

Gift Options

For the special price of $20, you can buy the book and have it gift-wrapped and sent to the lucky person with a special personalized message from the author, Jill Russo Foster.This is a nice option for relatives and friends who don’t live near the young person who is graduating from high school or college. Give the teen in your life the gift of financial stability and a lifetime of smart choices with Cash, Credit, and Your Finances: The Teen Years.This special gift option is only available through PayPal. Offer good while supplies last.

If you prefer to send the gift yourself, order through Amazon, Barnes & Noble or BookLocker below.

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Soft cover book available for $16.95. Ebook available for $9.95.

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Testimonials

Why We Love This Book

“We didn’t read the whole book, just the parts about saving for college and buying cell phone service. Actually, that’s what I like about it. The information we want is really easy to find and we can skip the parts we don’t need right now. It’s a good resource.”

Vicki Heisi
LiveYourHealthyLife.com

Great Resource for All Teens

“This is exactly what I was looking for when my kids were teens. We needed something our kids could easily understand and we didn’t want the information buried in an enormous book that they would never read. With this book, parents have an excellent resource for their teens. Working in a financial institution for 15 years, I’ve seen many people who start in their teens to create obscene amounts of debt. They’ve never been taught anything different. I wish I’d had this years ago! This would have been the perfect gift, it’s THE book that all schools and financial institutions should have available for their teen clients.”

Tracey Fieber
Retirement Transition Expert
www.NewFaceOfRetirement.com

FANTASTIC resource for parents and kids!

“Why is it important to balance your checking account every month? Because the bank might not fix its own errors after a certain period of time! : o ….In fact, we’ve caught errors from our bank several times thanks to this fantastic book! I learned that from the book. I would recommend this to everyone – not just teenagers.”

Natalie Bradley

A Good, Basic Resource

“This is a great resource for teens just learning how personal finances work. This book fills the gaps that teens typically do not have the opportunity to learn in school such as: What is a certificate of deposit? or How is my credit score determined?”

Kristin Blair Wnuk
“The Fear Whisperer”

Great Resource For Teens

“This book is an amazing resource for teens who are just starting to manage their own money. Jill covers all the basics from budgeting their allowance to how to deposit a check to purchasing their car, this book has it all. I highly recommend this book to any parent to give to their teen so they(teen) can get on the path to financial freedom.”

ChaChanna Simpson
Twentity.com

I loved this book

“This book helped us as parents since we are both self employed. We will know what to teach our daughter as she is growing up. Very helpful. Easy to read. I loved it.”

Christopher Duggan
Threshold Visions Photography

Wish I had this book when I was a teen!

“As a teen I had no idea how to handle my money and later on as a young adult had lots of debts because of that. I wish I had this book when I was a teen! Our relationship to money starts from when we’re very young. This book is a “must have” tool for every teen so that they know at an early age how to be responsible for their money.”

Rochelle Togo-Figa
YourLifeAfterBreastCancer.com

Wish I’d had this as a teen…

“I wish I had this around when I was growing up. It would have saved me from making poor choices. It’s hard to learn how best to handle finances before making mistakes, and this book is an ideal guide.”

Julie Brown

Cash Credit & Finances

“I couldn’t recommend this more. If you’ve been having difficulties talking to your kids about money, then get this book. I have two young kids, but am already planning for the teen years, so this book is very helpful.”

Mark P. Salle

Got a teenager that loves spending money? Get this book!

“My 13 year old got a regular job babysitting and started making her own money…quite a bit of it for a 13 year old. I didn’t quite know how to sit down with her and discuss finances with her. What should we share with her NOW so she could make good choices regarding her money all through her teen years. Cash, Credit and Your Finances: The Teen Years answered ALL our questions and then some. I feel so good knowing I was able to provide my daughter (and me) with this resource. Jill Russo Foster brilliantly discusses finances from the perspective a teenager would understand. She paints a vivid picture and connects the dots in a way that makes sense and is easy to understand. I love this resource and deeply appreciate it.”

Cari Vollmer
Passion into Profit Mentor
www.LifeOnTrack.com

Teens & Finance

“Jill Russo Foster’s book should be included by every parent in their back-to-school shopping list for teens. In very easy to read and actionable chapters Ms. Russo Foster presents a lot of very usefull information and highlights many of the financial pitfalls out there for young people.”

Paul R. Steed

What’s your story?

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Speaker Info

For more information, see her series for adults and her series for school age children and young adults.

What people are saying about Jill

Jill’s advice was concise and to the point

“Jill Russo Foster spoke tonight to a well rounded group of parents, high school students and their siblings. She pointed out several good financial habits that anybody can relate to and everyone should live by. Her advice was concise and to the point — and she handed out relevant material to back up her practices such as budget worksheets. Not only was Jill talking from her own experience, but able to share experiences of others she has coached (anonymously, of course), and also able to address questions brought up to her, while making it relevant to everyone in the room. There was group interaction and all left with at least a few good tips to try out in the near future.”

Barbara Garelick
Co-President Parents Club
Brien McMahon High School

She empowers the audience with confidence

“Jill Russo Foster is repeatedly requested to speak at the Women’s Mentoring Network, Inc. WMN) workshops. She has presented a variety of topics including budgeting, understanding your credit score, credit card management, debt consolidation and organization tips. Her presentations are engaging, educational and practical. Whenever Jill presents, she shares a wealth of knowledge with our clients, giving everyone access to information, additional resources and practical tips that make a stressful and intimidating topic like money management easy to understand. She empowers the audience with the confidence and tools to effectively manage their finances.

During our WMN “Healther Finances” workshop series, Jill spoke to parents about “Teaching Your Children About Money Management”. The parents left the workshop knowing that they have something extremely valuable to pass on to future generations, and eager to have the conversations with the children about budgeting, earning and saving. Information is power!”

Sincerely,

Catherine Dumas
Director of Client Services Women’s Mentoring Network

Her presentation was so successful that we have her scheduled again!

“Jill Foster gave an outstanding presentation to the Women’s Business Development Center clients on credit reporting. Her topics included: range of scores, what scores mean, what influences scores/ factors, the Fair Credit Reports Act and Fair and Accurate Credit Transaction Act. She also reviewed a sample credit report and explained and discussed it in its entirety.

Her presentation was so successful that we have her scheduled again!”

Karen Lozada
Manager, Programs Administration and Training
Women’s Business Development Center, Stamford, CT

My students learned several important tips from Jill

“My students learned several important tips from Jill when she presented lessons on how easy it is for students to accumulate credit card debt while in college, and how long it takes to clear up the debt. Another important message was how to protect one’s credit report and why it is so important in our current economic situation. My students really appreciated Jill sharing her knowledge with them. I look forward to her speaking to my future classes.”

Jeanne R. Lauer
Business/Technology Teacher Academy of Information Technology and Engineering

The kids were entertained, engaged and full of questions

“Jill delivered a presention about finances to the Grassroots / St. Luke’s School Life and Leadership Program and did a terrific job. The kids were entertained, engaged and full of questions that she was able to field with aplomb. Educational and Informative.”

John Sargent
Grassroots Leadership Academy

Jill takes them one giant step closer to becoming financially responsible adults

“Put Jill Russo Foster in the classroom and students can’t help but learn a thing or two about managing personal finances. Jill takes them one giant step closer to becoming financially responsible adults – a necessity for success in these times. Ms. Foster has the talent of building rapport with students and effectively reaches them at their own level of understanding. Her experience in the banking and mortgage industry, and a wealth of anecdotes and knowledge that she shares, draws students in and teaches them the basics of managing their own finances without drowning in jargon. I do not hesitate to call on her expertise. I’ve made her book Cash, Credit, and Your Finances required reading in my house.”

Jennifer S. Torbick
Junior Achievement

Jill interview in the New York Daily News

Back to school season and it’s time for the other big talk: money

BY Jean Chatzky
Monday, August 23, 2010, 4:00 AM
Original Article Link in the New York Daily news
PDF Version

Back to school season in my house, and likely in yours, means a long to-do list. Stock up on school supplies and clothes. Organize binders. Send everyone to bed a little bit earlier. I know: You’re busy.

But this year I want you to add one more thing to your list: I want you to talk to your kids about money. Many parents are intimidated, yet what you need to teach them is not something they’re likely to learn in school.

“Parents tend to feel that they’re not comfortable with the information, that they don’t have enough expertise or that they themselves have made mistakes,” said Laura Levine, executive director of the Jump$tart Coalition for Personal Financial Literacy in Washington. “But it’s important to understand that kids really do see them as a primary source of information about money.”

When it comes to teaching your kids about money — just like when you’re helping them study for a test — you can’t expect to know it all. I don’t, nor do I pretend to. When one of my kids asks me a question that I don’t have the answer to, we look it up together and discuss what we find. It’s so much better than putting the discussion off altogether because the earlier we start teaching our kids financial basics, the less likely they are to fall into traps.

To encourage people to talk, I’ve joined with American Express to create resources for the first National Money Night Talk, set for Sept. 16.

To take part, parents pledge to talk to their kids about saving, budgeting, credit cards and credit scores. Visit moneynighttalk.com for free tool kits I created to give you the talking points, questions, answers and exercises you and your kids can do together. There’s one for middle school-aged kids, another for high schoolers and another for college students.

Here are a few key concepts to keep in mind when you have your talk.

HOW MUCH TO SHARE

A reason many parents shy away from a big money discussion is that they don’t want to share their own financial information — salaries, debts — with their kids. That’s okay, you don’t have to, but you also don’t want to send the message that money shouldn’t be discussed, said Jill Russo Foster, author of “Cash, Credit and Your Finances: The Teen Years.”

“I’ve taught classes and asked how many kids know if their parents own or rent their home. If they don’t know, I send the question home and I’ve had parents who wouldn’t answer. I’m not asking you to tell them how much you make each week, but this is a basic question,” Foster said.

I like real-life examples, but it’s okay to pick ones that aren’t so personal. Kids want to know how much it will cost to live on their own. Pick ones you feel comfortable discussing: How much you spend on groceries each week, the phone bill, the cost of a MetroCard and the percentage of your salary you try to save.

THE GREAT RECESSION

Today’s teens know they’re experiencing tough times. Maybe a parent or a friend’s mom or dad lost their job, or there were foreclosures in the neighborhood. They may be wondering about the impact on you and your family but have been reluctant to ask.

This is a good way to work in lessons about living within your means, saving money and creating an emergency fund in case of a layoff, unexpected expense or emergency.

SET AN EXAMPLE

This year, try a different approach to your back-to-school spending: Tell your kids you’ll be spending a set amount of money. (Decide how much you can afford before the talk.)

Together, make a list of what you need to buy. Then pick a day to go shopping and let them budget their money.

If they pick out a pair of $100 sneakers, help them figure out what they still need to purchase — and whether they can afford the pricey kicks.

Your Money columnist Jean Chatzky is financial editor of NBC‘s “Today” show, a contributor to “The Oprah Winfrey Show” and the author of seven books, including, “Money 911: Your Most Pressing Money Questions Answered, Your Money Emergencies Solved.” Check out her blog and learn about her Debt Diet Online at jeanchatzky.com.

Jill interview in the Greenwich Time

Small steps make big difference for financial health: experts

Karen Kovacs Dydzuhn
Published 3:51 pm, Thursday, June 24, 2010
Original article link in the Greenwich Time

Given today’s shaky economy, more women are seizing control of their finances and, at the very least, are determined to learn more about the basics of money management and how to invest their assets wisely.

Last Tuesday’s “Living A Health Financial Life” seminar, sponsored by Mutual Security Credit Union, in partnership with Hearst Media and its HealthyLife magazine, drew a large turnout of women — and men — eager to listen to financial experts talk about budgeting, credit reports, estate planning and finding a competent financial planner.

Against picturesque views of the Long Island Sound from the Inn at Longshore’s Grand Ballroom, four panelists — including Westport’s own local radio celebrity Lisa Wexler — offered the audience tips on how to make small changes that could positively affect their personal finances.

Noting that people today are living longer lives, Stephanie Giletto, divisional vice president of Nationwide Financial, stressed the importance of getting organized, determining one’s goals and taking actions, no matter how small a step it may be.

“Do not procrastinate,” she advised. “You came here tonight for some information, so use it. Knowledge is not power; it is the application of knowledge that is power.”

Jill Russo Foster, a financial coach and author of Cash, Credit and Your Finances: The Teen Years, also encouraged people to take control of their finances by making a budget. Russo described budgets as “the starting point” that will lead to increased savings.

“You know the big items, such as your mortgage or car payments,” Foster said. “It’s the holes in the budget that get you in trouble. It’s the things that you don’t realize that you are spending money on that are the problem. It’s the little things that add up.”

Ideally, she added, you want to change your habits so that you could maintain your lifestyle but spend 10 percent less.

Foster also described the importance of having stellar credit. This could be obtained, she said, by paying bills on time and keeping a balance on credit cards that is no more than 30 percent of the card’s total limit. “This is not the time to max out your credit cards,” she said.

Likewise, if you are planning to buy a house in the near future, Foster said that it’s not a good idea to open up new credit cards. Contrary to what many people think, having credit cards is a good thing.

“Throw it in the refrigerator if you’re afraid that you will use it, but don’t close out your account,” Foster said. “Having long-term credit cards show that you can handle it regardless of what the economy is like. You have to learn to act responsibly, which is what this whole seminar is about.”

Wexler, acting as the seminar’s master of ceremonies, as well as its keynote speaker, pointed out that change happens in “small steps.” However, she also added that “The enemy is complacency.”

She described in detail her own journey of moving from owning her own law practice to essentially taking on two new businesses in the radio broadcasting industry.

“I am now responsible for creating a really fabulous show that people want to listen to, and selling advertising and marketing the show so it’s a financial success, too,” she told the audience.

Wexler recently wrote and published with her mother, Gloria Kaman, and sister, Jill Zarin of “The Real Housewives of New York,” what is becoming a best-selling book, Secrets of a Jewish Mother.

On Tuesday night, she credited her mother, who was in the audience with Wexler’s father, for instilling in her an entrepreneurial spirit.

“My mother taught me that women need to be financially independent,” Wexler said. “We must pass this along to our daughters.”

Also referring to family members, Dr. David Carboni, a certified financial planner and expert on retirement issues, spoke about the need to have an up-to-date will, durable power of attorney, health care representative and appropriate life insurance beneficiaries in place.

Vivian Werner, of Stamford, said that all of the speakers made interesting points. She was initially drawn to the seminar for its opportunity to network. Werner recently got laid-off from her marketing manager position at IBM after 30 years of service.

As a single woman, though, Werner explained that she has already “done a lot of work on my finances.” In fact, she used money received from IBM’s final package to pay for tuition to an interior design program. Werner’s goal is to open a marine upholstery and canvas business, she said.

And, referring to Giletto’s advice about using a financial planner, Werner said that she is presently working with someone she trusts.

Giletto — whom Werner described as a “dynamic speaker” — stressed the importance of letting one person get to know your entire portfolio.

“Everyone sitting here today is long-term investors, even if you think you are more short-term,” Giletto said.

Larry Holderman, president and chief executive officer of Mutual Security Credit Union, was pleased with the seminar’s turnout.

“Providing information to the people in the communities that we serve is a large part of what we do,” he explained.

You CAN Lower Your Out-of-Control Expenses: Part 1

Not sure where your money is going? Let’s find out.

First, make a list of your fixed monthly expenses. (“Fixed” means the dollar amount is the same every month.) These include items like:

mortgage/rent
loans
and insurance.

Utilities go under fixed expenses because they only vary by season. If you’re on a utility budget plan then you already know the amount. If your utility bills vary month to month, then add up the last 12 months and divide by 12 to get your average for each utility company.

Now, make a list of your variable expenses. (“Variable” means the dollar amount changes every month.) These include items like:

your groceries
entertainment
auto/home maintenance
gifts
clothing
and more.

The amount will vary each month, so get the average monthly expense for each item by adding up the last 12 months and dividing by 12.

Were you shocked by how much you spend and how you spend it? Most people are. We’re busy people and we like convenience, which means we tend to spend more than we should. Check back next week for Part 2 to find out what to do with this information.

FICO Has Something to Say About You

You have all heard me talk about FICO scores and how important they are to your financial health. I’m going to walk you through a scenario so you can see how FICO affects you.

Let’s say that you are going to apply for credit. You may be thinking of buying or leasing a new car, opening up another credit card, purchasing or refinancing a new home. Whatever it is that you’re thinking about doing, it will involve the potential creditor accessing your credit report and score. This will help them decide if you are creditworthy and what terms you will be offered.

When the creditor prints your credit report, they will be looking at your credit from a specific date. They’ll see who you have credit with, your credit limit, how much you owe, how long you have had your accounts, your history of paying back your debts, and whether or not there is derogatory / negative information with an account. All this information is put into a formula to determine your credit score.

The credit score that creditors use was developed by Fair Isaac and Company (FICO) to determine whether you are a good credit risk and what the likelihood is that you will pay the credit back on time. The higher your credit score, the less risky you appear to a potential creditor. FICO scores go from 300 to 850 – with 850 being the best.

This is one of the major factors in determining your creditworthiness. Creditors have guidelines that determine if you can be considered for a specific program. For mortgages, your credit score has to be at least in the mid-range to even be considered for a mortgage program. If your score is one point below the minimum score, I cannot offer you that mortgage program. Auto loans have similar guidelines. When you see car financing commercials that offer people 0% financing for “well qualified borrowers,” they mean that you have to have a particular minimum credit score to be seen as “well qualified.”

So what happens if you don’t qualify for the best mortgage program or that 0% car financing? You may still be approved, but you will be offered lesser terms. Those less than favorable terms will mean that you will be paying more money out of your pocket. A $250,000 mortgage at 8% instead of 6% will cost you an additional $335.00 per month.

Bottom line: keep your credit score as high as possible, by doing everything possible from your own. This includes making sure your payments reach your creditors before the due date and checking your credit report regularly for suspicious activity.