Teen Money 101
An Introduction to Teen Money Management
by
Stacia Morris
Copyright 2011 Stacia Morris,
All rights reserved.
Published in eBook format by Mc Lean Enterprise
Converted by http://www.eBookIt.com
ISBN-13: 978-1-4566-0194-2
Stamford, CT
Published by: McLean Enterprise, Inc.
Stamford, CT, U.S.A. www.mcleanenterprise.com
Library of Congress Control Number: 2008908045
Book Design: McLean Enterprise, Inc.
Teen Cover Photographers: Nicolette Calderone and Julie Vogel, McLean PhotoDesign, LLC Back Cover: Mike Pierro, Vita Studios
Teen Illustrator: Amanda Uva
Family Photo ©iStockphoto.com/digitalskillet, Doctor Photo ©iStockphoto.com/Ron Hohenhaus, Money Photo ©iStockphoto.com/Ekaterina Monakhova, At The Movies Photo ©iStockphoto.com/ Rich Legg, Tightrope Photo ©iStockphoto.com/Andreas Reh, Life Guard Photo ©iStockphoto. com/Gene Chutka, Check Photo ©iStockphoto.com/Sean Locke, Shopping Photo ©iStockphoto.com/Konstantin, Piggy Bank Photo ©iStockphoto.com/Kativ, Eiffel Tower Photo ©iStockphoto.com/Jennifer Trenchard, Graduate Photo ©iStockphoto.com/RichVintage, Open Book Photo ©iStockphoto.com/Michael Fernahl
All rights reserved. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means electronic or mechanical, digital, photocopying, recording or by any information storage and retrieval system, without the prior written permission of the publisher.
Commentaries
After reading this workbook I reflect back on my teenage years with a feeling of regret that something like this was not available to me in my formative years. The current economy demands and requires fiscal responsibility, which is something that should be engrained in our youth with the same vigor as reading and writing. As the global economy continues to fluctuate, wise financial practices and investments can tip the scales between financial stability and never-ending debt. This workbook is designed to teach our youth to avoid the pitfalls of spendthrift tendencies. Surely the lessons learned from studying this workbook will foster and instill those essential habits for financial security.
Josyl L. Barchue
Fordham University School of Law
J.D. Candidate, 2010
In all, I learned that understanding finances as a teen can help you as you grow older to practice good habits and to keep check of your money. Before reading this book I spent hundreds and hundreds of dollars without really focusing on where it was going and how much I was able to save after all my expenses. The book not only taught me the value of the dollar but how to use it wisely as well as how to manage my money more maturely. I really enjoyed reading it and I hope others learn the way I did.
Denzeyl Morris
(16 years old)
The workbook has helped me to understand the financial difficulties that providers go through everyday. It has also helped me to learn how to manage money and not spend it needlessly, helping my parents to save their own money instead of handing me money every weekend. I hope to incorporate these teachings into my everyday lifestyle.
Brianna Morris
(14 years old)
Dedication
This student workbook is dedicated to my late father, Stanley McLean Morris, Sr. My dad was a veteran educator who spent his life constantly learning and who could recite passages from Shakespeare well into his late 70’s.
I did not receive formal financial training from my father. My knowledge at an early age came from watching my dad as he operated his profession as a school’s principal in St. Vincent and the Grenadines, West Indies. As such, on pay day, it was my father’s duty to leave the tiny town of Layou and travel to the capital, Kingstown. While in Kingstown, he collected the cash salaries of all his teaching staff from the Government Treasury.
My dad kept a large briefcase for the cash. The teaching staff would come to our home, Dad would pay them and they would sign a receipt. This payment process existed long before there were direct deposits, Automated Teller Machines (ATMs) etc.
As a child, I was very curious about this process and tried to be present once a month when it was payday. Because of this, I grew up hearing the words: bank, savings, insurance, rent, mortgage payments, etc. Although I did not fully understand the meaning of the words, or the context in which they were applied; this experience fostered a natural curiosity about finances and how they affect people.
My interest in writing this workbook stems from many areas: my desire to pass on my father’s legacy of educating, and educating at an early age; my desire to give my nephew and niece a better understanding of money and financial concepts; my community work as a Junior Achievement motivational speaker and teacher; and my desire to see young people succeed in mastering finances at an early age. Additionally, I thoroughly recognize the need for this education based on my formal teaching experience in the Caribbean and the Bahamas. Financial education is necessary throughout one’s life, therefore the earlier it is started, the better. To make informed financial decisions helps to preserve one’s dignity.
This workbook is also dedicated to my teenage nephew and niece who inspired me to write this book and who provided very valuable insights as my teenage consultants.
I also dedicate this workbook to all the teenagers who will benefit from it and use the knowledge gained to enrich the quality of their lives. Particularly, to the teenagers whose parents do not speak about money and investments around the dinner table.
So, to preserve my father’s legacy, on behalf of Stanley McLean Morris, Sr. here goes….
Acknowledgements
Special thanks to the people who encouraged me to write this workbook, particularly my teenage nephew and niece, Denzeyl and Brianna Morris. This workbook is based on their lives, but I have taken the liberty of changing events to make specific points. Therefore, this is not a 100% portrayal of their lives. Denzeyl and Brianna have worked as consultants on this workbook, having worked through the entire book and providing very valuable insight.
I would also like to thank the 2008 8th Grade students at Turn of the River Middle School
