I have two step-nephews on my Christmas list this year and was wondering if you ladies could help me figure out what to get them. Both of their parents have no financial sense whatsoever, so I was hoping to get something that would gently encourage or teach them to save. My original thought was to get them savings bonds, but after talking to the bank, it sounds like they're really not as good as they used to be. I also thought of the save/give/spend piggy banks my daughters use as well as coin collecting books, but they all seem too childish for teenage boys. They are 14 and 18. The 18 yr old has never had a job, partly from lack of looking (mom's unemployed and not looking either) and partly because mom won't let him work in fast food or accept the job a friend offered them because those jobs are "beneath" them. Mom is also very easily offended, so I have to tread carefully. I just don't want to go the gift card route so they learn that money will just be handed to them and I don't know enough about them to get them real specific gift cards for something they'd like. On the other hand, it is Christmas. Maybe I should just give them cash or a gift card. Maybe it's not my place to teach them these lessons, but it breaks my heart to see the examples their parents are setting when it comes to money. Any suggestions?
personally it's christmas & i don't think that is the time or place for a life lesson, i would just get them a gift or gift card. but if you live close to them & you want to try to help them out then you could always offer for them to do odd jobs around your house for payment...but as for the holiday i just dont that is the time, gifts are just that gifts with no strings
I think that your heart is in the right place but a gift is meant to be just that, a gift. Not a lesson. And yes, a gift does mean than something "will just be handed to them." You don't have to "earn" your gifts, do you? At this age, your message will most likely fall on deaf ears anyway. If I were you, would get a gift for "now" - gift card to a store they like (or the mall), an iTunes card, cash, etc.
And if you want to pique some financial interest, also buy a small amount of stock in a company that would be of interest to them - Nintendo or Sony (video game companies), a beverage company, car company, etc. - and then use that to show them how the stock market works and then you can use those conversations (not during the holidays, later) to work in some information about saving and investing, etc. Oneshare.com is a great place to buy single stock shares, you can put it in the recipient's name, get a certificate to frame the share, etc.
I gave books to nephews and nieces regarding how to set up a household, repairs, food shopping, etc. I found the books in used book stores. I can't find them on the web at the moment.
You could say a friend did this and you thought it was a good idea too. But she wished she gave them the books BEFORE they graduated. So that they could read them before heading out on their own. (By the way, one of the nephews was really glad to receive the book.) So that's where you got the idea and you took her advice to give them the books before they graduate.
So you could give each of them a cookbook, a financial book, and a home repairs book. (Whatever you think would be a good mix for someone starting out on their own.)
http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD00...=
http://www.amazon.com/Rich-Dad-Poor-Teens-Money-That/dp/0...
Websites:
http://www.atg.wa.gov/teenconsumer/on_your_own.htm
Good luck,
: ) M. D.
I think it's great that you are trying to help out in an area where there is a huge lack. I think they are way too old for the piggy bank thing - I used that with my son but he gave it up at about age 11. You're right that a savings bond just sits there until it matures (unless they get greedy and cash it in early), and I doubt the parents have a safety deposit box in which to keep it. You might look into a magazine subscription geared to this age - something that will come every month and maybe they will read it or at least leaf through it. You can look at samples at any large bookstore - then you can send them an actual issue with a note in it that they're getting a gift subscription. Something that had a variety of topics and included something about money would be better than something that hits them over the head with their shortcomings. Also check with a local librarian about ideas, and if you have any friends who are accountants, ask them if they know of anything or used anything with their kids.
I don't know if there is a video game that deals with finance. Even an old game like monopoly (although the goal is greed!) tells people they can't afford everything and you have to decide if a purchase is worth it. My experience is, though, that teens like electronics and not board games.
I like the idea of offering them jobs - if they live close enough.
Books are always good! Browse through amazon and see what they have, books can teach, open up new worlds, etc. If you want something financial-themed, can try one of the Rich Dad Poor Dad, or Suze Orman, (they will link to other books), there's a lot in these series that are geared for specific types of people. You can also give them stock in a company and they can learn how to follow their money. I don't believe any sort of holiday is for useless gifts, especially in this age of waste and excess. Give a fish and he will eat for a day, teach him to fish and he will eat for a lifetime.
