Month: May 2017

8 Financial Tips to Teach Your Children This Summer

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We are on the cusp of summer break, which means many teens, grads, and college students will be starting up their summer jobs. Whether they’re nannying, mowing lawns, spinning pies at the local pizza joint, or interning at a law firm, the goal is to gain real life job experience, and of course, make whatever money they can before school starts up again in the fall.

This brings us to an important point. Money. Have you equipped your teen with the financial know-how they need to succeed in the real world (and avoid major financial pit falls)? Many parents assume their kids are learning personal finance at school, but unfortunately, many schools assume the students are learning it at home! It’s a crucial topic that all too often falls through the cracks. And, guess who loses?

As your teen embarks on their summer job, use this as a launch pad to build their financial literacy. The principles of wise financial management aren’t that tough to master. You simply need to know the basics and abide by the disciplines and key principles. One way to approach it is to teach them how to avoid these eight most common financial mistakes:

  1. failure to set goals and plan/save for major purchases (instead, many load their credit cards with debt, making their items that much more expensive)
  2. failure to set aside an emergency fund for unforeseen expenses
  3. spending more than you earn and failing to budget and monitor expenses (a top learning priority!)
  4. incurring too much debt, including student loans and excessive credit card usage
  5. incurring significant fixed expenses relative to your income that can’t be reduced in difficult economic times (e.g., spending too much on housing and cars)
  6. impulse buying and lack of value consciousness when shopping (make, and stick to, your shopping list beforehand!)
  7. failure to begin saving and investing for the future as soon as possible (and missing out on the compounding of money over long periods of time)
  8. failure to appreciate how the little things can add up (e.g., eating out versus in, paying up for name brands, owning a dog or cat)

(Number 6 is an especially common pitfall among young people when working a summer job. They aren’t used to having a surplus of money in their checking account, so they go on spending sprees and end up saving much less than they could. A good rule to learn, especially at this time of life, is save first, spend on “needs” second, and IF there is money left over, enjoy some “wants.”)

This list isn’t just for young people—it’s for everyone. Periodically review how you’re doing in each of these areas, and encourage the young adults in your life to do the same. (Remember, they’re watching you, so be sure to “walk the talk!”) If we can successfully avoid these traps, we’ll ALL be in better financial shape!

 

Stop Comparing; Change the World

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I often hear from young people that they feel dissatisfied with their lives. They report feeling lost, unnoticed, and hard-done-by, and that everyone else seems to have it better than them. And exactly where are they perceiving these messages from, you might ask? Social media.

With social media (sadly) being the chief influencer of millennials, many teens and young adults find themselves comparing themselves to “Instagram celebrities,” and therefore feeling inadequate for not measuring up. Of course, we all know that “social media isn’t real,” but it can in fact be very hard for some people to separate what they see on Facebook or Instagram from reality. They are constantly bombarded with images of success, wealth, unattainable body ideals, and other unrealistic expectations. They’re left feeling lost, unworthy, and searching for a meaning that nothing on social media will ever give them.

If you have a teen or college student in your life (or if you are one yourself), I encourage you to share this message with them.

The times in my life when I have experienced pure joy and fulfillment have been when I did things that had a lasting impact on other people. Not when I lost a certain amount of weight, not when I bought a new car, not when I bought a whole new wardrobe, not when one of my posts was liked by hundreds of people, and not when I had a certain number of friends (online or in real life).

It’s crucial for young people to understand that true joy comes from doing good for others and using their gifts and talents to impact the world for the better. It most certainly won’t come by comparing yourself to social media stars or to the most popular students in your class. .

To the young people, I urge you: your time is now. Now is the time to serve others and impact the world. If you want to experience meaning and ultimate joy, turn off your smart phone and aim to make your life a living legacy by using the best that you, uniquely, have to offer. In this way, you’ll see your impact firsthand while inspiring others in the process. And, you’ll be changed for the better, too!

If you are finding comparison hanging over your life like a dark cloud, find a cause you’re passionate about or an issue you believe needs addressing, and chase after it. In this blog post, you will find some tips for discovering what inspires you and how to make your impact..

What opportunities will you pursue today to invest in others and help make life a little (or a lot) better for someone else? Strike while the iron is hot, and start building your legacy.

Remember, what you see on social media will ebb and flow. Trends and celebrities will change, but your legacy is what will last forever. Don’t wait to change the world!

Five Tips for a Purposeful and Engaging Summer with Your Teen

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I think we can all agree it feels like Christmas was just a month ago. But in a flash, we’ve blazed through winter (which for us Pacific Northwesterners means suffering through copious amounts of rain) and the end of the school year is already upon us. In fact, some college students only have a couple weeks left!

So, now what? Your teen will be home with you for the summer until you move them into the dorms or they take off to start a new career. What can you do as their parent to make their summer at home memorable, engaging, and most importantly, purposeful?

I believe summer is the best time for us as parent to take advantage of our teens’ presence and slip into some special moments that would otherwise difficult to accomplish. Without further ado, here are five tips for a purposeful and engaging summer with your teen:

  1. Dream about the future together. Over a cup of coffee or at their favorite place, talk with your teen about his or her dreams. What do they want to major in and why? What places do they hope to travel to over the next couple of years? Share your own life experience and how you’ve made your personal dreams a reality. Consider completing this values checklist together, (and this personal balance sheet, if they’re up for it) and let them know you’re always available to talk.
  2. Go on a hike. What better way to build relationship capital with your teen than getting some fresh air? Sometimes new experiences and adventures facilitate conversations you wouldn’t have had elsewhere.
  3. Encourage your teen to invite their friends over to your home. Play host or hostess for a night and get to know the people your teen hangs out with most. Be familiar with their third party voices and know that your teen’s three closest relationships are the ones that impact his or her life the most. It’s a great opportunity to see your teen in her or her element!
  4. Attend a sporting event together. Baseball season is in full swing, and enjoying the fresh spring/summer air while watching a game of ball with your teen is a great way to bond! A round of golf is another great choice—potentially a sport you can enjoy for a lifetime.
  5. Participate in a service project together. Ask your teen what causes she or he is passionate about. Seek out your local churches, shelters, or nonprofit organizations to find what ways you can get involved with your community through volunteering. Impacting the world around you will be an incredibly inspiring, uplifting, and relationship building experience that you’ll never forget.

 

Remember, your teen experiences a ton of pressure during the school year with academics, extracurricular activities, plans for future, and more.. So, be sure to use the summer months to help them decompress and do things they wouldn’t otherwise have time for. These young years will be gone in the blink of an eye (for both of you)!

What timeless memories can you build with your teen this summer?

 

A Mother’s Day Salute

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Moms, this week is for you! This is for the sleepless nights, the time spent sitting in the rain watching  sports games, the time spent helping with college apps and figuring out the FAFSA, the time spent encouraging, hoping, praying, dreaming, and the countless other ways you’ve invested in your children. This week we honor the immeasurable effort you’ve put into raising your children.

How we raise our kids now—even if there are years until launch time—will impact them for the rest of their life. After all, we aren’t just raising kids; we’re raising future adults. Putting in our due diligence to instill important values like resilience, respect, responsibility, integrity, honesty, work ethic, and determination, will impact the way our teens thrive in adulthood.

At LifeSmart, we are committed to equipping and educators and mentors with the tools they need to help their students thrive. Our aim is to help prepare the next generation with CRUCIAL LIFE SKILLS so they can excel in independent life, college, career, and beyond.

However, educators are not our only focus. Parents play an indispensable role in preparing the next generation.  What they do is not easy; in fact, it’s probably one of the hardest jobs in the world. Moms, today we’re looking at you.

Navigating the world of parenting teens can be tricky. They can be moody, unpredictable, and aloof. They can rely on you for too much, or distance themselves when they’re ready for independence. Sometimes they betray our trust or test the limits on a daily basis. Sometimes it’s difficult to know how or when to communicate with them and whether any of your words are sticking. And one of the hardest parts of all, is knowing that it will soon be time to let go and adapt to a new role as chief encourager and on-call advisor. Dropping off your recent high school graduate at the freshman dormitory is the beginning of a new chapter for both of you. And for moms especially, it’s fraught with mixed feelings.

Today, we at LifeSmart want to acknowledge all the different ways that parenting can pull your heart in a million different directions. We affirm your hard work, and appreciate your effort in raising up the next generation of leaders, teachers, thinkers, and artists, even when it gets difficult.  So moms, here are three encouraging tidbits of wisdom for you as we embark on Mother’s Day weekend:

  • In this season of “launch time,” find a community of parents who are in the same stage of life. How are they coping? What are they doing to ensure a successful launch? You will find you have a lot in common and much to talk about (and eventually, more time to “hang out!”). Surrounding yourself with other people who are also parenting older teens will make you feel understood, encouraged, and give you a shoulder to lean on. YOU DO NOT HAVE TO DO THIS ALONE.
  • Remember, moving from driver’s seat to passenger’s seat can be hard, but know you’re gaining a relationship with your new adult, not losing a child! Even though allowing your teen to begin making their own life choices can be a scary thought, they will always have you as an ally. You will forever be their biggest cheerleader and friend.
  • It’s okay to focus on you. Self-care is one of the most important steps in a being a good parent, spouse, and friend. As the dynamic of your life begins to change as your kids get older, you may realize you have more time to do things YOU want to do. Use this as an opportunity to rediscover old passions (or develop new ones), learn a new skill, and remember what makes you YOU, aside from your role as mom. You deserve it!

Happy Mother’s Day from all of us at LifeSmart. Where would we be without you?

Cultivating Productivity in Our Teens

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career fairLast week we talked about senioritis, and how giving in to the temptation to slack off near the end of the school year can come back to bite us. That’s why it’s so important that we as parents and teachers do our best to cultivate productivity in our teens.

Over the years, I’ve noticed an interesting trend in my chance encounters with people. It goes something like this:
Me: “It’s great to see you! How’ve you been?”

Them: “Busy!” Or,

Them: “Crazy busy!” Or,

Them: “Out of control!” Or,

Them: “Overwhelmed!”

Is this good?

No, it’s not. We’re experiencing a crisis of over-commitment and information overload like never before. It’s not supposed to be this way. After all, technology is supposed to make us more efficient, isn’t it?  Not more stressed! At the risk of sounding like Fred Flintstone, faster isn’t always better—especially if it reduces our quality of life and productivity.

These days, everyone is consumed with “busyness.” You see it everywhere. Our attention spans are shorter, our responsiveness has markedly deteriorated, our cell phones have become appendages (where almost nonstop beeps and vibrations are creating a false sense of urgency), we’re having a harder time focusing, and relational depth is increasingly being replaced by superficial breadth. Our children are bombarded with information and opportunities like never before and it’s showing up in anxiety levels.

It is crucial that we arm them with a strong productivity foundation to handle this brave new world.

Let’s start with time management. Whether they go on to college or the workplace, they will be in charge of how they spend their time. Successful people are extremely disciplined with their time, viewing it as a priceless asset they cannot get back. That’s the attitude we want to cultivate in our teens. They will need to develop prioritized daily “to-do lists” arranged by importance and urgency, and plan their time accordingly. Top priorities come first and before the fun.

Another key productivity driver is their ability to set goals and plan for their achievement. Encourage your children to set goals regarding their career, family, education, personal growth, finances, service, experiences, recreation/leisure, and daily responsibilities. The more specific, realistic, and measurable they are, the better. Consider setting some time aside with your student and making a list together of their measurable goals— immediate, short term, and long term. Then, train them to develop strategies and plans to achieve them. Without a planning mindset, success is, at best, a random proposition.

Finally, our kids need to become great decision makers. In What I Wish I Knew at 18, I describe an effective six-step decision-making process. The steps are: 1) determine your key decision criteria, 2) get the facts, 3) identify all the alternatives, 4) conduct an objective pro/con analysis for each option, 5) engage wise counsel, and 6) listen to your “gut instinct” or intuition. By working the process, their best option will usually reveal itself. It’s a GREAT discipline for selecting among several college alternatives!

Here are some questions to consider as you prepare for launch time and “train for productivity:”:

  • Are they effective goal setters, planners, time managers, and decision-makers?
  • Do they control technology, rather than allow technology to control them?
  • In their daily planning, do they focus first on what matters most?
  • Do they consider their time as a precious asset?

Let’s do our best to cultivate a foundation of productivity in our teens, as it will the foundation of success for the rest of their lives. Also, don’t forget to lead by example. Ask the above questions about your own life, too. There’s room to improve for all of us!