The Most Important Thing for Teens to Learn This Summer

adult-backlit-bottles-697244.jpgSummertime offers many wonderful opportunities to enjoy, explore, and create. For some of us, it means a family trip to Disneyland or camping in the closest state park. Maybe it means roasting marshmallows in the backyard or going to concerts in the park with your neighbors. We might read books, take a class just for the heck of it, or learn a new skill. We might even shoot our record round of golf (here’s hoping!)! The possibilities are endless.

But, here’s an idea that meets the “enjoy, explore, and create” test, but costs nothing, can be done anywhere, is not weather dependent, is sure to please all involved, and might just be the most valuable summer project EVER for your teenager (and maybe even for you)! Any guesses what it may be?

The answer is…

Develop your very own Personal Balance Sheet. (I’m not talking about the financial kind.) Sure, it might not sound as thrilling as white water rafting or a helicopter tour of the Grand Canyon, but hear me out. This is important.

The high school years should be a time of self-discovery and building confidence and self-awareness. You know, being able to answer the fundamental questions of: Who am I? What do I uniquely have to offer? And lastly, What are my opportunities for fulfillment? After all, if your teens haven’t already, they’ll soon be taking courses or attending programs on college and career planning to plot their course for the future. All of this planning implies that students are sufficiently self-aware to judge correctly.

But, is this true?

In my visits with high school students, I’m struck by their lack of self-awareness. All too often, I see students who are insecure about their future because they don’t perceive their value. They don’t understand how they can make a difference with their assets and passions (IF they even take the time to consider them).  Too many students are making fundamental life decisions about their future without first having clarity about their identity and dreams. It’s the proverbial cart before the horse.

To address this need, we’ve developed a self-discovery leadership assignment that we call the Personal Balance Sheet. Think of it as a personal adaptation of the balance sheet from the business world, but with different categories and without actual numbers. It inventories our assets and our constraints (which is “liability” in business terms) and creates an overall statement of our value proposition to this world.

The Personal Balance sheet, which you can access here, is a fantastic project for the entire family or for schools to assign over the summer. It begins with the students taking an open-ended self-assessment of what they consider to be their greatest assets and constraints. But, even more important, they conduct interviews with selected adults in their lives (e.g., parents, grandparents, teachers, coaches, mentors) who know them well and have their best interests at heart. From them, they receive their perspectives of their greatest strengths and constraints. The initial list developed by the student is enriched by the invaluable viewpoints of others. It’s both inspirational and revealing.

The end result of completing this exercise is a much more complete and accurate understanding of ourselves—who we are, what we have to offer, and how we might direct our future to make a difference! Just in time for all of our next step preparations, but this time, from a position of strength and clarity!

May this be the summer of self discovery for the teen(s) in your life!

Summer is coming…and we need to talk about money.

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We are so close to a glorious summer break, I can almost taste it (yay!). Kids will be home, teachers will be off, and the sun will be out. Summer’s arrival also 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, job shadowing a journeyman electrician, 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. When we think about summer, we usually think about sunscreen, vacations, beach trips, and barbecues. But there’s something we are missing, and it’s… 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 high school (or college), 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 his/her summer job, you can use this newsletter as a launch pad to build their financial literacy. It’s the perfect time! 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. It pays to emphasize the importance of financial literacy since the stakes are so high. So, a helpful starting approach is to teach them 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 (which can lead to panic, more debt, or asking parents to bail them out)
  3. spending more than you earn and failing to budget and monitor expenses (out of all of them, this is probably a top learning priority)
  4. incurring too much debt, including student loans and excessive credit card usage (this can be a slippery slope, and can make buying a new car or home one day very difficult/nearly impossible/far more expensive)
  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, cars, etc.)
  6. impulse buying and lack of value consciousness when shopping (make, and stick to, your shopping list beforehand! Last-minute, unnecessary purchases do not bode well for your finances.)
  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.”

These financial pitfalls don’t just apply to teens and young people working their summer job…they apply to everyone! If you are a parent or a teacher, you, too, should review how you’re doing in each of these areas. Are you sticking to your budget? Taking on too much debt? Saving less than you could be? When you practice these same financial best practices, you’ll be even better equipped to talk about financial wellness with the young people in your life.  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!
Now get out there, get to working, and get to saving! The world (and your bank account) is your oyster.

Oh, and have an amazing summer, too!

 

The 3 P’s for Success

Doesn’t it feel like summer just started? Well, as much as we all hate to admit it, school will be starting before we know it. And for many young people, that means their first year of college is on the horizon. It’s why this week, we want to focus on studying—specifically, studying for optimum success in college/university!

It’s crucial to keep in mind that college academics are harder—much harder—than in high school. Papers are longer, expectations are higher, competition is greater, professors aren’t as accommodating, classes are bigger, and distractions are like never before. Without committed and disciplined study habits, success in college will be hard to come by. Even if straight A’s came easily to you in high school, it’s likely that university will be more challenging—even for the most accomplished honor student.

People who excel at what they do—whether it’s academics, sports, art, music, business, a trade—generally have these things in common: they’re intensely focused and overcome challenges with PLANNING, PRACTICE, and PERSERVERANCE.  For college students, this might look like reserving weekends for studying, rather than partying, or making sure certain priorities are taken care of before agreeing to social outings. First things first!

I can’t think of a better illustration of “the three P’s” than the 1980 U.S. Olympic hockey team. The team of collegiate athletes was gathered randomly from around the nation under the leadership of Coach Herb Brooks, who developed a brutal training regimen and a strategy to win.

The prospects didn’t look good. They were dominated by the Soviet team in an exhibition game by a score of 10-3. But, that didn’t deter them. They tied Sweden, upset perennially strong Czechoslovakia, and proceeded to defeat Norway, Romania, and West Germany. There was just one problem. The next stop was another crack at the Soviet team, and the players were haunted by their previous humiliation. Nonetheless, Coach Brooks was relentless, challenging the team to do their best when it counted.

Amazingly, the U.S. scored what is considered the greatest sporting upset in history,, defeating the Soviets 4-3 in a win dramatically captured in the 2004 film Miracle. They went on to win the gold medal game over Finland, and rallied our country like no other sporting team in history.

When it comes to achieving your goals and succeeding in college/university and your career, remember that you, too, can overcome great odds by applying the same 3 P’s the 1980 U.S. hockey team did. What good would it have done for the 1980 U.S. Olympic team to skate out onto the ice without the practice and grit to compete?

So, how do we apply the 3 P’s to our studying? By:

  • Planning: organizing our schedules to allocate the needed time to complete our studies. And, making a habit of setting weekly and daily goals and schedules.
  • Practicing: implementing our daily schedules by focusing first on our academic priorities and then studying in environments conducive to concentration and distraction avoidance.
  • Persevering: facing our disappointments head on by analyzing why we underperformed and taking corrective steps to improve. Successful people fight through and grow from their challenges with determination.

Unfortunately, many people struggle with at least one of the “3 P’s”—and never reach their full potential. (Practically, this can look like receiving poor grades, dropping out of school, getting fired for mediocre performance, never moving up, etc.) Many people mistakenly believe they “deserve” success. They show up to university expecting to rest on their laurels from high school. Or, they arrive to their first day of a new job expecting the corner office. They face a brutal awakening.

Don’t let this attitude mark you. When you set your mind to something—whether it’s academic studies, a job (or something else), I encourage you to do it with intentionality and excellence. When school begins again in the coming months, remember this adage: “Plan, practice, and persevere to succeed.” Doing this will give you the best chance to succeed and will build great character along the way.

What are your tried and true recipes for success? If you were talking to your teen or students about success after high school, what tips would you give? Feel free to share what you would add to our list!

Commit to Being a Lifelong Learner

Education is not the filling of a pail, but the lighting of a fire.

-William Butler Yeats

 School’s out! I am not sure who loves to hear those words more—kids or teachers! Can I get an “amen?” Old and young alike are looking forward to sunset barbecues, beach days with family, copious amounts of sunshine, and a little more sleep. In my school days as a youngster in Wisconsin, it was all about, “Heading Up North’.” It’s a well-deserved break for everyone, and I hope yours is unforgettable!

However, it’s important to remember that just because school’s out doesn’t mean learning has to go out the window, as well. Education isn’t just for classrooms! Lifelong learning is a pursuit that will serve kids (and adults) well for the rest of their lives.

In this global, knowledge-based economy with an endless database of instantaneous information at our fingertips, students need an insatiable appetite for learning. This means not only expanding their subject knowledge, but also having diverse interests. What ways are you as a parent, mentor, or teacher helping them explore other subject areas that challenge their minds or satisfy their curiosity?

I grew up living the simple life in small-town Wisconsin. It was a childhood I wouldn’t trade for anything in the world. I spent most of my free time either playing sports or hanging out in the woods with my friends. But, while that got me through high school and college just fine, I began to notice something early in my career… most of my peers were more intellectually well-rounded than me. I especially noticed it at gatherings when politics and world affairs were discussed.

I knew I had some serious catching up to do, especially considering the growing number of client meetings I attended. Thankfully, once I committed to stepping up my intellectual game, my confidence grew. It made a huge difference in my investment management career. Looking back, I regret delaying that process.

Here are some ways you can help your teen (or yourself) engage in continued learning this summer and always. Encourage them to step outside of their comfort zone—I promise the benefits will be bountiful.

  • Learn a new sport or revisit one you haven’t played in awhile
  • Make an “I’m interested in____ list” and brainstorm ways to tackle it
  • Catch up on current events by reading REPUTABLE newspapers or magazines (sensationalist social media headlines don’t count)
  • Volunteer for a charity
  • Visit the library and check out a book on a topic of interest unrelated to your career. A country you’ve always wanted to visit. A hobby you’d like to pursue. A historical figure you’ve always admired. An era that intrigues you.
  • Read a book that wasn’t assigned to you or is outside the genre of something you’d normally read
  • Write a book, essay, or poem; cook a meal you’ve never made before; draw or paint something that interests you
  • Check out all the museums near you
  • Job shadow (or have coffee with) someone who is employed in a career field you’re considering

Encourage the young people you know to stretch their wings a little and be lifelong learners. It’ll help them advance in life and make them more well-rounded, dynamic, and confident people.

 

How do YOU keep sharp and keep building your repertoire of skills and knowledge?

 

 

8 Financial Tips to Teach Your Children This Summer

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!

 

Five Tips for a Purposeful and Engaging Summer with Your Teen

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?

 

7 Relationship-Building Activities to Do with Your Teen This Summer

Now that school is out and summer is in full swing (already?), you maybe be wondering, “Now what are we going to do for the next two-and-a-half months?” Summer is the best time to take advantage of your teen(s) presence and availability—use it to slip in some special moments that will build your relationship and just have fun.

  1. Go on a hike. What better way is there to have an impactful conversation and build relationship capital with your teen than enjoying the great outdoors and some fresh air? Take this time to ask them questions, like their favorite thing about the past school year, what they value, goals for the coming year, and where they see themselves in five years.
  2. Play an outdoor game. Some of my favorite memories with my family happened outside on the lawn, usually right after dinner (magic hour!). Play a game of kick-the-can, “lawn golf” (example here) or corn hole. These games make for great laughter, friendly competition, and help us unwind after a hectic week.
  3. Go to a sporting event. There’s nothing like a Major (or minor) League Baseball game to help you bond with your teen. Don’t forget the garlic fries and a good selfie!
  4. Innertube a river or stream. This one might sound a little lame, and I thought so too until I did it for the first time! I hooked up with a pal and we slowly floated down the gentle rapids while sipping cream soda. It made for some seriously awesome conversation and relaxation.
  5. Consider planning a progressive dinner with your teen’s friends/friends’ parents. If your teen is part of a large group of friends who all live in the same general area, think about a progressive dinner. Appetizers at your house, dinner at a friend’s house, and dessert at yet another! It’s a great way to spend quality time with your teen, see them in their element, and get to know their friends’ parents a little better.
  6. Go on night walks and build campfires. It’s amazing how conversations open up under the stars with a s’more in hand!
  7. Create a dream board. Ask your teen if they’d be willing to make a dream board or notebook that contains all the things they’d like to see happen in the next couple years. Get creative and cut out pictures (examples: a cap and gown to represent high school graduation, the logo of the company they hope to work for, a picture of the mascot of their dream college, a picture of the car they’d like to buy…the options are endless!). This is a great way to keep the end prize(s) in mind as they enjoy the summer.

Remember, your teen experiences a ton of pressure during the school year with academics, extracurricular activities, plans for future college/career, and more (I still remember it vividly!). Use the summer months as a time to help them relax and de-stress (note: this is good for adults, too!). Remind them that it’s okay to slow down and take a breather. Life is meant to be enjoyed, and these younger years will be gone in the blink of an eye!

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