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FICO Will Eliminate Common Way to Build Credit

by Flexo

One of the most common ways for young people, say teenagers, to build credit is to become an authorized user on one or more of their parents’ credit cards. This way, they immediately have a significant amount of available credit, and by the time they need a credit score after college, they might have a ... Continue reading this article…

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Teens Want to Be Like Me and Drive Honda Civics

by Flexo

A good friend of mine recently replaced her older car with a 2002 Honda Civic. Out of the seven of my friends I was spending time with the other night, three of us have Civics. We’re not alone. CNN Money reports that Honda Civics are the top cars for teenagers. Thinking back to my teenage ... Continue reading this article…

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Money Gifts Better Than Cash, Better Than Things

by Flexo

These gifts may be a good choice for younger people who are just starting to get interested in taking care of their financial lives, from Chuck Jaffe and MarketWatch. 1. Shares. Buying a newborn baby shares — or even just one share — of a certain company is a nice way to start off a ... Continue reading this article…

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The Blame Game: Poor Money Management, Part 2

by Flexo

Before reading on, if you haven’t participated in this week’s giveaway, open up this article in a new window or tab and add your comments about asset allocation. You can win two interesting books just by leaving a comment. Thanks to everyone who contributed to the discussion about who is to blame for poor money ... Continue reading this article…

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The Cost of Raising a Teenager

by Flexo

USA Today’s reporter, Kathy Chu, talked to some typical parents to get a feel for how much they spend indulging their children. Here’s a statistic from the U.S. Department of Agriculture of all places, quoted in the article: Last year, a middle-income family spent an average of $190,980 to feed, house, clothe and entertain a ... Continue reading this article…

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Where Should Teens Stash Their Cash?

by Flexo

Andrea Coombs at Marketwatch doles out the advice for teenagers in a new article, answering the question of where teens should keep the money they earn. Not surprisingly, the advice is eerily similar to the advice an older person might receive: Create an emergency fund in a high-yield savings account first, then fund a Roth ... Continue reading this article…

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Thursday Reading

by Flexo

So far, I’ve received one submission for Carnival of Personal Finance. Remember to send your submissions in before Sunday night. Here are the articles I’m reading today: Kids get more expensive for their parents as they get older, and this article enumerates the costs of a teen-ager. Sports or music, food, orthodontia, and a plethora ... Continue reading this article…

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How To Teach Your Kids About Money

by Flexo

Jonathan Clements from the Wall Street Journal offers some advice, or his experiences as an example, for teaching children about money management. (By the way, this article can be accessed for free, unlike most of the Wall Street Journal Online.) The first rule of writing these types of articles is “Know your audience.” And Jonathan ... Continue reading this article…

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