Category Archives: Money Skills

Answers to Parents’ Questions About Raising Teens (Dr. Thomas W. Phelan)

Understanding why teens behave the way they do can help parents implement better responses and interventions. Psychologist and author, Dr. Thomas W. Phelan, offers his experience and insights on raising teens. And, as usual, what he shares makes a LOT of sense.
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Answers to Parents' Questions About Raising Teens, Dr. Thomas PhelanWhat does it mean to set limits with your teenager?

To begin with, setting limits means having what we call “House Rules.” These are agreed upon (and sometimes written) rules regarding issues such as hours, use of the car, alcohol and drugs, studying and grades. Parents can also have an understanding with their teens regarding work, money management, family outings, and even dating and friends. Setting limits can also include agreements about how to handle violations of the contracts that have been made.

Why is setting limits with your teenager such a crucial thing for parents to do? Why is setting limits such an important concept these days? What happens to teenagers who don’t respect limits? What are they like as adults?

Limits are important for two reasons. First, limits and rules are a part of life. In a sense, they are also a prescription for how to live a good life. Being able to put up with reasonable restrictions and guidelines is part of what is known as “high frustration tolerance” (HFT). HFT is a critical skill for adult success no matter what one chooses to do.

Second, reasonable limits keep teens safer. Parents are acutely aware of the Big Four adolescent risks: driving, drugs and alcohol, sex and romance, and technology. Teens and adults who don’t like rules and limits have a harder time getting along with teachers, employers, friends and romantic partners. They also get hurt more often by means of traffic accidents, drug use, unwanted pregnancy and STDs, and internet predation.

What happened to teenagers simply having respect for their elders?

Good question! Part of the answer lies in human history. Adolescence—and the mistrust/dislike of adults that often accompanies it—is a relatively recent phenomenon. Just a few hundred years ago, adolescence probably did not exist. You were a child, and then, Bam!—you were an adult. There was no in between. Adolescence is largely a function of industrialized countries in which education became more and more important for job success. Education, in turn, delayed “growing up” because kids had to remain in school. In the U.S. today, the delay from onset of puberty to leaving home and hitting the job market can be 7-10 years or more. Teenagers really want to be adults, but today they have to sit around and wait for that. Can’t blame them for not liking the long and somewhat nebulous interval. In our culture, I don’t think we do a good job of helping kids make this intermediate existence meaningful.

Why do so many parents fall into the “I want to be a friend, not a parent” trap?

Good parents, research shows frequently, are both warm (friendly) as well as demanding (I expect something from you). Some of us adults, however, are better at the warm part and some are better at the demanding part. Warm-only moms and dads—sometimes known as permissive or pushover parents—are uncomfortable with the demanding role, and so they focus primarily on trying to be a friend to their kids. These children are more likely to develop “low frustration tolerance” (LFT). These kids often develop a sense of entitlement and they have trouble sticking with difficult tasks.

Why is it important for teenagers to be able to make some of their own decisions? How can parents set limits with their teens while still encouraging independent decision-making?

Like it or not, your teens ultimate goal is to get rid of you! You don’t want them living at home forever. You do want them to become competent adults who are financially independent, have their own friends, start their own families, and know how to enjoy life on a daily basis. This goal means your current strategy is to wean you children from your oversight. You want them to make more and more of their own decisions. Another way of saying this is you must avoid chronic and unnecessary parental supervision—otherwise known as overparenting.

In other words, set up your house rules, maintain a good relationship with your kids, and then get out of their way!

There is so much that parents have to guard against these days – social media, a lax culture, politics, etc. – how do parents make the tough decisions they have to enforce with teens today?

First, nail down your house rules. Keep them minimal, firm and fair. Second, stay in touch. Discuss social media, sex, lax culture, politics and drugs with your kids. This does not mean lecture them! Allow for differences of opinion and be respectful.

How do parents stay firm with their kids but not mean or angry? How do you say no to your teen and really mean it? How does a parent stay firm but fair?

Mean or angry is no way to discuss or enforce limits. Whatever comes out of a parent’s mouth during a parental temper tantrum automatically becomes silly and useless—even if the words themselves might look reasonable if they were written down on paper. Parents often feel anxious and sometimes even guilty when they explain a rule or a consequence to a disgruntled-looking adolescent. One important parenting skill is knowing when to stop talking! In many situations, the more you talk the less sure of yourself you look.

Surviving Your Adolescents, Dr. Thomas W. PhalenWhat’s your best advice to a parent who wants to raise an independent teen? What kind of practical advice and real examples do you have to offer?

When they are concerned about a possible problem, parents of teens need to think a bit before they intervene. In fact, there are four possible intervention roles moms and dads can consider. Choosing the best role depends on several things: the child’s safety, the parent/child relationship, and the goal of increasing a teen’s independence.

Role 1: Observer. In this role, a parent really does nothing other than watch what’s happening for a while. Maybe your son has a new friend you’re not sure about. Sit tight for a bit and see how the new relationship develops.

Role 2: Advisor. Your daughter who normally maintains a B average, is getting a D in science this semester. You might ask her what’s up, listen attentively, then suggest she try talking things over with her teacher. Keep in mind, though, that when you are in the Advisor role, your child does not have to accept your advice. Tell them you’ll trust them to work things out. That’s respecting independence.

Role 3: Negotiator. Something is bugging you and you do not feel your adolescent is handling it well. Your next possible intervention role is to negotiate. You first set up an appointment—spontaneous problem discussions are dangerous and volatile. You might say something like, “When’s a good time for you and me to talk about the leftover food in your room? It’s starting to smell up there.”

Role 4: Director. Your 17-year-old son broke up with his girlfriend two months ago. His grades have dropped, he’s lost weight, and he seems always crabby. You think he’s depressed, so your going to gently-but-firmly insist he see a counselor. Listen sympathetically first, then make your suggestion and ask him to think about it. But it’s not going to be negotiable.

What do you think it means to really parent today?

Parenting teens can be tough. As a mom or dad, you can often feel you are being torn into many pieces. It’s important to have a good job description. Here’s one we like:

1. Don’t take it personally. Your teens will be pulling away from you, even snubbing you at times (“How was your day?” “Fine.” “What did you do?” “Nothin’.”) This kind of interaction is normal. Nobody—neither you nor your teen—did anything wrong.

2. Manage AND let go. Respect and maintain your house rules while you increasingly allow more and more independence for your teenagers.

3. Stay in touch with the kids. Maintaining a good relationship with a teen is critical. Use business-like praise, talking about yourself, sympathetic listening, and regular one-on-one (not always family!) fun to keep in contact.

4. Take care of yourself. If you’re old enough to be a parent of a teen, you’re probably a mid-lifer! Not an easy task. Take care of yourself so you don’t take out your troubles on a sometimes irritating and distant kid.

5. Relax and enjoy the movie. Your kids only grow up once. Try to enjoy the show!

Dr. Thomas W. Phelan is an internationally renowned expert, author, and lecturer on child discipline and attention deficit disorder. For years, millions of parents from all over the world have used the award-winning 1-2-3 Magic program to help them raise happier, healthier families and put the fun back into parenting. A registered PhD clinical psychologist, Dr. Phelan appears frequently on radio and TV. He practices and works in the western suburbs of Chicago. Website: 123magic.com

Helping Your Children Become Kidpreneurs (Peggy Caruso)

Youngsters can develop and display excellent entrepreneurial skills; we see it often in the news. Life coach and author, Peggy Caruso, shares some on-target tips for helping our children become game-changing kidpreneurs!

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Helping Your Children Become Kidpreneurs, Peggy CarusoDiscovering the true talents and abilities within our children will prepare them for this unpredictable world by teaching them how to adapt to any situation. Instilling entrepreneurial ideas in children will help them become successful adults and it will create independence within them.

They need to learn how to manage their own strengths and weaknesses. Many children are afraid to fail because they feel they are letting the parents down. Failure is good – encourage it. It is just feedback letting you know how to modify your plan. It is stepping-stones to success. It can only be failure if you don’t get back up and try again. All of the successful people in history have had many failures before reaching success.

As children grow they need to learn how to deal with change. Changes in circumstances, cultures, and religions help our children to adapt in society. We can’t give our children a blueprint in life, but we can teach them coping skills. Your children’s skills and abilities will be their most valuable asset throughout their lives.

Skills are behaviors in which we increase our knowledge; abilities are natural talents. Understanding what skills and abilities they have and what they need to reach their dreams is an important component in your child’s career development.

From childhood, your child will develop skills that will be transferred as an adult. Emotional skills such as self esteem, sociability, integrity and empathy, integrated with the educational skills of reading, writing, mathematics, speaking, creativity and decision making will prepare them for adaptability within the corporate world. Many studies have supported the fact that the faster children develop skills, the better they do with testing.

Once you discover what their true talents and passions are it is easy to get them started on building a business. There are many businesses suitable for children. Educating children and teens about employment or entrepreneurship has astounding effects. It teaches them time management, assists them in learning how to follow directions, and provides team and leadership skills. Studies show discouraged teens often grow up to become discouraged adults. This affects their confidence level in the workforce.

In teaching children entrepreneurial skills, they need to learn effective ways to communicate. In today’s society technology has limited our children in verbal communication. One area to enhance communication is to teach masterminding. This is very effective and utilized by many adults; therefore it can be effectively implemented with children.

Revolutionize Your Child's Life, Peggy CarusoMasterminding involves placing a group of 5 or 6 like-minded children together to meet once bi-weekly for one hour. Meeting places can vary between houses. They begin by each taking one-minute to say their ‘win for the week’ and then they move on to challenges. Each child presents a challenge they are facing and the remainder of the group assists by providing feedback. Someone needs to be a time-keeper so the meeting does not exceed one hour and each child has their turn.

This assists the children with problem-solving and holding one another accountable. It reinforces communication and interpersonal relations. Masterminding enhances friendships and helps them balance the highs and lows. It assists with creativity and establishes motivation and persistence. It also teaches them how to set and reach goals which is imperative in promoting entrepreneurism within children.

Teaching them to be persistent requires that they will be definite in their decisions, and that requires courage. It is a state of mind; therefore, it can be cultivated, and with persistence comes success. When we talk of success, most people think of adults. But if you begin applying the success principles when your children are young and impressionable, you teach them how to realize failure is good.

Persistent action comes from persistent vision. When you define your goal and your vision remains exact, you will be more consistent and persistent in your actions. That consistent action will produce consistent results.

Remember to teach your children the difference between the person who fails and the one who succeeds is the perception they have. It is seizing an opportunity and acting upon it, unlike the person who allows fear to dominate his abilities.

In teaching your child how to become a ‘kid-preneur’ they learn:

• Talents, abilities and passions;
• Setting and reaching goals;
• Gratitude and developing solid friendships;
• Persistence and motivation;
• Creativity and visualization;
• Communication, problem solving and interpersonal relations;
• Intuition;
• Entrepreneurial skills;

They learn their true potential!! ###

Peggy Caruso can be reached at pcaruso@lifecoaching.comcastbiz.net
For more information, go to www.lifecoachingandbeyond.com

 

Banking on Kids (Guest: Dr. Ed Anhalt)

Radio-style Interview,The Changing Behavior NetworkThe Banking on Kids financial literacy program, founded by Dr. Ed Anhalt, is teaching youngsters skills of managing money responsibly. And, as Dr. Anhalt shares in this interview from our archives, powerful and life-long lessons are being learned.

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It’s a fact: Kids who understand money and how to manage it wisely have a distinct advantage as they become adults. For instance, they understand how to handle money responsibly and how to use it as a tool for achieving financial stability and security.

Like all skills, money skills must be learned, practiced and perfected, and they are best learned early. Our guest on this program, Dr. Ed Anhalt, founder of the Banking on Kids financial literacy program, will share some sound insights for teaching money skills to young people in a way that makes sense and draws “interest.” These skills can last a lifetime as they enrich the lives of individuals and their families.

Banking on Kids, Dr. Ed AnhaltThe first Banking on Kids student-run bank in the schools opened in 1995 under Ed’s expert guidance. Today the program operates in about 350 schools sponsored by more than 30 bank-sponsored school partnerships around the country. It’s a simple but powerful concept: Students start a savings account at their in-school bank (with as little as $.25), then, when they have $10.00 in savings, they can go to the sponsoring bank and open an interest-bearing account.

Dr. Anhalt has a track record for turning great ideas into reality. He is currently Dean of Education for International University for Graduate Studies, and he’s the author of the book, Raise Your GPA One Full Grade. (25:32)

http://www.bankingonkids.org

 

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Understanding the Contributions and Challenges of Blind People (Guest: Donna W. Hill)

Radio Style Interview, The Changing Behavior NetworkJournalist, performer, author and advocate for the blind, Donna W. Hill, shares her story and offers much-needed insight into issues facing blind Americans today.

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Understanding the Contributions and Challenges of Blind People, Donna W. HillVery few children are born blind; blindness affects the majority of individuals as the result of disease or a degenerative condition. For this reason, children, teens and young people know precious little about what it means for a person to be blind, and what blind individuals can and cannot do. That lack of awareness and knowledge can affect them later if they, or someone they know, becomes legally blind. (SUGGESTION: Please share this interview with those who can share it with school-aged youngsters.)

According to Dr. Sutton’s guest on this program, Donna W. Hill, blind Americans remain an under-served minority as they continue to be affected by low expectations. She shares in this interview, for example, how there are still issues with Braille literacy, as well as major concerns regarding meaningful employment and careers for blind individuals.

Listeners will be touched as Donna shares her own story of being the only blind student in her whole school district. As she explains, that experience came with numerous difficulties.

To her credit, Donna continued her education and earned her college degree while developing her abilities in music, performing and writing. Starting out as a street performer in Philadelphia, Donna later appeared onstage, where she opened for a number of performers and groups, including the Nitty Gritty Dirt Band. (In fact, this interview concludes with Donna singing an original song, “The Rules of the Game,” from her album, The Last Straw.)

The Heart of Applebutter Hill, Donna W. HillAs a journalist and publicist, Donna has tirelessly advocated for blind Americans. In fact, she was the first blind representative of a radio reading service to receive national press credentials to cover a presidential inauguration. (Note: Donna has prepared an informative quiz and fact sheet about blindness; it’s with our free, guest expert materials on this site.)

Donna’s recent book, The Heart of Applebutter Hill, is fiction, but it packs a big punch. In fact, professionals in education and the arts have endorsed the book as a diversity and anti-bullying resource for middle school through college. It’s a story about a young teen named Abigail, a refugee without her family in a new place where some are kind and some are not. While going blind, Abigail must navigate an enveloping plot in this adventure and mystery novel.

Before she moved to the country air of Pennsylvania’s Endless Mountains, Donna was a regular guest at schools, universities and other gatherings of young people throughout the greater Philadelphia area. She and her guide dog, Hunter, still enjoy opportunities to inform, inspire and encourage young people. (34:19)

http://www.DonnaWHill.com

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Comfort in Chaos: Understanding Trauma Brain (Shenandoah Chefalo)

I make no bones about it: As a foster child, I don’t think I was an easy person to get along with. I certainly wasn’t trying to make bonds or connections with those around me. Of course, I knew nothing at the time about trauma brain.

Shenandoah Chefalo, Comfort in Chaos: Understanding Trauma BrainI went into foster care at the age of 13. My life prior to entering the system was one of immense dysfunction; I had practically raised myself. My mom was rarely around, and, when she was, it was usually to tell me that we were moving. We moved over 50 times and I went to more than 35 schools in my life before the age of 13.

Chaos had become my normal.

In learning to “cover” for my mom’s actions, and watching my mom talk her way out of almost any situation, I learned a valuable skill early on: lying. It was a skill that saved me numerous times from severe punishments.

Foster Care and Beyond

I thought foster care would be a positive solution to the life I was living. What I found was more of the same as loneliness, isolation and depression followed me into care. I had become disconnected from my feelings and simply accepted that I was unable to love … and was unlovable. I continued behaviors from the past and found no solace in the families that took me in.

I ultimately aged out of the system at 18 and was turned loose onto the world with no real connections to other people. When I hit the college campus, a feat I wouldn’t learn was remarkable until later, I made a pact with myself to never talk about my past with anyone. I was a good liar, and, because of that skill, I kept that promise to myself for more than 20 years.

Trauma Brain

I spent those years, hiding the past, keeping myself at arms length from any real relationships, and doing the one thing I was knew I was good at: lying. I didn’t know it at the time, but I found myself in what I now refer to as “trauma brain.” I would go to that comfortable place in my mind, a place of Fight, Flight, Freeze or Appease.

For me, there was comfort in chaos. When things in my life were going well, I looked for and caused chaos for myself so I could feel “comfortable.” Of course I  didn’t realize, at least not consciously, that I was doing it until I started to become increasingly unsettled with the life I was living. I had a good job, managed to get married and had a child, but I was only comfortable in the unknown.

I wanted to change.

For most of my life, I chalked up my behavior to the idea that I was just “crazy,” a concept I was comfortable with. I figured it was only a matter of time until I turned into my “crazy” mother. I was working in a law office at this time, and I would watch clients with similar tendencies. I had wondered about their past and when I started to ask, I was surprised by how many of them had been former foster kids, also. I had always assumed there had been very few kids like me. The numbers appearing in my office were off-putting, to say the least.

Garbage Bag Suitcase, Shenandoah ChefaloSelf-help Search

Flash forward. In an effort to find peace in my life, I initially turned to self-help books. I found a little relief, but often found myself going back to old habits. I started to realize that hiding my demons was only making me more depressed and more disconnected.

I tried everything: more books, journaling, yoga, meditation. and hiking. Physical exertion was having an impact, but it only lasted a few hours, then I was back in my mind, returning to old habits.

I finally realized that I had to tell my story. I wrote Garbage Bag Suitcase and began diving into an understanding of trauma and its effects on the brain.

The research began turning me onto new books. Suddenly I understood my “trauma brain” in a whole new way. I wasn’t “crazy;” my brain was just programed to constantly be in Fight, Flight, Freeze, Appease mode, and this knowledge changed everything for me.

Like a Sledding Hill

I recently heard Dr. Cathy Fialon explain trauma brain as a sledding hill. When you go sledding the path becomes worn, so you gain greater speed. The well-worn path is easy and comfortable. However, if you take your sled over a few feet to a part of the hill that hasn’t been used, it becomes more difficult to slide down; you can’t gain momentum and you often start and stop a lot. It takes time, she explained, to break in this new path and make it again enjoyable for sledding.

I understood exactly what she meant. My learned reactions as a child had become the well-worn sledding hill. It was easy for me to go down that road, regardless of the effects. But when I started working on myself (i.e. taking my sled to a new hill) it was difficult. Don’t get me wrong, while I’m still working on breaking in my new path, every once in awhile I like to take a spin on the old one.

That is “trauma brain” retraining ourselves, and oftentimes those we care about, how to break in a new way of thinking. I am thrilled to say I have a new career that allows me to help others recognize their trauma brain and the trauma brain of those around them, and to help themselves and others heal in a brand new way.

After all, we all deserve to try out a new place to sled. ###

 

Speakers Group MemberShenandoah Chefalo is a former foster youth and an advocate. She is the author of the memoir, Garbage Bag Suitcase, and co-founder of Good Harbor Institute, an organization focused on ensuring sustainable, implemented trauma care within organizations and individuals. You can learn more about her and her work at www.garbagebagsuitcase.com or www.goodharborinst.com

 

Resilience: A path Through Difficult Times (Guest: Kristen Brown)

BTRadioInt-300x75This is a repost of a great interview with Kristen done April 29, 2012.

Life can be difficult, sometimes VERY difficult. How we manage those trying times and circumstances matters.

Resilience, the coming back from deep sadness, tremendous stress and heartbreak, is never a level path connecting loss to recovery. It has many twists, turns, hills and valleys, with struggle, frustration and doubt as part of the journey.

Kristen Brown gives us a good look at what resilience is all about. She and her husband, Todd, were 30. They had it all, a nice home, a secure job and Brooke, their beautiful baby girl. Then, with no warning at all, Todd, an athlete in high school, dies suddenly of a heart attack. For her sake and Brooke’s, Kristen resolved to not only survive and recover, but to thrive in the face of adversity.

This is Kristen’s story, including how she started and operates several successful ventures, wrote a best-selling book, The Best Worst Thing; a Memoir, and continues to reach out with support and encouragement to others who also must travel a path they didn’t choose. (27:04)

Kristen operates a number of business and support websites. All can be accessed through:

www.KristenKBrown.com

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Your Child’s First Job … with a Boss! (Guest: Joe Sabah)

BTRadioIntDo you remember asking for your first job? Were you nervous? Probably; and perhaps scared of being rejected even before you got your words out.

JSabahphotoThat first job for you, and the first job for your son, daughter or grandchild, is a rite of passage, much like getting that driver’s license or making it through that first date. There can be anxious moments, but it’s all part of growing up.

This program features Joe Sabah, professional speaker, trainer and author. He will help you equip your child with a rock-solid advantage when they go for that first job, and it will give them the tools and confidence to get a great job later–one they really want and for top pay and benefits.

JSabahbookIn this program, Joe shares how he helped his son get his dream job right out of high school. From this experience, Joe came up with something that leaves resumes in the dust: the Gold Form. It’s just one of the many tips that have helped thousands of folks get the job the always wanted.

Joe has shared his message and his book, How to Get the Job You Really Want and Get Employers to Call You, on over 700 talk radio shows. The testimonials and Thank-You notes he has received easily would fill another book. Listen in as Joe and Dr. Sutton discuss how these great ideas can work for our kids, also! (27:48)

www.joesabah.com

Joe’s book is now available in downloadable ebook format HERE.

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5 Tips for Raising Teens Effectively (Guest: Peggy Caruso)

BTAboutThemFinding it difficult to raise your teenage children? Adopt Peggy Caruso’s five life-saver tips to give them the right direction.

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peggy1. SET GOALS
Setting and reaching goals is very important with teenagers. Goals help them define what is important and it teaches them how to prioritize. It assists them with developing a plan of action in which they can measure their progress. Goals assist with maintaining focus, overcoming obstacles and staying positive.

Set short- and long-term goals. Once they reach a short-term goal it will be a motivator to work toward a bigger and more challenging goal. It will make them persistent in their endeavors.

In goal-setting, you must discover your child’s skill sets. Skills are behaviors in which we increase our knowledge, and abilities are natural talents. Understanding what skills and abilities they have and what they need to reach their dreams is an important component in your child’s career development.

Your teenager will develop skills that will be transferred as an adult. You will begin to understand their personality, discover their creativity and it will be easier to encourage them to become involved in extra-curricular activities. Remember that the less idle time they have, the better.

All successful people set personal and professional goals and it is very influential in raising a teenager’s self-esteem. It provides them with direction and a sense of accomplishment.

2. TEACH MASTERMINDING
Social media has a major impact on a teenager’s ability to effectively communicate. Verbal communication is on a decline due to texting.

One area to enhance communication is to teach masterminding. This is very effective and utilized by many adults; therefore, it can be effectively implemented with teenagers.

It is placing a group of five or six like-minded teens together to meet once biweekly for one hour. Meeting places can vary between houses. They begin by each taking one minute to say their “win for the week” and then they move on to challenges. Each teen presents a challenge they are facing and the remainder of the group assists by providing feedback and solutions.

This assists with problem solving and holding one another accountable. It reinforces communication and interpersonal relations. Masterminding enhances friendships, and helps them balance the highs and lows. It assists with creativity and establishes motivation and persistence. Communication is the key to every relationship.

PCarusocover3. TEACH PERSISTENCE
Teaching them to be persistent requires that they will be definite in their decisions, and that requires courage. It is a state of mind; therefore, it can be cultivated and with persistence comes success. When we talk of success, most people think of adults. But if you begin applying the success principles when your children are young and impressionable, you teach them how to realize that failure is good sometimes.

Persistent action comes from persistent vision. When you define your goal and your vision remains exact, you will be more consistent and persistent in your actions. That consistent action will produce consistent results.

Remember to teach your child the difference between the person who fails and the one who succeeds is the perception they have. It is seizing an opportunity and acting upon it, unlike the person who allows fear to dominate his abilities.

4. SET BOUNDARIES
It is extremely important to give teenagers consequences. They must understand poor choices and what happens when rules are broken. Once you set a consequence, it is imperative that you follow through. Once the teenager overpowers the parent, the problems spin out of control. You need to ensure that you, as the parent, are the one who maintains control.

Set boundaries and learn to say “no.” Don’t allow them too much “alone” time. Teens who spend an excessive amount of time alone in their room can get into trouble on the Internet. Keep electronics away from the dinner table and out of their room while they sleep.

5. IMPLEMENT SUCCESS PRINCIPLES
In today’s society, teenagers are faced with many negative influences, such as bullying, social media, Internet, divorce, cutting, depression and many others. Once it is determined what the issues are and where they were developed, a positive intervention can be applied.

One great positive intervention is implementing success principles. Discovering the true talents and abilities within our children will prepare them for this unpredictable world by teaching them how to adapt to any situation. Instilling entrepreneurial ideas in children will help them become successful adults and it will create independence within them.

Once your child becomes a teenager, you can get them into the financial mindset associated with college. Use a net price calculator on college websites to see how much each year costs when including other expenses besides tuition. Instead of letting them think you will pay for their college, allow them to understand the associated costs.

Also explain how there are other ways to assist, such as financial aid, grants and scholarships, and the differences in what needs to be paid back and what is free money. Teaching the fundamental principles at an early age will make them aware of why they need to focus on getting good grades and how their GPA affects the financial status regarding college.

Understanding finance will also help them understand how student loan debt could affect their lifestyle after graduation. This will make them aware of the importance of good spending habits during their college years. Children who help repay their college debt learn to be grateful and conscientious about money. Studies have shown that when children pay a portion of their debt, they are generally more focused on their academic performance.

They need to learn how to manage their own strengths and weaknesses. Many children are afraid to fail because they feel that they are letting their parents down. Teach them that failure is just feedback, letting you know how to modify your plan. It is a stepping stone to success. Many of the successful people in history have had multiple failures before reaching success.

As children and teens grow, they need to learn how to deal with change. We can’t give our children a blueprint in life, but we can teach them coping skills. Your child’s skills and abilities will be their most valuable asset throughout their lives.

Once you discover what their true talents and passions are, it is easy to get them started on building a business. There are many businesses suitable for children and teens. Educating them about employment or entrepreneurship has astounding effects. It teaches them time management, assists them in learning how to follow directions, and provides team and leadership skills. Studies show discouraged teens often grow up to become discouraged adults. This affects their confidence level in the workforce.

Peggy Caruso can be reached at pcaruso@lifecoaching.comcastbiz.net for more information. www.lifecoachingandbeyond.com

 

Banking on Kids (Dr. Ed Anhalt)

BTRadioIntIt’s a fact: Kids who understand money and how to manage it wisely have a distinct advantage as they become adults. For instance, they understand how to handle money responsibly and how to use it as a tool for achieving financial stability and security.

Like all skills, money skills must be learned, practiced and perfected, and they are best learned early. Our guest on this program, Dr. Ed Anhalt, founder of the Banking on Kids financial literacy program, will share some sound insights for teaching money skills to young people in a way that makes sense and draws “interest.” These skills can last a lifetime as they enrich the lives of individuals and their families.

BOKlogoThe first Banking on Kids student-run bank in the schools opened in 1995 under Ed’s expert guidance. Today the program operates in about 350 schools sponsored by more than 30 bank-sponsored school partnerships around the country. It’s a simple but powerful concept: Students start a savings account at their in-school bank (with as little as $.25), then, when they have $10.00 in savings, they can go to the sponsoring bank and open an interest-bearing account.

Dr. Anhalt has a track record for turning great ideas into reality. He is currently Dean of Education for International University for Graduate Studies, and he’s the author of the book, Raise Your GPA One Full Grade. (25:32)

http://www.bankingonkids.org

 

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We Become What We Think About (Earl Nightingtale)

BTLifesMomentsThe late Earl Nightingale was aboard the USS Arizona when it was sunk by the Japanese attack on Pearl Harbor, December 7, 1941. He was one of only 15 marines that survived. He made his mark in radio in the 50s and went on to be a leader in the new field of motivation and success building. He was co-founder of Nightingale-Conant, one of the first businesses of its kind to specialize in the production and sale of audio learning materials.

strangesecretIn 1956, the first ever spoken-word record to go gold (over 1,000,000 copies) was recorded and distributed. It was a recording by Nightingale entitled The Strangest Secret.

Here’s the main point of his message that caused that recorder to sell over a million copies:

We Become What We Think About

 

Actually, a few other folks said essentially the same thing:

King Solomon, known for his great wisdom, said, “As a man thinketh in his heart, so is he.” (Proverbs 23:7)

Henry Ford said, “Whether you think you can or think you can’t, you’re right!”

Shakespeare said, “Nothing is either good or bad, but thinking makes it so.”

But we do have to hand it to Earl Nightingale. He nailed it in only six words: “We become what we think about.” ###