Summer Jobs and Your Teen

Many teens will spend their summer vacations lounging on the couch, watching TV, or playing video games non-stop. However, nearly every one of them would like the opportunity to make money to spend how they want. Why not encourage your teen to start his or her own summer business? This is a way to keep them occupied, engaged, and making money that is their own. It's actually not that difficult to teach your child the basics of a business venture even if you don't know how yourself.

1. The Idea - First, you'll need to find an idea that works best for yourself and your teen. Lawn-mowing and yard care is always a highly sought after service your teen could invest in. Selling night-crawlers if you live near a river, lake, or reservoir could be ideal as well. The whole purpose of this step is to fill a need that is neglected in your area that is safe for your teen to practice.

2. Bookkeeping - If you don't have the money to purchase proper bookkeeping software from the likes of Intuit for the simple use of your teen's new business, free accounting software can be used such as GNU Cash. Have the teen set up the entire account in order to start tracking funds, inventory, and supplies. You can even go so far as to demonstrate how net-worth works from a business perspective. Although you may not have an actual bank account open for your teens business, have a cash reserve that is labeled "bank" as a reference.

3. Supplies and Inventory - Once the accounting software has been set up and ready to start entering information, now is the time to gather the supplies. While your teen may not have the money to invest in what is needed, you can demonstrate how a "loan" or even how purchasing "shares" in a company works as you supply them with starting capital. Once this has been established, the teen will need to develop a supply and inventory list as well as any equipment he or she needs in order to complete the task.

4. Advertising Budget - If they don't know you exist, how are they going to contact you? Helping your teen set up an advertising budget will demonstrate the importance of marketing. Although this may entail simple flyers, business cards, and pin-up sheets on cork-boards at the supermarket and telephone poles, it is still an important lesson about the importance of marketing your business for success. You could even get creative and put some graphic design lessons within this aspect if you have a talent for it. At any rate, advertising is important for any business and staying within the allotted budget could mean the difference between survival and bankruptcy.

5. Payroll - As your teen is probably not going to be able to afford his or her own hourly wages, you'll need to help them determine a fair commission of the services. This is where strict adherence is important. You need to teach the teen that the business needs to be able to sustain itself for continued growth. If they were to take all of the money, there would be nothing left for advertising, equipment, or inventory. The commission should be able to give them a little bit of spending money, but not too much to starve the business.

6. Employees - What teen doesn't want to include his or her friends in the business venture? However, does your teen understand what it means to take on additional help? Although they won't have to worry about insurance premiums or social security taxes, they will still need to realize that increasing the payroll budget decreases another aspect of the business. Having additional help could increase the income in a business that is geared towards timeliness or services that are on location. Two lawn-mower customers at once are better than one.

7. Strategies for Improvement - Using the reports generated by GNU Cash or other bookkeeping software, your teen can see where the money goes. This can help them develop a strategy to increase profits by lowering costs or coming up with plans and innovations to increase revenue. In this regard, the teen will need your help or you can sit with them as they scour the Internet for suggestions and ideas. You might learn something yourself by this experience.

A summer business can work for your teen in a variety of ways. It can teach discipline, dedication, bookkeeping, and could possibly instill pride and responsibility in your child if you support their ideas. They will be faced with real world challenges and have to develop ways to overcome disadvantages. It is a worthwhile endeavor and could inspire your child to continue learning more about business ethics and social responsibility. In any event, it will be a learning experience as they have an opportunity to make their own money to spend in any way they wish.

Author Bio:

Rachel is an ex-babysitting pro as well as a professional writer and blogger. She is a graduate from Iowa State University and currently writes for www.babysitting.net. She welcomes questions/comments which can be sent to rachelthomas.author @ gmail.com.

Teens and Financial Responsibility: Should Your Teen have a Summer Job?

As summer is approaching many parents question whether their teen should get a job or go to summer camp.  It is a personal decision and a depends on the teen and the family.

Teaching your teen how to be responsible with money is very important. So many teens enter adult hood unaware of the workings behind their finances, which leads them into a lot of financial hardships down the road.

Here are a five ways to start teaching your teen to be financially responsible:

1)  Get a Job:Your child’s education should be first priority and their job second, so a job that requires a minimal schedule is best. Look at lifeguarding, restaurants, retail or babysitting. Even if the job doesn’t have epic responsibilities it will teach them about paychecks, pay periods, taxes and what to do once you get that pay check. Be sure to check your state’s legal working age; some differ from others anywhere from 13 to 16 years old.

2)  Allowance: Your teen may be too active with school and extra circular activities to find a part time job, so make them earn an allowance. Chores around the home, dog walking or watching their younger sibling is a good way for them to earn their money. Pay them what you would normally pay someone to do that job. Just because they are your child doesn’t mean you should pay them less.

3) Save: Teaching your teen to save is so important and probably the most important habit they carry on into their futures. The money they earn, whether it is allowance or from a job, have them save a portion, Teach them the reasons you save and why it is so imperative for their futures.

4)  Pay for own things: Going to the movies, concerts or buying a new pair of shoes that they ‘must have’ should come out of their own pocket. As parent you are not entitled to buy them new video games or supply cash for pedicures. Teach them that that these things are just extras and they will have to pay for it themselves. Have them pay for their own gas too will help them see how quickly money can disappear.

5)  Give them a Credit Card: This may be a stretch for some parents and could seem an extreme. But sitting down with your child and going over how credit cards work can help them when they run off to college one day. College students are easy targets for credit cards because they do not understand how to use them. Start early and let them use the family credit card and monitor every spending and show them how quickly things can add up.

As in any lesson you are trying to teach your teen, don’t beat a dead horse. Avoid the nagging and pestering and let them make the mistakes. Obviously you need to monitor them from a distance but be there to kindly guide them in the right direction. Follow some of these tips and you will see a little money saver in no time!
Special contributor: Jenny Ellis is a freelance writer, and a regular contributor for aupair care. She welcomes your comments at: ellisjenny728 @ gmail.com.

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Sue Scheff: Tips for Teens Looking for Summer Jobs

With today's economy and more importantly to help teach your teenager responsibility it is beneficial for many teens to get a summer job. What can be difficult is many adults are now accepting employment where teens used to get jobs due to the financial struggles many are having.

How can teens get jobs? Here are some great tips from Quintessential Careers to help you land a summer job:

Always avoided your parent's friends? Now's the time to get to know them better. Networking -- talking -- with as many adults (family, friends, neigborhors, etc.) as you can is best way to find a job, any job. Learn more about the power of networking.

You thought school was over? Think again. Now is the time to learn all you need about job-hunting because it's going to be harder than ever before to get a job. Learn more about job-hunting basics.

How's your spelling and grammar? Better brush up. Take the time to prepare or update your resume -- you'll need it when you go on job interviews. Check out these resume resources and sample resumes.

Put away those short skirts and thrift-store clothes. When you talk with potential employers, you need to dress your best and look professional, not like you're going on a date or lounging around the house. Learn how to dress for success.

Turn off the television or video games and hit the street. A good way to look for summer jobs is going to the human resources department or manager of as many stores and offices in your town. Dress professionally and bring lots of copies of your resume.

Thought you were done competing with your older siblings? Nope. Teens are being squeezed out of traditional jobs this summer as more experienced workers are forced to take whatever jobs they can find.
If you love the outdoors, you may have better luck. As summer tourism picks up, there will be jobs in water parks, camps, and other hospitality-related companies and organizations.

Love the Net? Then use it -- to a point. There are a number of teen summer job and camp sites, but don't make this method your sole method of job-hunting. Check out these teen summer job sites.

No matter how bad it gets, keep smiling. Studies show employers look for these things in teens: enthusiasm, positive attitude, hard-working, friendly, and on-time.

What do Employers Look for in Teens

Employers want motivated teens who are going to arrive to work on time, have a positive attitude, work hard, work well with others, show leadership qualities, work their full shift, and do the best job they can. You need to show your employer that you are a good investment, both for the current position, as well as for any potential future positions.

Final Words of Advice

Jobs are jobs. You are going to have to work, no matter how “cool” the job or company, so be prepared for some days to not be as great as others. The keys to remember are that you are earning money, you are gaining experience, and you are making good contacts (and references)!

Time to hit the pavement or your keyboard!

Dr. Randall S. Hansen is founder of Quintessential Careers, one of the oldest and most comprehensive career development sites on the Web, as well CEO of EmpoweringSites.com. Also check out his job and career resources for teenagers.

Is your teen interested in the water? Pools, beaches and camps - Check out Red Cross Lifeguarding Certifications. Read more.

Read more about teens and summer jobs.

Sue Scheff: Teen Paychecks - Teens Learning Financial Responsibility

Source: Connect with Kids

TEEN PAYCHECKS

“We know that the savings rate in our country is atrocious. As a matter of fact, last year was the first time since the Great Depression that we had a negative savings rate as a country. So as adults that have obviously very little value on savings, we're not passing it on to our kids to put much aside in savings, either.”

– Todd Mark, Spokesperson, Consumer Credit Counseling Service

17-year-old Vanessa Ceci works part time at a tanning salon. She says her paycheck belongs to her, and not her parents.

“They shouldn’t be too involved,” says Vanessa, “because it’s my money that I’m spending. Like, I’m working for it.”

“There are times that she’ll come home with a new purse,” says Vanessa’s mom Dianna, “or some more shoes that she doesn’t need - and we kind of get upset.”

Should parents decide how kids spend their money?

“It’s a good thing for parents to say, ‘you’ve got money coming in - these are the things that I would do if I were in your shoes,’” says Todd Mark with the Consumer Credit Counseling Service. “Not necessarily force them to, but strongly encourage them to.”

And, Mark says, one thing parents should strongly encourage in their children is saving.

“We know that the savings rate in our country is atrocious,” he says. “As a matter of fact, last year was the first time since the Great Depression that we had a negative savings rate as a country. So, as adults that have obviously very little value on savings, we’re not passing it on to our kids - to put much aside in savings - either.”

Vanessa says she now saves most of her paycheck---because that’s what her mom taught her to do.

“I like saving,” she says. “It makes me feel good knowing that I have money in my savings account. When I talk to some people they are, like, ‘oh, I only have, like, 50 dollars!’ I’m like, ‘wow! I have a lot more than that!’ So it just feels good because, like, in the future, I’ll be set up a little better than most people.”

And experts say that if you can afford it, encourage kids to save with a cash reward.

“Many parents really go the extra mile to encourage this by doing just as employers do with a 401(k),” says Mark. “And [they] say, ‘you are going to put 10 percent aside - we’ll match you dollar for dollar.’”

But, he says, for kids to learn the value of money parents should allow them to spend part of their paycheck any way they choose.

“Before, like, when I didn’t have a job,” says Vanessa, “when I wanted something, I was like, ‘oh, okay - swipe the credit card and, like, Mom and Dad will pay for it.’ But once it’s my own money and I’m spending it, I look at a sweater and I’m like, ‘wow, that’s really way too expensive. I have to work like eight hours for this.’”

Tips for Parents

■$179,000,000,000: how much money US teenagers spend annually.

■$1,585: average credit card debt for a college freshman.

■17: percentage of students who pay off their credit card balances each month

■63: percentage of students who say they get financial information from their parents.

■3: the number of states that incorporate personal finance into curriculum standards for schools (Utah, Missouri, and Tennessee).

■18: the number of states that require personal finance instruction be incorporated into other subject matter area.

The American Savings Education Council believes schools are an ‘obvious and natural avenue’ to reach young people with financial information, but the group also says the importance of parents ‘should not be overlooked or underestimated.’

How can parents help their children become ‘financially proficient’? In an address to the Federal Reserve Bank in Dallas, David W. Wilcox, US Treasury Assistant Secretary for Economic Policy, offered his own personal list of concepts parents can teach their children about personal finance:

■The concept of a budget constraint. Every graduating senior should understand that resources are finite, and accordingly that choices have to be made. A dollar spent on something today necessarily means either that a dollar less is available for spending on other items, or that a dollar less is available for saving for a better tomorrow.

■The concept of present value. Every graduating senior should understand that a dollar today is worth more than a dollar in the future. This is the fundamental reason why the time to get started on retirement saving is now, regardless of how old you are.

■The concept of risk. Every graduating senior should understand that the financial market is a very uncertain place. You could make more money than you expect, but you also might lose more than you expect. If something sounds too good to be true, it probably is.

What else? These suggested financial principles to impress upon children from the Kids’ Money Top Ten List:

■If you don’t have the cash to pay for it, you can’t afford it
■Begin a retirement and investment account now
■A sale in a store is not a sale if you can’t afford it
■Save at least 10% of each and every paycheck
■Always have and work toward a financial goal
■Money isn’t everything and greed is not good.

References
■Consumer Credit Counseling Service
■Financial Literacy and Education Commission
■The Department of the Treasury
■National Council on Economic Education
■Jump$tart Coalition for Personal Financial Literacy

Sue Scheff: Teens and Summer Jobs and Tips

A Guide for Teens: How to Find a Summer or Part-Time Job
by Randall S. Hansen, Ph.D.

Even if summer vacation is still a few months away for most teens, now is the time to plan and lay a foundation for landing that cool summer job you really want.

Some caveats: This article is really geared to older high school and college teens, with a focus on summer jobs, not internships. For younger teens (under 15), check out another article I wrote, Job Ideas for Teens 15 and Younger: Beyond Babysitting. For college students looking for internship tips, we’re working on such an article, but for now, please visit: Quintessential Careers: College Internship Resources.

The Action Plan for Teens Wanting a Summer JobThe first step you need to do is decide on the summer job you want or need -– in terms of the type of job, the location, the hours, the pay. You may not be able to find a job that meets all your needs, but given the current employment situation you should strive to find one that meets as many as possible.

The second step you need to do is complete a self-analysis. What do you have to offer an employer? What kind of skills do you have? What kind of other work have you done -– paid or volunteer? What have you learned at school that might be useful in your ideal summer job?

The third step you need to do is develop a resume. You will put forth a very professional image if you present a professional-looking resume to potential employers. You’ll want to visit Quintessential Careers: Resume Resources. You’ll also need to learn about cover letters, so plan on visiting Quintessential Careers: Cover Letter Resources.

The fourth step you need to do is use all your available resources to land that ideal summer job. Talk with your parents and older family members, your friends’ parents, your teachers, and any other adults you know and ask them if they have any contacts at your ideal job’s company. Give them copies of your resume. We call this step networking, and it will give you the highest chances of landing your ideal job.

The fifth step is hitting the pavement, reading the newspaper want ads, and/or surfing the Web. If you don’t get any job leads from the fourth step, you have to take action!

The sixth step is applying for the jobs that interest you. This step is where you again use your resume. Make sure you are familiar with job applications and have all the information you need to complete them.

The seventh step is interviewing for the jobs. Make sure you know something about the company; develop answers to common interview questions; think of a few questions you could ask; practice, practice, practice with a family member of friend; dress conservatively for the interview. You can read these interviewing tips in more detail — and find lots more — by visiting Quintessential Careers: Interviewing Resources.

Where Teens can Find Summer JobsThere are any number of places where you can look for a good summer job:

Local merchants: local stores often need good help – and not just in the summer.

Small businesses: most towns have a number of small business offices – and your family or friends probably know several owners or office managers.

Corporate offices: many have established summer jobs and internship programs, but often these are the most competitive.

Stores at the mall: have a favorite store you like to shop at in the mall? Maybe now is the time to get a job there –- just be careful not to spend all your earnings buying their products.
Hotels and resorts: summer is the busy season for most hotels and resorts.

Tourist attractions: even if you don’t live in Florida or California, most states have tourist attractions that especially need help during the busy tourism season.

Golf & Tennis clubs: as the weather improves, these clubs are usually looking for part-time help.
Grocery stores: maybe not the most exciting jobs, but probably the most convenient -– and not just for summer.

Fast food and restaurants: local restaurants always need good help -– and while not the most glamorous, it’s still a job.

Parks and recreation departments: city, state, and national parks and recreation departments often develop special summer programs, and thus have job opportunities.

Local government summer job programs: often various government agencies sponsor different kinds of summer youth work programs.

Summer camps: okay, you went to camp as a kid – now you can go back as a counselor and get paid while being at camp.

Working for yourself: there are all sorts of jobs/businesses you could develop for yourself in your neighborhood –- Check out my article, Job Ideas for Teens 15 and Younger: Beyond Babysitting.
The Web: especially if you want to work outside your neighborhood, or even your state, the Web is the place for you to explore all sorts of summer job opportunities -– so go visit Quintessential Careers: Summer Job Websites.

What do Employers Look for in TeensEmployers want motivated teens who are going to arrive to work on time, have a positive attitude, work hard, work well with others, show leadership qualities, work their full shift, and do the best job they can. You need to show your employer that you are a good investment, both for the current position, as well as for any potential future positions.

Final Words of AdviceJobs are jobs. You are going to have to work, no matter how “cool” the job or company, so be prepared for some days to not be as great as others. The keys to remember are that you are earning money, you are gaining experience, and you are making good contacts (and references)!

Questions about some of the terminology used in this article? Get more information (definitions and links) on key college, career, and job-search terms by going to our Job-Seeker’s Glossary of Job-Hunting Terms.

Dr. Randall S. Hansen is founder of Quintessential Careers, one of the oldest and most comprehensive career development sites on the Web, as well CEO of EmpoweringSites.com. He is also founder of MyCollegeSuccessStory.com and EnhanceMyVocabulary.com. He is publisher of Quintessential Careers Press, including the Quintessential Careers electronic newsletter, QuintZine. Dr. Hansen is also a published author, with several books, chapters in books, and hundreds of articles. He’s often quoted in the media and conducts empowering workshops around the country. Finally, Dr. Hansen is also an educator, having taught at the college level for more than 15 years. Visit his personal Website or reach him by email at randall(at)quintcareers.com.

Reprinted with permission; copyright Quintessential Careers

Parents Universal Resource Experts (Sue Scheff) Should your Teen Get A Summer Job?

By Education.com www.education.com

Last summer your teenager lazed around the pool complaining he was bored. This summer, though, he's old enough to get a job. So should you send him to the nearest fast-food place to make him earn his keep? Before uttering an unequivocal and enthusiastic "yes!" take a little time to sit down with your teen and discuss the long-term effects of how he chooses to spend his summer.

There are certainly benefits to your teen getting a summer job. When she's bringing home some money, she can start paying some of her own expenses. She'll be occupied, less likely to get into trouble and won't be complaining that she's bored. But did you know that getting a job, even as early as the summer after her freshman year, can make her more attractive to colleges, too?

"Colleges want students to use their free time wisely and well," states Lisa Sohmer, a member of the National Association for College Admission Counseling's Board of Directors. "Students can have summer jobs to earn money, but they can earn –and learn – other things as well, such as maturity and responsibility." That sense of responsibility may catch a college's attention, but the type of work a student does will keep it. According to Elizabeth Wissner-Gross, author of What High Schools Don't Tell You: 300+ Secrets to Make Your Kid Irresistible to Colleges by Senior Year, it's not enough to get a job at the local pizza place."Ideally," she says, "the student's work experience should help further the student's interests and academic passions." In other words, the teen who aspires to be a doctor should be working in a hospital or research facility this summer instead of flipping burgers.

Click here for entire article: http://www.education.com/magazine/article/Teen_Summer_Job/