Financial Skills – Opening a Bank Account

I was surprised when I asked parents to tell me the life skills they wish their kids knew, and there was a resounding request for kids to learn how to open a bank account.

Similarly, there was a huge call out for:

How to budget & balance accounts
How to write checks and pay bills
And how to start saving for retirement
It seems some of the things we take for granted are, as a result, missing from what we teach kids.
This article is the first article in the four-part series and will discuss the best and simplest way to get started with opening a bank account.

It seems easy, but there are several questions many people never think of that we’ll address in this article:

Which bank?
Checking or savings account?
Are there fees or minimum balances?
Should I get a Debit Card too?
Should I have my name on the account with my kid?
1. Choosing a Bank

When you choose a bank, there are a few criteria you’ll want to look at:

Location
Number of branches
Ease of access
The location should be convenient to your home, but also have enough branches so that – in the case of an emergency – you can get to your bank.
I opened an account with Elevations Credit Union when I was attending CU Boulder. It was convenient and credit unions are really great to bank with. However, after I graduated and moved, there were no branches around me, which made things very inconvenient. I ended up opening an account with US Bank since they are in about every King Soopers, where I do my grocery shopping.

This is especially important with kids because you don’t want them to have to drive too far just to bank.

Similarly, ease of access into the branch is important. I remember having a Norwest (now Wells Fargo) account, and getting in and out of the bank’s parking lot was terrible. I had several near-miss car accidents and dreaded even going to the bank.

2. Checking or Savings Account

As you’ll learn in the future article about saving and budgeting, there should be an account that is used for saving and investing.

That means it’s important to have BOTH a checking and savings account.

The reason a checking account is important, is so that kids can learn how to write checks, and have a designated spending account aside from a designated savings account.

Checking accounts are important for paying bills (be it online or via mail) and will give kids the opportunity to learn how to write checks. Even if check writing isn’t as prevalent as it once was, it’s still important.

I was shopping one day and realized I forgot my wallet, which had my credit cards and cash. I started to panic because I needed some food. Fortunately, I keep a couple of checks in the car and was able to save myself by writing a check… they still come in handy!

3. Fees & Minimum Balances

Some banks have fees to have an account and others don’t. Obviously get the one that doesn’t since your kid shouldn’t have a huge account. Likewise make sure there isn’t a minimum balance or a very small ($10 or less) minimum balance.

Just as important is how overdrafts are handled!

When I was in college, it never failed: my peers (who hadn’t learned how to balance an account) would routinely trigger their overdraft protection and the hefty fees that went along with it.

They would look at their balance online and it would show $10. Then they’d check it again a few days later and it was at $30.

It was the magical growing bank account; and they never wondered where the extra money came from. Until the end of the month when they had over $200 in overdraft protection fees!

I would suggest NOT getting overdraft protection and instead making darn sure they can balance their account (which we’ll cover in a future article).

4. What About a Debit Card?

Here’s my thoughts on kids having debit cards: it makes it much, much harder to balance the bank account while making it much easier to overspend and run into trouble.

Are ATM machines convenient? Yes, but I have never once used one in my entire life. Part of teaching kids life skills is to teach them to be prepared. I keep an extra $10 in cash plus a few checks in my car. It wouldn’t bother me if it got stolen.

If you’re determined that your kid gets a debit card, wait at least six months after opening their account so they can learn “the old fashioned way” and understand how the debit card affects their account when they actually start using it.

5. Should I Be On The Account Too?

I think it’s a very good idea for you to be on your kid’s first account so you can monitor their spending and make sure they don’t cause a train wreck.

It’s good to get statements so that you can use that as a learning experience to go over them with your kid and teach them how to properly dispose of them (in a shredder) so that they decrease their risk of identity theft.

Come up with a time frame or benchmarks until you pull yourself off the account and let your kid take on the responsibility of an individual account.

Opening a bank account is a huge step into a new world for kids and it should be a great experience. Walk your kids through the setup and look for the learning opportunities along the way.

Den Optimalen Broker Für Das Social Trading Finden

Anders als beim regulären Handel mit Wertpapieren bietet Copy Trading mehr Flexibilität und die Chance, auf besonders lukrative Strategien schnell aufzuspringen. Die finanzielle Basis der Frankfurter erlaubt auch TV-Spots, aufwändige Messestände auf Anlegermessen und Bonus-Zahlungen für Neueinsteiger ins Social Trading.

Ein entscheidender Gesichtspunkt des Social Tradings wurde bereits benannt: Während nämlich klassische Fonds einer sehr strengen gesetzlichen Regulierung unterliegen, agieren die Akteure des Social Tradings zwar nicht im völlig rechtsfreien Raum, jedoch weitgehend unabhängig.

Aus Gründen der Effektivität und der Erhaltung von Qualitätsstandards hat man sich entschlossen, nicht jeder Privatperson direkten Zugang zum Börsenhandel zu gewähren.

Für den Anfänger mag die Sache mit der hohen Trefferquote” auch völlig logisch erscheinen – wobei es durchaus sehr interessante Handelssysteme gibt, die erstmal eine Menge Verluste produzieren, bevor dann um so höhere Gewinne erzielt werden.

Die Universität Bochum und das MIT (Massachusetts Institute of Technology) bewiesen in mehreren Studien, dass Copy Trading die Rendite von Anlegern nachhaltig erhöht und zu größerem finanziellen Erfolg führt.

Anstatt jedoch lediglich Anlageideen innerhalb einer OnlineCommunity zu publizieren, geht einen Schritt weiter und ermöglicht eine Anlage in Handelsstrategien mit Wikifolio-Zertifikaten umzusetzen, welche über die Börse Stuttgart (EUWAX) gehandelt werden können.

Was viele Kunden jedoch nicht wissen: Börsenspezialisten, Broker und Investmenthändler haben viele Jahre Wirtschaftsstudium hinter sich mit einer anschließenden, hochspezialisierten Ausbildung im jeweiligen Investmentbereich.

Wir sehen jetzt schon, dass unsere Popular Trader in den Finanzmedien auftauchen – wer weiß, das Handelsblatt bezieht sich in einer Analyse vielleicht eines Tages auf einen unser bekanntesten Trader.

Für ein Kauf Signal auf dem Level des niedrigsten Preises zwischen dem Low der 5-Minuten Kerze, welches das Signal verursacht hat und dem niedrigsten Preis, der erreicht wurde bevor sich die drei Moving Averages kreuzen (siehe 2. Bedingung).

Viele Menschen möchten natürlich auch mit Trading Geld verdienen, jedoch wollen diese Menschen nicht wirklich den Handel erlernen und suchen nach einer erfolgreichen Möglichkeit doch vom Trading zu profitieren.

Daher stehen auch professionelle Vermögensverwalter und Banken zunehmend vor der Herausforderung, ihre Handelsstrategien transparent im Netz abzubilden und in Dialog mit ihren Kunden zu treten.

Leider ist eToro im mobilen Bereich noch nicht gut vertreten und hinkt Plus500 hinterher, die bereits mit verschiedenen Apps für iPhone, Android und iPad auftrumpfen können.

Nur so können entsprechende Handelsgrößen gehandelt werden und die Vorgaben des Risiko- und Moneymanagement auch tatsächlich effektiv umgesetzt werden.

Insofern sollte man den tagesaktuellen Markt des Daytradings auch kontinuierlich beobachten um sicherzustellen, dass man immer den besten Tradern folgt, die zur eigenen Anlagestrategie passen.

Anders als bei einem klassischen Musterdepot bestehen neben der bloßen Veröffentlichung auch die Möglichkeiten, eigenes Geld zu investieren, ein investierbares Portfolio aufzubauen und mit den Erfolgsprämien Geld zu verdienen.

Die Charts, die Tools für die technische Analyse, die Informationen, alles ist gut mit der Oberfläche integriert und entspricht den modernen Standards.

Natürlich sollte man sich die Statistiken der Gurus beim Social Trading besonders gut ansehen, denn man investiert ja in die Handelsstrategien dieser Gurus und da möchte man doch auch Gewinne aus dem Copytrading erzielen.

SoXange ist eine neuartige Social Trading Plattform, die genau wie bei Forex und CFD’s funktioniert, jedoch wird hier mit binären Optionen gehandelt und somit ist SoXange Social Trading in diesem Bereich etwas einzigartiges.

Deshalb ist es schwierig, den einen Testsieger zu nennen, der für alle Anleger die besten Möglichkeiten bietet und immer die bevorzugte Alternative wäre.

Die CySEC ist bereits seit einiger Zeit hier in der Verantwortung, und hat dabei in der Vergangenheit auch das eine oder andere Mal beweisen können, dass ein fairer und sicherer Betrieb von einer solchen Plattform in der Regel gewährleistet werden kann.

Reasons Which Make Fitness Gear the Trend Setter

Fitness is the latest mantra. Everybody is conscious about being fit. It is the latest upbeat and getting in vogue day by day. There are classes at every nook and corner and so are gurus and channels which are being subscribed and followed. Everybody is on the look out to get fit and in shape. Owing to the extravagant lifestyle most of the people start suffering from diseases very early and being fit definitely helps them to combat this. It is not just being fit but a glamourized quotient is the fitness gear which talks about the right clothes, right shoes and other accessories which are meant to make one comfortable and even stylish while working out.

Gone are the days when people used to wear loose tees with pyjamas or pants and old clothes to work out thinking they would sweat and would be more comfortable. The market these days has a plethora of options to choose from. In the present times it is all about being vibrant, with swanky clothes especially designed for the gym which are basically body hugging and which make you look stylish and trendy.

After reading about the concept let us know have a look at its importance, some tips once you start using the fitness gear while you work out.

Importance

• It is important as fitness gear is all about being safe and even cost-effective.

• Since the clothes are designed for a specific purpose, they exert equal pressure on the various parts of the body which in turn boosts the blood flow and even makes the muscles work in an optimized manner.

• The material with which the gear is made is helps in minimising the body odour and are even bacteria-resistant, also permits the skin to breathe under strong sun and wind.

• They even help us to avoid any injuries which could have happened otherwise like padded cycling shorts make it easy to cycle for long hours and comfortably.

Tips to follow while doing the work out

• In order to get the maximum output from the performance, it is advisable to put on the appropriate gym wear.

• Shoes should be the ones that support properly.

• It is important to have a good amount of water pre and post sessions.

• Minimal or no makeup at the time of work out

• Keep hair tightened in a pony or bun

• For the ones with dry skin issues, it is best to apply petroleum jelly.

• Be clean and hygienic

• Odour can also be reduced by applying or spraying few anti-perspiration merchandise.

Fitness gear is all about choosing the right from multitude of styles and is not too heavy on pocket. It not only makes one stylish but is also very relaxing while burning down the extra calories to get the right physique, it motivates the confidence and drives you to perform better.