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Interview with Eva Baker: TeensGotSense

Eva Baker-14 ALTERED

 

Think you can’t create a cool new business when you are stuck listening to “borrrrrrinnng” shows on the radio?  Then you need to hear Eva Baker’s story!

On this Mom & Daughters Inc interview, Eva and I discussed how she launched her business, TeensGotSense.  It’s a unique concept that educates teens on financial topics like shopping, bartering with parents and finding a first job.   Eva started the business when she realized that there were no outlets that shared tips on financial literacy from a young person’s perspective.

If you are curious about starting a business, Eva also shares how she dealt with the unknown aspects of the startup. For example, listen to 6 min mark to hear her story about designing her first website.  She also shares some great tips about how to get help from friends and family.

Eva is launching a teen conference this June.  If you know any teens who want to be inspired, check out details in the link below.

http://theteenpreneur.com/

Wanna join the community?

You'll join if you care about boosting your daughter's entrepreneurial mindset. Because she ain't never going to be sleeping on YOUR couch without a plan.

Did you spend ALL the Christmas gift money?

Tips for how your daughter can save and invest money earned from the holidays

Did your daughter get a few cash gifts from friends and family?  Good!

After she’s written the thank you notes, consider this idea:

  • Save Some
  • Spend Some
  • Invest Some

One of the most powerful lessons for our young people – how to handle money.  If they learn the lesson at a young age, it’s muccccchhhh easier to save as they get older.  And if they develop the habit of saving AND investing money…WOW.

The world will be their oyster.

It doesn’t take much to get started.  Don’t worry about having thousands of dollars.  Start by teaching your children to think in percentages.  For example, they could save 10%, invest 20% and spend the remainder (70%).  This way, even a dollar matters.

And it does.  Because your children have time on their side.  And it’s good to get into the regular habit of using the percentages E.V.E.R.Y. time they have money.

Here are three ways to start the habit:

Open a Savings Account

If you haven’t already, open a savings account for your daughter.  And encourage her to save at least 10% of every dollar she is given or earned.

Many banks will waive the fee if it’s a youth account.  So march down to your local community bank or find an online bank like Ally or Capital 360.

Don’t go crazy if the account doesn’t earn high interest.  The most important thing is to start saving and make it a habit.

Start Investing 

I used to teach young people about investing by reading the Wall Street Journal.  It’s fun to watch the stock pattern of a company that you are interested in – ie. Apple, Nike, Wal-Mart.  As an educator, I loved to see students learn more about the events that create those patterns.

You can start small.  Buy one or two shares at a time and have your daughter learn about the basics of investing.  You can get started with companies like Giveashare or Stockpile.com.  Both companies offer the opportunity for young people to buy one share (or less!)  and learn more about the investing process.

Invest in a Business

Want higher returns than the stock market?  Consider investing the money in a business. A business that your daughter starts.  It’s doable to earn 20-50-100% of the original investment when you start your own business.

It requires that they start with solving a problem for people.  And use their talents and skills to resolve it.  This blog has several articles that can get them started.  Here are few posts to get the creative juices flowing:

Why should girls learn about entrepreneurship

How your daughter can earn holiday cash selling crafts

Yes, there is a risk that they will lose the money.  But in the long run, it’s impossible to really lose. When you learn how to create, market and sell a product or service, you are going to be empowered for life!

If you spent the money already, no worries!  You have the remainder of the year to start devloping these habits.

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