Friday, October 19, 2012

Wealthquest for Teens

I remember when I was a young teen - maybe even preteen and my family lived on Grandpa Schickling's small farm. Grandpa set me up in the strawberry business. I can't remember exactly how much, but he planted a bunch...and I mean a bunch... of strawberry plants, taught me how to take care of and harvest them, and off I went making money. I know I never became rich, but I had quite a business going for a few years. Unfortunately, I was never really taught how to handle money. Oh, I was taught to give 10% to the Lord, but that was about it. Soon, the little money that I earned was squandered and spent foolishly.
I've learned, since, how to handle money a little better and, now that John Allen is a teen, I knew it was time to teach him how to handle his money. That's why I was thrilled to receive Wealthquest for Teens to review with the Schoolhouse Review Crew. Wealthquest for Teens has been really great for our oldest. I think it has been a real eye opener for him on how to handle his money.
When we first received our download information about Weatlthquest, the author, Jill Suskind, sent us a really neat letter with a six week lesson plan for using Wealthquest. Unfortunately, we only have six weeks to review products and we were on vacation part of that time. However, we did get quite a bit of it done and look forward to using the rest. I'll talk about our experience using the parts that we did get done, and just tell you the other things that were included in our lesson plans.
I'm not sure if the letter is included in the regular package or if it was just included for the Schoolhouse Review Crew. I do know, however, what the website says is included. When you purchase the program, you receive the online seven module video seminar, a downloadable ebook for teens called "Basic Seminar Quickstart Guide" and a free Parent's Guide.
John Allen really enjoyed the Wealthquest for Teens interactive online seminar. It was easy enough that I just let him work on it on his own, but I did watch some and worked with it a little myself. The seven modules included:
  • Welcome, Intentions and Overview of the Program
  • Your Habits and Attitudes Determine Your Net Worth
  • The First Thing You Need in Order to Become Rich: Income
  • The Second Thing You Need in Order to Become Rich: Knowledge About Money
  • The Third Thing You Need in Order to Become Rich: A Great Money Management System
  • The Fourth Thing You Need in Order to Become Rich: A Really Good Reason!
  • A Look At Financial Freedom

These modules were extremely informative. I really like the authors concept of "rich". She doesn't put a money value on it, because rich is considered "the amount of money you need to have the life you want and to make a difference in ways that matter to you." She doesn't teach ways to become rich or ways to save lots of money, but she instead teaches good money management habits that, if learned, can serve you well the rest of your life. The online modules had questions to be answered on your computer that could be printed out later on.
After the Wealthquest for Teens modules are completed, the "Basic Seminar Quickstart Guide" ebook comes into play. This 33 page ebook is to be used after the online modules. It first takes you through a quick review of the modules. The book then is divided into 30 one page segments that are to be used for the next 30 days to guide you in to implementing what you have learned. Especially the "Silo System". The Silo System reminds me a lot of something I learned (finally as an adult) from Dave Ramsey, but is a little different. They encourage you to have six labeled containers as pictured above that you are to put you money into as soon as you earn it. The six categories are:

  • Future Financial Freedom 10%
  • Heal the World 10%
  • Saving for Big Ticket Items 10%
  • Learning 10%
  • Fun Money 10%
  • Necessities 50%
We are adding a seventh for tithing, although you could probably consider the "Heal the World" category for that. At any rate, this system has been a learning experience for John Allen and has been a great review for me as well. I won't review all of the names and topics, but the rest of the chapter/days in the ebook have been just as informative. John Allen found these very easy to read and use. Instead of printing all of the pages out, we chose to do it off of the computer in a separate notebook. Although they are divided into days, if wanted, more than one chapter could be done each day.
After the ebook is completed we were given a link to use This neat website allows you to set up an account and use the silo system that was taught in this seminar and ebook. We haven't had time to use this, but it looks fascinating and will, I'm sure, be very useful.
The free downloadable parent guide is equally as useful. It gives an overview of the program and talks about allowances, the mistakes parents make with money and children, and how to help their children through this program.
So, usually huge seminars like this cost $100's of dollars or at least enough that you need a system to save up for it. However, Wealthquest for Teens is only $39.95. We are really enjoying this and I'm sure you will as well. Just click here or on any of the hi-lighted links above for more information.
As usual, Wealthquest for Teens was reviewed by many of the other Schoolhouse Review Crew members as well and you can find what they had to say by clicking here. Happy Homeschooling!
Disclaimer: As a member of the Schoolhouse Review Crew I was sent for free Wealthquest for Teens in order for us to use and give an honest review on this blog.

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