Money

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unethicalEditor's note: This guest post was written by Jon Dulin of PennyThots.com.

We are not afraid to admit that there are thousands of ways to make money on the side that can help you with your budgeting and getting out of debt. But we are also not afraid to admit that a number of these money-making schemes are not on the up-and-up.

While there are some very legitimate ways to make money (delivering pizzas or newspapers, doing some freelance work online, starting a small business), there are some that are illegal (prostitution, selling drugs, robbing banks), and there are those which kind of toe the line between legit and not-so-much.

We all know that just because some scheme is legal doesn’t always mean it’s right. Working a business and making money can and should have an ethical and moral component to it. But there are times when the love of money overrules ethics, morality and common decency. Even if legally the person can get away with it.

This is why we always say if something seems too good to be true, you should always ask questions and do research before getting involved in something that might be a little loose with ethics if not the law.

Now, to be clear, while we advocate finding ways to make extra money to help get your financial house in order, we are not writing about unethical money-makers as an encouragement to you. This is more for educational and informational purposes that there are some unethical things out there, and you should be aware of these so you can decide for yourself if doing something similar will work for you or not. If you have ethics, then you will pass and not get involved in anything like these. However, are any of these things truly wrong, in your view? ...continue reading

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swipeKeeping a $20 bill in your pocket can seem like an enticement to spend it. That cash can also help you have less credit card debt by not having to swipe a credit card for small purchases.

A recent study by the Urban Institute found that using cash when a purchase is under $20 left the consumer with $104 less in revolving debt, on average. That dropped their credit card balances 2 percent below their baseline average.

For young people, the $20 cash rule led to more savings. People under 40 who were reminded "Don't swipe the small stuff" and to use cash on purchases for less than $20 had $173 less in revolving debt. ...continue reading

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good money traitsIt is crucial that your child has an idea of personal finance at a young age. You want them to grow up knowing how to pay their bills and understanding what it means to be in debt. Here are five ways you can teach your child about personal finance that can also be fun and memorable.

1. Take Them Grocery Shopping

Encourage your teen to participate in a “grocery day” with you to better understand financial literacy. Sit down with your child before shopping and go over your budget and your list. Explain to them how much you are looking to spend and the food you need for the week/month.

Have them help you coupon clip and try and make a goal to save a specific dollar amount. Take them with you to the store and have them help you look for each product. Make sure you stay within budget; you might want to consider bringing only cash with you so you don’t go over.

You can turn this into a fun adventure! This can make grocery shopping fun for the both of you.

2. Invite Them to Help You Organize Your Receipts

 After your holiday shopping, you might be stuck with a lot of receipts and bills. Invite your child to help you organize your receipts to understand how much expenses cost. Your child may be surprised to learn how expensive things can be. This might teach them to think twice before asking for luxury items next year.

Your child also may be interested in holding a job so they can pay for more discretionary expenses on their own. You could even teach them a little about tax on products when going through your receipts. ...continue reading