What Type of Property Should You Start Out Flipping?

Now, you’ve heard me say it before, and I’m going to say it again, money makes money. I don’t want you to forget that. I want you to prove to yourself that you can work hard, stay frugal, and save $50-$100,000. For all of you guys and girls who have saved $50-$100,000, you’re probably wondering what to do next.

Where would it be advisable for you to contribute this cash?

You’re taking a gander at a wide range of properties and there’s a ton of masters out there pitching their own jibber chatter. You’re dousing up a ton of data, you’re doing your examination, you’re viewing the recordings, and you’ve most likely burned through six to a year (if not longer) on the sidelines considering what you ought to do and how you ought to do it. Yet, learn to expect the unexpected. You folks need to make a move. I require you to make a speculation. I require you to accomplish something at this moment.

Sitting on the sidelines will just give you an establishment to take in the essentials of how to do certain things; it will never give you educational experience. Careful discipline brings about promising results. In the event that you contribute, regardless of the possibility that you wind up losing cash, you will gain quite a lot more from losing it than spending another six to a year or longer perusing on the web gatherings, watching recordings, and going to courses.

Presently, what sort of arrangement would it be a good idea for you to do?

I have no cracking intimation. This is my conviction: when you’re beginning your land tries, minimal measure of cash you can contribute will break even with minimal measure of hazard. In this way, if that implies purchasing a D-class property in a harsh zone for a couple stupendous, so be it. I’m a major adherent to making a move, putting your cash where your mouth is, and gaining from the experience whether it’s great or terrible. Gain from the experience. Comprehend where you turned out badly. On the off chance that you turned out badly, ensure you don’t rehash those same slip-ups. Take what you realized, recreate it, and go into another arrangement. Simply don’t commit similar errors.

How about we simply say, speculatively, you’re taking a gander at getting one of these very economical properties. Have the mentality that you will light a match and that cash will go poof, however that will be your learning knowledge. I’m glad to state that I lost over a large portion of a million dollars when I began my excursion as a land speculator. I call it my Harvard level of land. The lessons that I gained from those misfortunes have empowered me to be the land financial specialist that I am today. They’ve Empowered me to be the business person that I am today.

I am presently running two organizations that are doing a great many dollars in income. So when you lose on that D-class property, getting your feet wet and beginning your trip in land, those misfortunes, and the lessons from those misfortunes, will shield you from rehashing botches when there are more chips on the table. Consider it that way.

Conclusion

What kind of class property you should take a gander at flipping? I for one figure you should perceive what you’re alright with. Take a gander at how much cash you have spared. Perceive how certain you feel in your capacity, and the capacity of your encompassing group of systems and after that, I say contribute minimal measure of cash. Why? Since that will liken to minimal measure of hazard. I trust that bodes well. I trust you delighted in this article and don’t hesitate to leave any inquiries underneath.

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Why Is It Important To Hire A Licensed Contractor?

No matter what state a builder is from, it’s important for each builder to apply for and get a license. What is the purpose of these laws? The purpose is to protect property owners against dishonest or incompetent contractors. The important thing is that the licensing process is a proof of the basic competency and weed out dishonest contractors. If a contractor has a valid license, it’s a sign that the professional is qualified to get the job done to your satisfaction. If you want to know the importance of licensing, we suggest that you read through this article. Read on to know more.

Dispute resolution

One of the main benefits of a hiring the services of a licensed contractors is that the dispute resolution program of the state will help you resolve the disputes. The compensation will be granted from the funds of the state. If you want to get the most out of this program, you may want to check that the professional has a valid license for the services they are offering. Without a valid license, it’s not possible to benefit from a dispute resolution.

State Requirements

In each state, there is a licensing board that has specific requirements for the professional contractors. The requirements in one state may be different from the requirements in another state. Moreover, the type of license is also different based on the state.

Licenses for General Contractors

The requirement for license depends upon the aspect of a certain construction project. General contractor is the person who is responsible to deal with you i.e. the owner of the property. The professional will work with you, supervise the entire project, buys the required material and hires some subcontractors. The subcontractors will report to the general contractors and not you. Since the license doesn’t authorize any pro to do each and every job in the project, you should do your research and find out what someone can do in your state.

Other Licenses

In the majority of states, special licenses are granted in order to allow the professionals to do certain jobs. For this, each candidate has to prove that he or she is competent enough to do work in an area like plumbing, roofing, and electrical. Moreover, if a GC doesn’t have a special license to carry out a project, they may go for a subcontractor who is qualified enough to carry out the work.

Lastly, it’s important that you get to know about each aspect of your project. At the early stages, it’s a lot easier to fix mistakes. But if they are not fixed in time, it may become a lot harder and more expensive to fix them. Aside from this, it’s a good idea to keep an eye on each worker so that the project could be completed as soon as possible.

6 Ways to Choose Video Games for Kids

Video games are the popular gifts for kids of today. As a parent, you need to ensure that the games your kids play are fun, affordable and safe. It’s true that video games should not be the primary source of entertainment for your kids, but playing games every now and then won’t hurt. Given below are some easy ways to choose the right game. Read on to know more.

1. Read Reviews

Reading reviews is one of the ways of looking for the right one. All you have to do is search for the game titles that interest you. These reviews are left by other parents. For instance, you can head to Common Sense Media. The reviews will give you a pretty good idea of how suitable a game would be for your kids.

2. Check The Rating

Make sure that the titles you choose are suitable for the game of your kid. Typically, ESRB rating system is used to rate the games. For instance, the rating may be either EC or AO. The important thing is to skip titles that are “M” rated. Actually, the problem is that these titles may contain unsuitable stuff, such as strong language, sexual content, and intense violence. Aside from this, these products may be too addictive for your children. For instance, games in the Call of Duty series may not be a good choice for minors. As for general rating, you should go for ones with above average ratings.

3. Go For Free Games

Maybe your son will look games that are based on his favorite TV shows. Mostly, these types of titles are free. So, money is not a problem but make sure you consider the ESRB rating. You can find them online on many websites. So, you don’t have to go from one shop to another.

4. Know the Impact of Your Game

If you want to check the impact of a certain game on your kid, a good way of doing so is to sit with your kid at the PC. This way you can easily find out if it is child-friendly or educational. As soon as you get familiar with a particular title, you can give your kid the free access to it. However, don’t let your children play the games all day long.

5. Your Kids’ Interests

Do you children love sports? Maybe they are into art and enjoy their favorite morning cartoons. If you choose the right ones, it will help them develop their skills at that particular sport.

6. Game Time

You can let your kid play their favorite games, but make sure they don’t spend all their time on a mobile or PC. They should do their schoolwork in time and perform other activities. As a general rule, around an hour of game play is enough for most kids.

If you are not into technology, choosing the right games can be a challenge for you. However, reading reviews can help you make the selection a lot easier. Hopefully, you will find this article helpful.

Astonishingly Designed Office Lobbies Around the World – No More Monday Blues

Mondays are usually the most irritating day of the week and almost each one of us has felt the dreadful feeling of Mondays. Even while relaxing on Sundays we all have that feeling of sadness of returning to work the next day. This feeling is quite common on every Sunday evening but what if offices becomes so inviting and interesting that working in the office will not make you feel suffocating or choking anymore. However, the most amazing factor which displays the status and power of any company is its lobby and lobby is one such thing which woos visitors. Below is the list of some offices around the world which have the coolest lobbies.

Salesforce, San Francisco
Salesforce in San Francisco is treated with 106 ft beautiful waterfall which is one of the most fascinating thing for the employees. Employees of this office are treated with gushing waterfalls, verdant lush forests, glittering skyscrapers or stars owing to the 106 feet long 4 mm LED screens which covers the lobby. The whole lobby is covered with giant continuous screens which happen to be the longest 4 mm screens in the whole country. This office has one of the coolest office lobby in the world.

Box, Los Altos, California
Box is a small storage startup in California which houses apt interiors for their playful and young employees. As we all know that bright vibrant colors and quirky lights can anytime make the mood good and same it with Box. Moreover, there is also a yellow slide which keeps the employees entertained and relaxed and that’s what makes this office lobby one of the best in the world.

Corus Quay, Toronto
This entertainment office has a desirable place near Toronto’s glinting waterfront. Lobby of Corus Quay allows plenty of natural light to come in and also offers the main attraction which is the amazing slide which can turn a gloomy day into a happy day.

Open, Tel Aviv
The space where this ad firm “Open” is started was initially a hangar and then later it turned into a funky work-cum-play space. This company has an amazing and electric mix of furniture, colors and chalkboard and this working place is a complete fun place.

Saatchi & Saatchi, Bangkok
It is an ad agency which requires a creative crew and their amazing office interior is creative too. The lobby of this office has a creative lobby with beautiful lights & also movable counter which can also work as a bar. Wondering to join this office?:P

Yelp, San Francisco
Yelp is worldwide known for owning some of the outstanding and creative looking offices and same is with its San Francisco branch. The lobby of Yelp San Francisco is really attractive and can leave any visitor impressed. Comfortable armchairs, vibrant color candies and bare brick wall make the ambience even more pleasing.

Scopely, Culver City
Scopely is a mobile entertainment network and this office is designed in a manner that it catches the attention of the people. The lobby in Scopely has minimalistic furniture, and the entire walls are covered with eccentric paintings.

Passion and Business

Every business person will experience challenges. This is a default setting in life – Challenges will always come. But, what separates the businesses that rise and rise, from those that experience failure after failure?

(Caveat: This is not to say that there are businesses that never fail. ALL businesses fail at some point. Some, however, rise from ashes and shine through.)

Passion, then, is the key ingredient between throwing in the towel, or getting up to fight the next round. There is a refining moment where every business owner goes through intense heat. This heat can either polish you or finish you completely but it all depends on the level of passion in the business.

To always keep your goals ahead of you is tough when everything is bursting at the seams. This is why asking questions is a survival skill.

“Why am I doing this? What works? What doesn’t? What can I do better?”

These questions tackle the level of passion you are carrying for the business. Sometimes, answering these questions may make you revisit exactly how you ended up in that business. This in turn focuses on your motivators. They are the little coals that keep your passion alive. They make going through the grime seem worthwhile even though the outlook seems bleak. As long as you keep asking these questions, you automatically take your mind to your motivators. That’s why challenges really should never worry you, but dwindling passion should ring alarm bells!

So, when passion starts to dwindle, simply repeat the questions, “Why am I doing this? What works? What doesn’t work? What can I do better?”

Once you have your mind on your motivators, the dying passion will be revived once again.

Why am I doing this? It’s the path towards achieving goal X, Y, Z…

What works? So far, what have I achieved? Am I still on my way there?

What doesn’t work? What has derailed me on this course? Is what I’m doing still viable? If I change course, what will still take me to goal X, Y, Z…?

What can I do better? What hasn’t stalled but isn’t performing well either? How can I affect the rate of growth? Do I really need more money? Can I do it differently? Can I borrow a strategy? Who has done this and it’s working for them?

When stalling, don’t resign. Ask. What you fear will always paralyze you. Once you question its power, you have a fighting chance left. Always ask.

4 Ways To Wholesale Real Estate

Want to invest in real estate with no financial risk and no money or credit? Wholesaling houses is a popular choice. I personally think wholesaling can be a challenging way to get started, but the fact that you can get started in real estate investing without any barrier of entry makes wholesaling an attractive option. If you can get good at this side of the business, you will be success with anything you want to do. The reason I say that is finding deals is what makes a wholesaler successful. If you can get good at finding deals, you have unlimited potential.

Once you find a deal, you need to understand how to sell it to make your profit. Here are four ways you can structure your wholesale properties.

Contract Assignment: This is the easiest, but comes with some risks if not done correctly. It is also somewhat restrictive as bank owned properties will prevent this. This works well when you negotiate your deals directly with the seller. The way this works is you will get a house under contract and then you will assign your rights in the contract to another buyer for a fee. That new buyer will take on the rights and responsibilities in the contract and will close in your place. It is best to get your fee paid up front, but it is very common to get your fee when your buyer buys the house. Here are a few things to keep in mind when assigning contracts.

Be sure that you always disclose to your seller that you are or may assign the agreement to another buyer for a fee. I suggest you actually put this in the contract. Sellers should be OK with this if you are transparent that you are an investor who buys houses for a profit before you start to negotiate.

I would get money from your money that is at least enough to cover any earnest money you put up with your seller. That way if your buyer defaults on the agreement you at least cover your costs. Always try to get the entire fee paid when you assign the contract.

I like this way the best because it is easy to do on your end, it is easy for the buyer and the buyer’s lender, and it is the cheapest way to go.

Double Close: This just means that you actually buy the house and then resell it. There are several ways to do this, but the most common is to buy and sell in the same day or within a day. Typically, you will need to bring in financing to get your closing done with the seller, which is why this is my least preferred method to wholesale. Also, because you have two closings you will have two sets of closing costs, so it is the most expensive way too. With that said, some wholesalers prefer this method because they do not have to disclose to the seller their intent to resell and they can both keep their deal with the seller and their deal with their buyer private. It is believed by some that this is a good way to protect your profits. The information will all become public record at some point, but that is well after the closing.

This is the method you will use by default if you do not do your contract on the front end correctly, so we do see double closing frequently.

Flip the Entity: This has become the most common way to wholesale in my market. Most, if not all, the successful wholesalers will use this strategy. Especially when wholesaling foreclosures where contract assignments are forbidden.

The way this works is the wholesaler will set up a separate entity, like an LLC or a Trust, and put that entity as the buyer of the house to be wholesaled. They will then sell the entity itself for a fee. The benefit with using this strategy is that actual contract on the house does not change. Since the buyer of the house is the entity, there are no issues with any regulation or assignment restrictions. The downside is it could be more work because of the extra step to set up the entity, and there could be additional fees to register the entity with the state. The risk for the buyer is whenever you buy a company you are buying all of it. So, if the entity was used in another transaction and owes money to anyone, the new buyer could be on the hook. Knowing this, the best way to do this transaction is with a brand-new entity used for this one purpose.

Relationship Close: I don’t know if there is an actual name for this method. In fact, it is rarely seen. What I mean by relationship close is that you have such a strong relationship with a buyer that you write offers in the buyer’s name. For this to work, you should be a licensed agent and preview houses for your buyer. You would need to understand their criteria and only offer on houses they will want to buy. I have a client that works this way. He has an agent write his offers and the agent/wholesaler gets paid a commission with each successful closing. They do 2 to 3 deals a month with this strategy. My client just signs contracts without looking at them at this point and trusts what the wholesaler is putting together solid offers. There is always an inspection clause protecting the buyer and the agent, but more than 9 out of 10 houses that go under contract close. That is because the agent/wholesaler knows the business and knows what this buyer will buy.

6 Dresses Every Women Must Own

Out of every other piece of clothing meant for women, dresses are certainly the easiest option to choose and the most versatile. You never have to match them with a pair of bottom-wear. All you need is a dress that suits the occasion, complementing shoes and bag, and you are good to walk into the world. Moreover, you can accessorize the same dress with a jacket and a change of shoes & bag for an entirely different occasion.

Isn’t it just what you need!

To make your wardrobe friendlier and trendy, here are a few types of a dress for women that must be in every wardrobe.

The A-line maxi dress: Finding a flattering fit with a dress can be difficult at times, which makes the maxi dress in A-line a preferred choice. It flares out at the waist, allowing for a more comfortable silhouette to move in. Because of its length, it is ideal for semi-formal events.

The fit and flare dress: Perfect for those who are blessed in the hip area, the fit and flare dress accentuates the waist and then flares out beautifully. Depending on the fabric and the neckline, this dress can we worn on any occasion be it a wedding, formal meeting, dates, and more.

The little black dress: Slimming and the easiest one to accessorize, nothing can go wrong when you are wearing a black dress that ends anywhere between the thigh and knee. Wear it with flats or heels, use a bold lipstick, complement it with a jacket in popping color, there’s always a lot of scope and always a chance to go minimalist with the little black dress.

The pencil dress: The best way to give your body a proper structure with sleek lines is with a pencil dress. Often recalled as the boardroom dress, nothing grants a business look better than a pencil dress with contrasting jacket and high heels.

The shirt dress: Polished yet casual, the shirt dress gives you a chance to be both comfortable and pulled together at the same time. It is breezy with a structured silhouette, making it ideal for every body type. To up the game, you can wear it with a belt. You can wear it to the office and for the casual setting alike.

The tank dress: The tank dress is what summers and monsoon are all about. It is airy and allows you to have an easy movement without constrictions. Wear it with wedges for summer parties and with sandals for casual day-to-day chores.

Different Types of Games For Your Kids

Parents should try to help their kids become social. There are many ways of achieving this purpose. One is to let kids play games online with other players, but make sure you understand the risks associated with this approach. For instance, you may want to teach your kids not to post their pictures or leak out personal information on the Internet. And this includes their fellow players as well. Some dishonest players may harass the kids using their pictures.

Types of games

Nowadays, you can find numbers types of games for kids. These games can be played online. Given below is a description of different types, according to the Entertainment Software Rating Board.

Boxed Games

These types of games are available on CDs or cartridges that can be bought from a physical or online store. You can play them on a PC, handheld or console. Just make sure your computer specifications are high enough for the title that you want to play. Slower machines may not allow you to play certain titles on high settings.

Digital Downloads

These can be download from the Internet to your PC, handset or PC. If you don’t know, the majority of consoles, such as Wii, PlayStation 3 and Xbox 360 come with their own stores where you can download different titles. Some of the titles offer special features, but others are casual, such as word games and puzzle.

Mobile Storefronts

If you own a smartphone or tablet, you can download apps from different app stores. Some of the apps are offered free of charge, while others can be purchased using your mobile phone account, e-wallet or credit cards. In case you don’t know, games fall under the category of most popular mobile apps. Make sure the titles you download are appropriate for your kids.

Subscription

For playing these titles, you may have to use your accounts to play for a set duration. And for this, you are charged a fee. Typically, the subscription services allow you to play your favorite titles without requiring you to download them from the Internet. What happens is that you stream the gameplay experience to your device or stream it from the provider’s servers.

Freemium

Usually, these titles come with ads. So, you don’t need to buy them or pay any subscription fee. In other words, a freemium allows you to play the trial version of a certain app; however, if you want to get access to the full version, you will have to pay a fee or subscription. This will allow you to enjoy the full features. Aside from this, browser-based game and mobile games often include this business model.

Social networking games

These can be played while you are on a social network, such as Facebook. So, the developers encourage you to share them with their friends on the social networks. Often, you can buy in-game items during the gameplay using your credit card. So, playing these titles can be a lot of fun, especially if you are playing on your smartphone.

Financial Skills – How to Budget & Balance Accounts

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 a few topics:

How to open a bank account
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.

In the last article, we focused on opening a bank account. This article is the second article in the four-part series and will look at how to teach kids to budget and balance their accounts.

Budgeting

It’s not shock that budgeting can be boring and tedious. I’ve personally never been excited to sit down and create my budgets, but it’s something that creates wealth and pays off down the road.

So how do you get kids excited about it? How can you add a little glamour to something so dull and boring? Easy – make it a game with payoffs.

Firstly, it’s important to know how to create a budget, then to adhere to the budget.

Creating a Budget

You may have your own way to create a budget, and that’s fine. In my experience, the easiest way to make a budget is as follows:

On a piece of paper, draw a line down the middle:

Spending BudgetCalculate your average monthly gross income and put that at the top of the page, then multiply it by.80 (for example, if you earned $1,000, you would end up with $800)
Fixed ExpensesWrite down all of your FIXED expense categories (i.e. phone bill, insurance, mortgage etc… ) and put them in one column on the left side of the page
Variable ExpensesNext write in the variable expense categories (i.e. food, gas, leisure, etc… ) and put them in another column on the right side of the page
Fill in all of your expenses
Net Budget after Fixed Expenses – Subtract fixed expenses from your spending budget If it’s a positive number, you don’t need to change anything If it’s zero or a negative number, you should look for expenses that you can cut or lower
Budget variable expenses – Using your Net Budget after fixed expenses, determine what you can spend on variable expenses without overspending each month
Set a budget for each variable expense so you know what you can spend on each category in a given month

Making it Fun

OK, now that you have a budget outline, it’s time to get the kids excited.

I know what you’re thinking: “My kids will never be excited for this.”

They will if you give them some prizes or payoffs. Here’s how:

First, tell them what a budget is and show them the paper. Next, tell them that you’re going to do a contest (if you have more than one kid, this works even better).

Contest 1: Anticipating Spending

The first contest is to see how close they can budget their money to reach a break-even or $0 over the course of a month. In other words, the goal is to predict your spending as close to the penny as possible.

If you have more than one kid person that gets the closest to break-even without going negative wins a prize. With just one kid, tell them that they get $5 or $10 if they reach break-even, and every penny they are off, you deduct 10ȼ

Contest 2 – Saving After Spending

The second contest is to see how well they can budget their money over the next 30 days. If they can save money, tell them you will give them whatever they save. That means if they save $5, you’ll give them another $5 (just like companies matching a person’s 401K contribution).

If you have more than one kid, tell them whoever is able to save the most will win and get a special prize. You will obviously choose the prize since you know your kids best.

Coming Soon

In the next article, we’ll discuss how to write checks and pay bills. You will also learn how to combine check-writing with these contests to simulate the real world of budgeting for your kids.

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.