http://www.cbsnews.com/videos/teaching-kids-about-money/


Above is a link to a video about teaching kids about money. Personally, my parents never taught me too much about money and are hesitant to talk about family finances. I was given an allowance for a while, but then my parents started giving me my money less and less and then it just stopped. I've learned a little bit about money on my own through the online program EverFi, and I will share a few things that I have learned. Starting from the basics, interest was the first thing that I remember learning about. Interest is when you put money in a bank, they will pay you a tiny percentage of that as a convenience for storing it. So if you put ten dollars in the bank, you may come back in a week and have eleven. The amount of money earned from interest depends on what type of interest you have. Savings Vehicles are types of accounts that will help you be more efficient with saving your money. The three main types of savings vehicles are Savings accounts, Money market accounts, and Certificates of Deposit. Savings accounts are very liquid, meaning that you will be able to access them very easily. Savings accounts rarely have minimum balance, which is a charge you have to pay when opening that account. With Money Market Accounts, you are allowed to write checks to that account, and they usually have a higher interest rate than Savings Accounts. In exchange for this, they usually have a high minimum balance. Lastly, Certificates of Deposit (CD) have high interest rates, usually have minimum balance fees, and you cannot withdraw your money early or you will have to pay a fee. However, the longer you have your money in a Certificate of Deposit, the more interest you gain. These are just some of the facts that I learned from EverFi.