Entry bubble Summer Jobs for Kids

By: Nicole | May 16, 2008 | Category: General

Backyard FootballHere in D.C. it’s 75 degrees and sunny, which can mean just one thing. Soon, it will be 90 degrees and so humid I’ll need SCUBA equipment to breathe. I might not be thrilled by this prospect, but the kids in my life can’t wait. Summer for them means trips to the beach, lazy days playing pick-up football, and extended bedtimes. In another year or two, it might also mean a summer job, possibly a government job.

So, for those of you who have kids 13 and older, I've gathered together some helpful resources. The U.S. Department of Labor provides specific information for parents about the rules governing youth labor. For example, there are special rules regarding the minimum wage for young workers. There are also time restrictions. Generally, kids 14-15 can work a full 40 hour-week during non-school weeks, but only 18 hours during a school week. There are no federal time restrictions for kids over the age of 16, but you should check your state laws because some provide stricter guidelines. There are different rules for kids whose parents own their own business or farm.

Even if your kids aren’t quite old enough to have a summer job, they can begin investigating careers. Using the Web, you can find information about which industries are growing, as well as match students’ interests with possible career options.

VolunteerAnother terrific idea for kids during the summer is volunteer work, which can provide new skills and foster a sense of civic involvement. In addition, colleges are often impressed by applicants who volunteer their time to help others. Many government agencies have volunteer opportunities.

Do you have any creative ideas for great summer jobs?

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Entry bubble Financing College

By: Sam | January 23, 2008 | Category: Home and Family

My sister is in her last semester of high school, and of course, everyone’s favorite question is “Where do you want to go to college?”  Right now, it’s between five schools-2 public and 3 private. Even though the jury is still out on what colors she’ll be wearing next fall, one thing is for certain-college costs are painfully high.  graduation cap with diploma and money

It’s been 10 years since I went to college, and during that time, the average cost of tuition and fees has risen by 57% at private four-year colleges and 69% at four-year public colleges  These figures from the College Board may have you feeling a little light-headed, but the costs can be managed thanks to the power of compounding interest.

Since every family’s situation is different, you’ll need to find a savings method that works for you.  In doing so, you’ll want to consider factors like your tax bracket, child’s age, how much financial aid you expect to receive, etc.  Then, you can use these helpful college financing calculators to figure out how much you’ll need to save. 

Once you’ve determined this figure, you need to decide on a savings vehicle.  In addition to mutual funds, brokerage accounts, and bank savings accounts, there are also some tax-advantaged alternatives available to help.  Here are some options:

And remember you don’t necessarily have to save for the entire four years.  Grants, loans, and scholarships can help make affording college a little easier.  Here are some resources to get you started:

 Students

Parents

 

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