By Jason Alderman

For many teens, there's nothing more exciting than receiving the first paycheck from a summer job - a sure-fire ticket to fun and freedom. It's also a great opportunity for parents to encourage proper money management.

Parents or guardians need to do some necessary paperwork first. Working teens will need his or her own Social Security Number (SSN) to legally apply for a job. They will also need a SSN to open a bank account to deposit their paychecks. Depending on state law, children under 18 may have to open bank accounts in their custodial name with their parents or guardians. It is also important for parents to check in with qualified tax or financial advisors about their teen's earned income, particularly if it may affect any investments under the child's name.

After that, it's about encouraging teens to get a jump on their job search. The recent job market for American teens has been tough and investigating particular kinds of openings should start months in advance of summer hire. Networking is also important - teens can reach out to friends, neighbors and other trusted adults about potential jobs in the community. Also, it is never too early for teens to learn resume writing and job interviewing skills. The Practical Money Skills website's Landing a Job (http://www.practicalmoneyskills.com/personalfinance/lifeevents/work/landingjob.php) page offers useful background to help teens get started.

Parents can also assist by monitoring job categories their kids are interested in, encouraging them to meet application deadlines and being aware of federal, state and local child labor laws (http://www.youthrules.dol.gov/know-the-limits/index.htm) to steer them from unscrupulous employers.

Technology changes quickly, so tech-savvy teens may be ahead of the game when it comes to searching for work online. Leading job search engines are a destination for seasonal job openings, and many allow users to customize searches for specific positions and employers. However, teens may need to be reminded about their social media activity before they begin any job search - anything a teen posts publicly on the Internet may be seen by a potential employer.

Banking is another major step in the life of the working teen, though they don't need to wait for that first job to get started.

Many parents open bank accounts for their children as early as their first allowance - after all, digital banking makes it easier to monitor and transfer money without a trip to the branch or ATM. Paychecks - on paper or via digital deposit - make familiarity with the banking system an even greater necessity. Check with their bank to see what types of accounts are offered for children and teens - some banks offer a wide variety of custodial accounts where parents can track and assist their child's spending and saving activity.

A teen's first job is a great opportunity to introduce budgeting, saving and long-term investment skills. Your child may be working over the summer to save for a particular desired item - a cellphone or a trip - or more extensive goals like future college expenses. The Practical Money Skills site offers a budgeting tutorial (http://www.practicalmoneyskills.com/personalfinance/savingspending/budgeting/) and budgeting calculators (http://www.practicalmoneyskills.com/calculators/budgetGoals.php?calcCategory=budget) for a range of purposes.

When the job offer comes, there's one more thing parents can do. Getting hired means a flurry of paperwork that can be confusing; parents can help their children review those documents before signature. Most will apply to tax withholding, but such documents might also include special workplace agreements that might not always be clear to young workers. When that first paycheck arrives, consider sitting down to inspect a teen's first paper or electronic pay stub. Many people don't understand their withholding even as adults, so children can benefit greatly from this lesson at the start of their working lives.

Bottom line: A teen's first summer job is a great way for parents and children to collaborate on job-hunting and money management skills that will produce benefits for a lifetime.

Help Your Family Or Community By Helping Yourself First

At some point during their lifetime, most people wonder whether they've done enough - if they've made a positive impact, says Jeff Bucher, a financial advisor who helps working-class Americans plan their golden years.

"For most people, I think that concern increases as they get closer to retirement - they wonder what their earning years have bought for themselves and the people they care about, which may extend to their greater community," says Bucher, who, through his firm, Citizen Advisory Group, (www.citizenadvisory.com), has contributed to the local Boys & Girls Club, the Make-A-Wish Foundation and to development of an Olympic training center for wrestling at Ohio State University, his alma mater, where he earned a wrestling scholarship.

"You don't have to be super-wealthy to make a significant contribution to others. The smarter you are with the wealth you do have, however, the more of an impact you'll be able to have."

If you want to make a difference with your money, you're better off having your financial affairs in order. Bucher offers a few suggestions.

• Now is the time to design a lifetime income plan. Simply attaining a minimum figure in savings probably won't work; such figures do not account for family emergencies, inflation, etc. Social Security does not cover what it used to, and its future is uncertain at best. You need to establish a laddered, inflation-adjusted income using safe and dependable accounts that will provide a check every month. This should be informed by a plan that maps out your lifetime income needs to ensure that you do not outlive your money. For example, if you need $3,000 a month now, at a 4 percent inflation rate you will need $3,649.96 in five years. In 10 years you will need almost $4,500 per month.

• Consider holding off on retirement. Many people are understandably eager to retire as early as possible; others fear Social Security benefits will vanish, so they want to get what they can as quickly as possible - at age 62. But if you're counting on those benefits as part of your income, you should wait until you're eligible for the full amount. That's age 66 if you were born from 1943 to 1954, and age 67 if you were born in 1960 and later. If you're in the older group, retiring at 62 cuts your benefits by a quarter; for the younger group it's nearly a third. "Chances are, you'll be better off mentally and physically if you wait anyway," Bucher says. "Many studies show that people live longer and are more vital the longer they remain employed."

• Know when to transfer investments out of tax-deferred plans. If you're working for a company that provides a match for 401k contributions, by all means, contribute up to the maximum match. "That's free money - you'd be crazy not to take advantage," Bucher says. But anything beyond that should be invested in something that's more tax efficient: Roth IRA, municipal bonds, life insurance or real estate. No one expects taxes will go down - they'll be going up. Uncle Sam already has a lien on your IRA or 401(k); don't let his lien, the taxes you'll owe, continue to grow. Go ahead and pay now. Your future retired self will be glad you did.

About Jeff Bucher

Jeff Bucher is president of Citizen Advisory Group (www.citizenadvisory.com), and is an Investment Advisor Representative of AlphaStar Capital Management, an SEC Registered Investment Advisor. He has a life and health insurance license with the state of Ohio. His membership affiliations include the exclusive Ed Slott's Master Elite IRA Advisor Group™, National Association of Insurance and Financial Advisors (NAIFA), the National Association of Fixed Annuities (NAFA) and the Forum 400. He has earned Top of the Table honors through the Million Dollar Round Table (MDRT). Bucher is a former standout wrestler at The Ohio State University, where he earned an athletic scholarship and honed his leadership skills en route to earning four varsity letters.

A Change In Thinking Can Lead To A Change In 
Behavior And Results, Says Sought-After Speaker

Hard times that sap your energy and leave you frustrated are an inevitable part of life.

Maybe you lost a job. Maybe your finances took a turn for the worse. Maybe your personal life is in disarray or a health problem emerged forcing a lifestyle change.

Such setbacks can leave people feeling afraid, uncertain, angry or unsatisfied, says Darlene Hunter, a renowned speaker and author of "Win-Ability, Navigating through Life's Challenges with a Winning Attitude," (www.darlenehunter.com).

Overcoming those emotions, she says, comes down to a person's mindset and perspective.

"Your attitude is a critical factor that can either hold you back or help you move forward," Hunter says. "Everyone needs to take the time to do a pulse check on where they are in their thinking. Is it positive or negative?"

A positive attitude comes easily when life is rosy. The real trick is persevering when things go awry so you can continue to strive toward your goals.

"The important thing to remember is that we cannot give up just because things do not work out the way we want," Hunter says. "We must be persistent and press our way through to the end."
Hunter offers five tips that can help change your thinking, which in turn will change your behavior and, ultimately, change your results.

•  Be a planner. To live your dream, you need to know what you want and have a plan for getting there. "Planning your day, week and month are critical ingredients to living your dream and purpose," Hunter says. The "how" and "why" elements are important factors in planning, as they guide you in the direction you want to go.

•  Be goal oriented. Once you set goals, the next step is to work on completing them. That's why it's important to set goals you can accomplish. Each time you can check a goal off your list, you are one step closer to what you ultimately want to achieve. "The sense of accomplishment that comes from reaching even the smallest goals will help you keep moving and striving to get your desired end," Hunter says.

•  Be driven for results. When you are driven, Hunter says, you have a compulsive and urgent desire to accomplish what you are seeking, whether it's a bonus, a promotion, additional knowledge in a particular area or some other goal. The important factor is to always know what you are seeking. Results-driven people focus on meeting objectives and delivering on the goals they set.

•  Have a winning attitude. You must be determined, dedicated and devoted to succeed. "You should never give up on your goals and dreams simply because something goes wrong or you are not getting where you hoped to be fast enough," Hunter says.

•  Be focused. When you are focused, you have a clear perception and understanding of what you want to accomplish and where you need to go to get there. "Think about long-distance runners who will run a 26-mile marathon," Hunter says. "They find their pace and then they stay with it. They may get weary and tired, but they find their zone and stay focused and concentrate on what is needed to get to the end."

"Plenty of stories can be told about people who failed in the beginning, but made it to the top of their profession because they did not give up after being told they weren't good enough," Hunter says.
"The ability to keep trying and pushing no matter how many failures or obstacles you hit is the power of perseverance and is what 'Win-Ability' is all about."

About Darlene Hunter

Darlene Hunter, (www.darlenehunter.com), is president of Darlene Hunter & Associates, LLC, a motivational / inspirational speaker, author, life and business coach, and award-winning radio talk show host. Her new book, "Win-Ability, Navigating through Life's Challenges with a Winning Attitude," is her fourth on the theme of perseverance. She is the host of "The Darlene Hunter Show", winner of the Fishbowl Radio Network 2013 Distance Show Of The Year Award. Hunter has been a top performer in management for more than 30 years.

(DES MOINES) - A great education includes knowing how to make smart, responsible financial decisions. As part of a statewide effort to improve students' financial literacy skills, Gov. Terry E. Branstad, Lt. Gov. Reynolds and the Iowa Department of Education today announced they will host an Iowa Financial Literacy Summit this spring and encouraged Iowans to get involved. The summit will be held on May 5 at the Iowa Events Center in Des Moines.

"Financial skills are essential, which is why they are included in our state's academic standards," Iowa Department of Education Director Brad Buck said. "Still, we must do more to help students understand the power of being financially literate."

The summit is open to all Iowans, including middle and high school students, parents, and educators. The event will include speeches from Gov. Terry Branstad, Lt. Governor Kim Reynolds, and Jack Kosakowski, chief executive officer of Junior Achievement, an organization dedicated to educating students about workforce readiness, entrepreneurship and financial literacy.

"We know our children need to be financially literate in order to have a bright future," Branstad said. "We also know that financial literacy is critical for our state's economic future. Many Iowans, including educators, financial services experts, and elected officials have expressed concerns about the status of financial literacy in Iowa."

Lt. Gov. Kim Reynolds said she witnessed the importance of financial literacy as a former Clarke County treasurer.

"I saw how far too many Iowans struggle to understand their rights and responsibilities when it comes to issues like tax payments and license fees," Reynolds said. "Success in the 21^st century requires being financially literate."

Further details about the summit will be announced later this month. Tickets are available through April 21. To register, go to: https://www.educateiowa.gov/event/iowa-financial-literacy-summit

The summit will be paid for with funding from the Iowa Department of Education, registration fees and generous support from the private sector. Registration for the day is $50, with room for about 500 attendees.

The summit is part of a broader effort to bolster financial literacy awareness and support. That effort started in January 2014, when Buck convened a work team in response to growing concerns about whether Iowa students are learning the financial literacy skills they need to succeed.

The work team, made up of Iowans representing K-12 education, financial services, higher education and the Iowa Department of Education, recommended a review of state financial literacy requirements for K-12 schools as well as a study of how school districts approach financial literacy education. The group also recommended more centralized resources for teachers and tapping financial literacy experts to provide professional development training.

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