WorldofMoney.org Youth Business School

THE NUMBERS DON'T LIE!

2010-03-15T12:51:00.001-07:00

Only 21 percent of students between the ages of 16 and 22 say they have taken a personal finance course through school. (Youth and Money Survey, 1999)

Ninety-four percent of youth cite their parents as primary source of financial education. (Youth and Money Survey, 1999)

Thirty percent of youth report that their parents rarely or never discuss saving and investing with them. Forty-seven percent say their parents rarely or never discuss household budgeting with them. (Youth and Money Survey, 1999)

Recession or no recession, many NFL, NBA and Major League - 03.23.09 - SI Vault

2009-11-20T06:34:00.000-08:00

Recession or no recession, many NFL, NBA and Major League - 03.23.09 - SI Vault

FARRAH GRAY: SELF MADE MILLIONAIRE AT AGE 14

2009-11-02T15:01:00.000-08:00

MR. TODD WILSON'S PIES - ABC'S "SHARK TANK" - PART ONE

2009-10-18T01:03:00.001-07:00

MR. TODD WILSON'S PIES - ABC'S "SHARK TANK" - PART TWO

2009-10-18T00:51:00.001-07:00

BUSINESS SCHOOL MEMBERS! Tell The World About Your Business!

2009-10-13T21:12:00.001-07:00

Tell the world the name of your business and your website address. List it here!

VIDEO: How To Attract Customers Using Social Media

2009-10-05T01:10:00.001-07:00

http://partners.blackenterprise.com/sbu/week-6-using-social-media-to-attract-customers/

login: worldofmoneyorg@aol.com
password: money

VIDEO: How To Grow Any Business In 90 Days!

2009-10-05T01:08:00.001-07:00

http://partners.blackenterprise.com/sbu/week-6-using-social-media-to-attract-customers/

Log In: worldofmoneyorg@aol.com
password: money

The New Credit Scoring System!

2009-10-04T20:21:00.000-07:00

See WorldofMoney.org Board Member/Money Coach Lynnette Kalfani-Cox talk about the NEW Credit Scoring on ABC News!

http://abcnews.go.com/video/playerIndex?id=8476012

Tell The World About Your Business!

2009-09-30T06:45:00.001-07:00

WorldofMoney.org PIGS Balance Sheet

2009-09-28T23:24:00.000-07:00

WOM PIG Balance Sheet

FEATURED TEEN: Jasmine Lawrence, CEO, Eden Body Works

2009-09-28T22:29:00.000-07:00

Jasmine Lawrence, a 17-year-old at the Williamstown High School, is arguably one of the most successful teenage entrepreneurs in the country. Jasmine’s business was inspired by a regrettable incident with a hair relaxer that made all of her hair fall out at the age of 11 – and she was determined to create safe organic products for other women. Desperate to make her hair grow back, Jasmine researched and experimented with organic products, and stumbled onto a formula which helped her hair grow back. Word spread throughout her community, landing her a spot on Oprah and a deal with Whole Foods Market (which carries her line of bath salts). She has recently negotiated a deal with Walmart – all before the age of 18.

Tips For Teen Entrepreneurs

2009-09-28T21:23:00.000-07:00

* Don't let shortcomings thwart you. Everyone — from those with learning disabilities to those earning national scholastic honors — has the ability to become an entrepreneur, says Mark Victor Hansen, author of the soon-to-be-released book The Richest Kids In America: How They Earn It, How They Spend It, How You Can, Too.

• Expand upon your interests. "Find a task (or) work you like and that is in demand," says Lucas Rice, 18, who runs a successful landscaping business in Loveland, Ohio. "With my business, I like to be outdoors and to work with my hands, which was one of the reasons I chose landscaping."

• Create a formal business plan. Put it all on paper in an organized and accurate fashion.

• Scour for savings. Leanna Archer of Leanna's Inc. surfs the Web to find the best prices on everything from ingredients to product containers. Kids who buy supplies should also negotiate for discounts.

• Price wisely. "Feel around and see what other companies are charging," then price competitively, Rice says. "When you're starting out, go a little lower on price in order to start capturing some customers."

• Make taxes less taxing. Save every work-related receipt. Those expenses could become tax write-offs. IRS.gov has details on dependents, such as children, filing tax returns.

• Create a sound financial plan. Archer has a formula for allocating the money she makes. She socks away half her earnings in a college fund, 25% is reinvested in the business, and the last 25% goes to a charitable cause to help kids in Haiti, where her family is from.

• Don't overinvest in supplies/equipment. "Allow your business to grow, and then grow your equipment into your business," says Rice, echoing advice he was given by others. He invested in his first riding mower at age 12 (bought at a yard sale with savings from a newspaper route) and as his customer base grew, he conservatively bought more equipment.

• Promote your business and yourself. "Seek business; do not wait for it to come to you," says Rice. "I go and welcome new people in the neighborhood and offer my services and give out business cards." Archer promotes herself and her products on the Web, as well as through fliers she places into shipments to customers.

• Know the rules. Entrepreneurs who want to hire other young folks for help should check the YouthRules section at the Department of Labor's website at youthrules.dol.gov. It provides federal and state labor regulations for younger workers.

• Carve out personal time. "For a while, I was working so much that I didn't have time to do things that I wanted to do," Rice says. He didn't want to miss out on leisure actives such as golfing with friends, so he made some changes to his landscaping business, such as hiring others to help him with the work. He now has three employees.

• Stick with your dream. When Archer first brought up the idea of selling hair pomade, her parents didn't take her seriously. "It took a lot of convincing" to get the business going, she says.

"My mom was like, 'Maybe you can start the business when you are 20 or when you get out of college.' " Now, Archer is bringing in six-figure sales and has customers as far away as Ghana, Switzerland, Indonesia and Iceland.

Welcome To WorldofMoney.org Youth Business School

2009-09-12T23:45:00.000-07:00

Please use this forum to post your questions and share your experiences as you develop your businesses! Should you have any questions, please do not hesitate to contact us. We are here to support you!