Wednesday, October 17, 2012

WealthQuest for Teens Review


I reviewed WealthQuest for Teens with Wesley, my fourteen year old son. This is a 6 week online program designed to teach kids aged 14-19 about financial responsibility. The cost is $39.95. After you purchase the seminar you will receive an email with the link to go to the videos. Once on the video page you can read through the information for that module, print out the module, and watch the lesson. Be aware once you start the video as there's no rewind button, just a start, pause, and stop. If you push the stop button then start, you end up back at the beginning of the video and can't skip forward to where you were. You have 30 days to complete the basic seminar.


The four items I want to discuss with you are the video, workbook, parent book, and online money management. We'll start with the video. Wesley watched all 7 modules. They are: 
  • Welcome, Intentions, & Overview of the Program
  • Your Habits & Attitudes Determine Your Net Worth
  • The First Thing You Need In Order to Become Rich: Income
  • The Second Thing You Need In Order to Become Rich: Knowledge About Money
  • The Third Thing You Need In Order to Become Rich: A Great Money Management System
  • The Fourth Thing You Need In Order to Become Rich: A Really Good Reason
  • A Look at Financial Freedom
Wes believes these videos are like most other financial help programs in that they teach you how to save money long term. However, he didn't learn anything new since he's been in several financial classes in the past. He said the videos look a bit outdated and were a bit boring. (Remember, he's 14.)

The teen workbook has 33 pages. You will need to download and print this so your student can read and fill it out daily. It asks questions, gives a money tip, and guides your child through what he's been learning.

The parent guide is a 60 page book that you download and print if you wish. I highly recommend you read through this as it helps you to know more about the program along with some do's and don'ts. 

The online money management system lets the kids set up their six accounts (referred to as the silo system): Future Financial Freedom, Heal the World, Saving for Big Ticket Items, Learning, Fun Money, and Necessities and keep track of the amounts in them. I set our account up in the beginning but didn't get back around to utilizing it so I can't really tell you how much I liked or disliked this part of the program due to use. It was fairly easy to set up though. :)

I leave you with this: kids will learn how to manage their money effectively with this program. Giving them an allowance is encouraged. However,we do not give our kids allowances on a normal basis because when we did, they did half-way jobs and didn't deserve the money. Now, we just pay for certain jobs that we want done that are extra, like cleaning out the garage, cleaning off the porches, and reorganizing the kitchen cabinets. It doesn't really matter what they do to earn the money as long as they put the practices that are taught in this program to use. As I stated previously, they will learn money management one way or another. This program will help steer them in the right direction.  

Disclaimer: As a member of the TOS Crew, I received access to this product, at no cost to me, in exchange for my honest review. All opinions are my own.


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