Monday, October 15, 2012

WealthQuest for Teens


WealthQuest for Teens is a course much needed by our teenagers. Many children leave home after high school or college with no clue how to manage money or even take care of their basic needs. The "School of Hard Knocks" is not a pleasant way to learn these skills. On the other hand, this course, WealthQuest for Teens, is a fun way to learn. The videos and the workbook pages encourage kids to make the most of what they have available to them and teaches them how to succeed when they get out in the world on their own.


With this course you receive the basic seminar with online video and workbook, a downloadable PDF, "eBook for Teens: Basic Seminar QuickStart Guide," a downloadable PDF, "eBook for Parents: Your Teen's Financial Literacy in Today's Economy" and a link to a free program Link to


The downloadable "eBook for Teens: Basic Seminar Quickstart Guide," contains 30 days worth of workbook pages to fill out in conjunction with the videos. There is also a space next to the video where you can fill in answers to the questions as you view the video.


The "eBook for Parents" is an overview of the program, section by section, to get the parent / teacher on the same wavelength as the student. It is very helpful and informative and I learned a few things I didn't already know on the subject just reading through this material,such as "62% of parents…give their children a weekly allowance" and "the average amount given is $12." I have always been a bit twitchy about the idea of "allowance" and thought that earning the money was a better plan. But the author says that the allowance aids in the learning process of managing money and in conjunction with it, the teen should take responsiblity for some of the expenses involved in their life as well. In retrospect, this looks like it could be a valuable learning tool.

Screenshot, Module 1:

Screenshot, Module 4:

Interactive notebook, example of print option:

My granddaughter loved this course. It was one of the few assignments of her day that she didn't grumble about. She was always eager to take the next step. The course taught her about income: There are 3 kinds of income 1) Earned Income -- money you make from working, 2)Passive Income -- money you continue to receive after you are no longer working, and 3)Portfolio Income -- money you receive as interest on your investments. She learned about savings and investments and interest. And she learned a system of money management called the "Silo System" whereby every time you receive money you apply it in this way:

1. Future Financial Freedom 10%
2. Heal the World 10%
3. Saving for Big Ticket Items 10%
4. Learning 10%
5. Fun Money 10%
6. Necessities 50%

All the money in No. 1 goes in the bank and is not every spent. No. 2 is your giving and I would just label this "TITHE." No. 3 is to save for items you can't buy right away. No. 4 is to save for college or training courses. No. 5 is fun money and is required to be spent in total each month. No. 6 is your living expense or necessities. My granddaughter liked the idea of dividing the money up and "depositing" it in the different buckets.

Girl using silo system:

This program also comes with a link to a free service called MoneyTrail where teens can track their income. The account overview tracks: Credit Balance in Savings; Cash Balance, Gift Card Balance, Check Balance, and Net Worth. This is a nice program, but I preferred to teach my granddaughter how to make a spreadsheet and keep track of this information on her own computer the way I do it. It was another learning experience in using Excel.

WealthQuest for Teens is regularly $50 but can currently be purchased for $39.95. I highly recommend this course. This is a very reasonable price for something of so much pertinence to your teen's future.

"As seen or heard on"(Business Talk Radio Network, Home EDucators Resource Directory, etc):

For further information, here are some Youtube videos about this course: HERE HERE and HERE

As part of the TOS Homeschool Review Crew, I was given this course free of charge to review. However, I did not receive any compensation. All opinions are my own.

To read what others on the TOS Crew had to say, please click here: TOS CREW

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