Show me the money- Global Money week.

Show me the money- Global Money week.
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Its Global Money week! Over 100 countries are teaching the importance of financial literacy to children.

Global Money Week (GMW) is a money awareness celebration. The goal is to teach children and youth about money, saving, creating livelihoods, gaining employment and becoming an entrepreneur through fun and interactive activities.

Cooper sat down with Carl from Violeta Finance and asked him the all important questions about saving, travel and millionaires!

  • Hi Carl, can you tell me a bit about what you do at your work? 

I help people organise the money they need to buy a new home or car, and to invest in property.

I do this by meeting with them to find out what their goals are. I research how they can achieve their goals, and we make a plan.  When the they are ready, I help them fill out paperwork from the bank and I speak to the bank about organising a home, car or investment loan.

I make sure they get a fair deal on their loan and they aren’t paying more than they need to.

  • What does Global Money week actually mean?

Global Money Week is celebrated by 100 different countries.

People run events during Global Money Week which aim to teach kids about money, especially how to earn, save and manage it.

During Global Money Week, I visit schools and community groups to deliver fun presentations about money.

  • Is it best to keep money in my money box or take it to the bank? 

For someone your age, it’s great idea to do both.

A money box is handy to save up for smaller things, you can use it to help you achieve short term savings goals.

A bank account could be used for bigger long-term savings goals such as travel, buying a car, saving a house deposit, or buying a new piece of technology. Most kids’ bank accounts do not charge fees. Banks will pay you interest on money you deposit with them, they pay you to let them look after your money. Some banks will even pay you a higher amount of interest if you leave your savings in your account for as long as possible without making a withdrawal.

For younger kids money boxes help them learn how to count money, and they can physically see their savings grow.

  • I love to save up for travel can you give me your best saving tip for kids? 

I love to travel too! My top tip is to make a plan and follow it.

Your plan should include:

  • An achievable goal, for example how much you would like to save and by when.
  • A budget of what you are going to spend money on whilst you are saving, and how much you are going to save each week.

Travel is a longer-term goal, so putting your savings in a high interest savings account is a smart move.

  • What’s a good amount of money to save each week? 

It really depends on what your goals are, and how much you can afford to save. My advice is to put away as much money as possible. Most importantly, consistency is the key to success when it comes to saving money. Even a small amount each week, will grow very quickly.

  • Can you tell me the best way you’ve heard of kids making pocket money? 

My daughter Eva who is 15 earns extra money by helping write Christmas cards for my clients.

Some kids make money by doing extra chores around the house.

A local kid who 12 years old makes money by folding pamphlets for small businesses.

A boy I went to school with was really artistic. He made leather bracelets, and sold them to friends and family.

My friend’s daughter set up a dog wash ($2 per dog), when she ran out of neighbourhood dogs to wash, she started washing cars ($5 per car). She made $55 in one day!

  • When can I get my first keycard? 

Some banks don’t have a minimum age for a keycard!  However, kids 13 years old and under need their parents’ permission to open a bank account and get a keycard.

I have a keycard, but I prefer to use cash. I usually withdraw a certain amount every week and use it to pay for things. I find I spend less and can stick to my budget if I can see my money, rather than using a card.

It’s important for kids of all ages to discuss the positives and negatives of having a keycard with their parents, and make a decision that suits their family.

  • What age can someone buy an investment property? And yes even at 12 I have grand plans!

I love that you are already planning to invest in property. Property Investment is a wise way to build your wealth, and it’s fun!

I bought my first property when I was 25 years old. It was a lovely apartment in Caulfield, it increased in value very quickly.

Legally there is no minimum age for when you can own a property in your name. I have a friend who has owned property since he was 5 years old!

The catch is that banks don’t like to give home or investment loans to minors (people under 18 years of age).

Tax works differently for investment properties owned by kids, I recommend speaking to an accountant first.

It’s important to know that to be approved for a home or investment loan the person applying for the loan must also be able to show that they have a regular income that can cover the repayments. Also, banks like to see that you are good at saving money.

My advice would be to start saving now, and meet with an accountant or a Mortgage Broker to create a plan to get you that first investment property as soon as possible.

  • My parents always say it’s important to enjoy Maths at school because of understanding money is this true? 

It’s very true, your parents are right!

A good understanding of numbers will help you to make smart decisions on how to save, invest and spend your money.

People with strong maths skills are more likely to be able to identify if a deal is fair or not. For example: if you understand percentages you can tell if an item on sale is offering a good saving, if you are borrowing money to buy a car you can calculate how much the repayments will be, and decide whether you can afford it and if the car is really worth it.

  • Do you know any millionaires? 

I know a couple of millionaires. They became millionaires by working REALLY hard, and making smart decisions about investing in property.

Carl exploring financial literacy with kids. ( Photo courtesy of Violeta Finance)

Violeta Finance are based on the Mornington Peninsula and you can find them here .on Facebook where after March 27 Carls Kids money addition will be available.



2 thoughts on “Show me the money- Global Money week.”

  • Hi Cooper, Thank-you very much for interviewing me, and for supporting Global Money Week. It’s great to see that you have started saving. I think you have a bright future as a Property Investor. I’m here to help you with advice anytime. All the best.

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