Money Lessons Your Kids Need to Know

Some parents are hesitant to teach their kids about money. Personally I believe that teaching my children about financial matters early on can greatly help them down the path to a successful financial life. I acknowledge that some things in life are best learned by experience, but I don’t want my children to learn about financial issues the hard way. I would very much rather teach them young.

As soon as a child is able to understand the purpose of money–that it is traded for goods or services–I believe that it is already appropriate to start discussing with him/her the basic concepts in finances like budgeting, saving, and earning. However, we must remember that no matter what we instruct or say to our children, they are likely to learn more from what they see in us. This means that if we want them to be good with money, we should handle our finances carefully too.

Here’s a good post to get you started in teaching your kids about money: “5 Lessons To Teach Your Kids About Money.”

Diocese in Des Moines Robbed

“More than $600,000 has been stolen electronically from a Bankers Trust account belonging to the Catholic Diocese of Des Moines, the bank and the diocese said Friday.

The thieves are believed to be “a highly sophisticated operation most likely based overseas” who transferred the money “to numerous recipients across the United States on Aug. 13 and 16,” the diocese said in a statement announcing the theft.

Bankers Trust alerted the diocese to the fraud on Aug. 17. The bank immediately shut down relevant bank accounts and began a process to recover the funds. “To date, approximately $180,000 has been recovered,” the diocese said.

“No diocesan or bank staff is suspected” of being involved in the theft, the diocese said.

The statement said law enforcement officials have said that similar thefts have involved the “participation of individuals who unknowingly act as intermediaries of the funds obtained by theft.”

Des Moines Diocese Bishop Richard Pates said in the statement that the loss was protected by insurance.

“We have been advised that such criminal activity is rampant,” Pates said in the statement.

The FBI and U.S. Treasury were immediately notified of the theft, the diocese said, adding that the FBI has taken possession of several diocesan computers.

Bankers Trust has sent a memo to its employees informing them that the bank’s “Internet system was not breached and continues to be secure.”

“We do not yet know how the criminals infiltrated the diocesan systems, but we expect the investigation will reveal this so we can share with other clients and prevent potential breaches of their systems,” said the memo signed by Donald J. Coffin, Bankers Trust’s chief lending officer.

The diocese serves 82 parishes in 23 central and southwest Iowa counties.” – “$600,000 is Stolen from Des Moines Diocese”, The Des Moines Register

This story from The Des Moines Register was a real shame to read about. This poor diocese had a large sum of money stolen from them, and there was nothing they could possibly do about it. The thieves are apparently very good with electronics and computers because they found a way to scoop up all of this diocese’s savings without actually taking any physical money. Hopefully they continue to recover money over the next few weeks. Keep this diocese in your prayers.

College Student Raising Money Through Exercise

This article from Catholic News Agency was so inspiring to read about. Sylvan Pinto is a hero that should be getting recognition for the great things he is doing for people in need. This young man is biking and running some ridiculous distances, which in itself is impressive. He is doing them to raise money for very admirable causes too though and that is what makes his story so special. I hope that sharing this with you brings you as much happiness and it did to me. Just hearing about this made my day better.

“Sylvan Pinto IV biked 301 miles from West Newton, Pa., to Washington, D.C., biked 15 miles on another trip and ran 37 miles to help Catholic Charities of the Diocese of Greensburg defray medical costs for people in need.

A parishioner of Our Lady of Grace Parish in Greenburg, Pa., Pinto contacted Catholic Charities when he was 16 and a sophomore at Hempfield Area High School.

An avid runner, Pinto, now 20, wanted to “put a reason behind running” and help others. He got the idea after reading the book, “Ultramarathon Man,” about a man who helped save people’s lives by running. The runner logged 200 miles to help pay for a liver transplant for one person and a heart transplant for another.

“It made me think I could do something to help people. I figured I could do it on my own, but it wouldn’t be as special if I didn’t help someone,” said Pinto, an elementary education major who will be a junior this fall at Robert Morris University, Moon Township.

Pinto is on RMU’s cross country, indoor and outdoor track teams.

Pinto’s first run was 22 miles for families in Greensburg and Johnstown. The Greensburg family’s youngest son, 17 months old at the time and deaf, needed cochlear implants. Pinto raised $2,500, all of which went to defray medical costs.

He also raised the same amount for the Johnstown family, whose 8-year-old child was born with childhood arthritis, and for a girl in Indiana who needed reconstructive facial surgery after being in a vehicle accident when she was 5 years old.

When he biked to Washington this past May 22-26, he raised $2,500 for a 13-year-old and his father from Indian Head. In 2009, the 13-year-old was diagnosed with alveolar rhabdomyosarcoma, a type of cancer that attacks the muscle and bone connection tissue. Later that year, his father was diagnosed with diffuse large b-cell lymphoma, an aggressive and fast-growing non-Hodgkin’s lymphoma.” – “Pennsylvania College Student Runs and Bikes to Help Those in Need”, Catholic News Agency