Financial Literacy – Kid’s edition – Part One

On today’s journey I want us to discuss something especially important in my own home and that is the topic of finances.  It is important to understand how money works and describing to children how we operate with money.

Table of Contents

    What does this mean?

    Financial literacy is the ownership of skills and knowledge particularly that equips you with making educated and valuable choices regarding finances. Well, as an adult we learned the hard way as we had to get a job first and then understand how to balance our budget, pay taxes, bills and all these different aspects, which can feel like it is falling on top of our heads. Then we learn how to deal with these new responsibilities and manage it. However, imagine if you were given the gift of understanding finances ahead of the game even understanding how to manage, coordinate and move your money around so that by the time you are in adult you have some equity earned interest an increased in your dollar just by investing in yourself.


    First wallet, always starts the excitement.

    We bought this wallet at Oldtown in Orlando,FL. He loves it!

    In my household with our own children, when they turned five years old and they were able to write out their own names, I started individual bank accounts for them each. You can do a savings acct for them in the meantime but if you want them to understand the process starting at five is an excellent beginning point. If they had a deposit from their grandma, uncle, birthday, tooth fairy they would walk into their bank (with me as an escort) and do a deposit at the teller; I would stand by to assist but they would understand the jargon that was being spoken to them in that transaction and be able to answer questions and begin to understand the process. This is the important piece as they are physically part of these transactions. We typically would open a savings and checking account.

    Big Picture and Expenses

    We as parents concentrate on the big picture expenses for example: shelter, food, clothing, even entertainment. We also maintain anything they may need, which can include technological items such as computers, phones and gadgets for school and fun. Sometimes my kids want the latest game or a fashionable sneaker or trend and something of this nature I ask them about what they have in their allowance or what other items they want to do in the house to help work for these. So, how does this work?
    There are a couple of methods, but I will give the example of low end and high end. This just indicates the parent contribution not including gifts that you may receive. Other rules of financing and banking you should consider are the following.

    TypeBank RulesRate/AmountDetails
    Interest RatesCan range and payout annually or be accrued and offset monthly with your statement. 0.001% – 0.06%Some banks offer reward programs for a higher balance that can increase this. 
    Check with your financial Institution.
    ResponsibilityThe manager of the account is the parent.  However, when the child turns 13, they can usually download app and maintain account.  If it is a checking account since an adult is listed on the account a debit is usually issued.This rule can vary bank to bank this why financial education is important at an early age to prepare them for when they are a teenager. 
    Check with your financial Institution.
    FeesFees (Maintenance, overdraft, check bounce) can apply but for a child or student savings/checking account they can be waived$12 – $60To avoid Fees, you may need to keep a daily balance of $500 to $1500 after the age of 24. 
    Check with your financial Institution.
    TaxesIf the yearly balance does not go over 15000, taxes will not apply on the account.  Normally these deposits are post tax your individual income.  For the child, they are not required to report as you are listed on the account.  Until they are a legally recognized as an adult by the government standard and no longer a minor.$260 and up.For a single person, with no dependents at the age of 18.  They may owe $260 of a $2,500 taxable income.  Based on the IRS tax table, please speak with your accountant or taxing professional for your individual advice.
    FDICEach individual account at any bank is covered for up to $250,000.00 at any time.  If you accrue more than this amounts you may need to open a different account, trust, or fund.Not covered 250,000.01Individual accounts $250,000.000
    Joint accounts $500,000.00
    Check with your financial Institution.
    Life InsuranceExcellent way to plan, thinking positively.  Because this money usually has a fixed rate, that you can borrow from for braces, college, first car, down payment on a home)$35 -$100 MTHEvery provider is different.  Best to choose from are the Mutual of Omaha, Gerber, State Farm – reach out to find out more details.

    Now that we have an idea of the rules. How do we figure out the payments of allowance or money for our children? First you will need to set up three accounts Checking, Savings and Insurance. Of course, these are suggestions, but you may want to take advantage early.

    TypeAvailabilitySocial Security NumberPaymentsFrequencyDown PaymentFace ValueGuardian
    CheckingOnce Social Security is issued.Yes$1 – $26Bi-Weekly$25 – $1500Annual AmountParent only, at 13, a child can manage with parent, transitions at 18.
    SavingsOnce Social Security is issued.YesVariesVaries$125 – $500Annual AmountParent only, at 13, a child can manage with parent, transitions at 18.
    Insurance14 days old to 17 years of age.No$35 – $100Monthly or annually$5,000 – $500,000Parent until 18

    Plan Capital for Equity

    Now, have your children walk through the process with you. Understanding the game plan, in my mind is the first step. I have two options that can work for any income. They are called Low End and High End. Again, this does not include gifts or birthdays but just the payments on the parents’ end.

    Low End – AllowanceBased on age$125 at beginning (year 0)
    $500 at age 18.
    $35 a month (Based on policy ages 0-17 then transfer to whole life policy for adults)NA
    High End – AllowanceBased on age$125 at beginning (year 0)
    $576.9 bi-weekly from (0 – 16)
    $14999.40 a year total (under the $15,000 taxation mark)
    $250,000.00 lifetime (for this period 0-16 years)
    $100 a month (Based on policy ages 0-17 then transfer to whole life policy for adults)NA
    Bonus – Tooth FairyNANANABased on age per tooth. 
    Ex. 5 years old = $5.00.  20 teeth by rate = $100. 
    Have the child take the cash and make the deposits.

    Allowance Types

    What it looks like. Be warned there are many graphs here, these are estimated.
    For both Allowance types: Low End and High End, the checking stays the same.

    YearType RatePaymentsYearly Amount
    0Checking $   1,500.0011500 (Continued threshold)
    1Checking $           1.002626
    2Checking $           2.002652
    3Checking $           3.002678
    4Checking $           4.0026104
    5Checking $           5.0026130
    6Checking $           6.0026156
    7Checking $           7.0026182
    8Checking $           8.0026208
    9Checking $           9.0026234
    10Checking $         10.0026260
    11Checking $         11.0026286
    12Checking $         12.0026312
    13Checking $         13.0026338
    14Checking $         14.0026364
    15Checking $         15.0026390
    16Checking $         16.0026416
    17Checking $         17.0026442
    18Checking $         18.0026468
    19Checking $         19.0026494
    20Checking $         20.0026520
    21Checking $         21.0026546
    22Checking $         22.0026572
    23Checking $         23.0026598
    24Checking $         24.0026624
    25Checking $         25.0026650
    26Checking $         26.0026676

    The Low End and High End types really apply to the savings account. The idea in this plan is to make at least the low amount or any up until the high amount. You do not want to exceed on this account more than $15,000 per year but you want to have at least $125 until they turn 18 then $500 to prevent fees. Of course, if you are a millionaire, you can do whatever you want but for the average person this can meet multitudes of income ranges and teach your children how to save.

    YearType High EndPaymentsYearly AmountYearType Low EndPaymentsYearly Amount
    0Savings $ 500.0015000Savings $ 125.001 $ 125.00
    0Savings $ 576.902614999.418Savings $ 375.001 $ 375.00
    1Savings $ 576.902614999.4
    2Savings $ 576.902614999.4Total500
    3Savings $ 576.902614999.4
    4Savings $ 576.902614999.4
    5Savings $ 576.902614999.4
    6Savings $ 576.902614999.4
    7Savings $ 576.902614999.4
    8Savings $ 576.902614999.4
    9Savings $ 576.902614999.4
    10Savings $ 576.902614999.4
    11Savings $ 576.902614999.4
    12Savings $ 576.902614999.4
    13Savings $ 576.902614999.4
    14Savings $ 576.902614999.4
    15Savings $ 576.902614999.4
    16Savings $ 576.902614999.4

    For the life insurance, this works by specific policy. As a child’s medical is usually not put into question and the application process is simplified. Anyone can open a policy as the social security number is truly not needed. As low as $35 a month to $100 a month or annually from $420 to $1200 you can buy coverage. Typically, this covers death as it is a life insurance policy. What is not told to you is that the face value, which can be $5,000 to $500,000.00 is based on an index amount. And when the policy matures you can use it, which is typically at the age of 100. When the child is turning 17, you can begin to transfer the plan to whole term for an adult and they can take over the payment. For example, if they need braces, or want to buy a car, or later a down payment on a house, depending on where you are in your policy you can borrow that cash from the policy. Whether paying it back or not, which will deduct from the face value. Other benefits, include not needing to be reported on taxes and the money is all post taxable dollars. This is how the wealthy maintain their financial health within their portfolios.

    Piggy Banks

    All my children have one that is completely full of money from when they were born. We have never touched it and when they graduate high school it is theirs. One of the banks if from Tiffany’s so I ask that they manage with care. They also have individual banks like superheroes that they fill and often forget about.

    I still recommend a good old fashion Piggy Bank. Once they get full, take them and deposit into their checking and savings accounts. We consider this for them as income and explain the 2/3 policy.

    The 2/3 Policy is a strategy

    When you are an adult, you need to pay bills that are deducted from your wages that include taxes, utility, living expenses, gift, entertainment, miscellaneous, etc.  This concept teaches the child that no matter how much money they receive they will be responsible for a “bill” payment in the amount of 2/3 of the income.  You will truly only enjoy about 1/3 of it.  To plan for this mindset, in the example below I have $100 as the hypothetical gross amount in the piggy bank.  Here 1/3 of that money goes into checking as net and 2/3 into savings where it is saved for a future bill as the deduction. Although this really isn’t going anywhere it is stashed away. 

    Gross = Amount of Piggy BankNet = CheckingBill (Deductions) = Savings

    The best part is when they get their first paycheck/statement they will understand why they are “missing” the gross amount.

    Please leave comments below.

    Let me know, if you do something like this with your children, or if you try this method how did it work for you?


    Check out this complimentary, Podcast about Financial Literacy for Kids and thank you for joining me on this journey of Fannytasticlife!

    Get in touch

    Have something you want me to discuss on the podcast?

    Use the hashtag #Fannytasticlife on Twitter or send a message from the contact form.

    Hi Louis!

    Hi Louis!

    Have fun, enjoy life and dont forget to reward yourself! On this journey of Fannytasticlife!

    Loving yourself is especially important, self-love and self-care as I mentioned before. The value of this increases over time within yourself. I always set goals with rewards, some of these rewards are easily attainable and some require effort, money or focus but nonetheless all these rewards are promises I keep for myself.

    The other day my family and I went to The Mall at Millenia in Orlando, FL where they have many stores that you can enjoy shopping at. While shopping there it was a surprise to come across at first sight Yves Saint Laurent, Bvlgari, Rolex, Tiffany, Burberry, Chanel and then realize right in front of me was Louis Vuitton. I looked at my husband with beyond a Starbucks gaze and said pretty please may I take this moment. My husband took the kids and sat down; he knew that I recently made one of my goals a reality.

    My goals was to achieve my MBA, which I am so proud of!!!!

    That is me, circled in green. Yes, it is virtual but I am so happy here. Graduate 2021!

    Now, a lot of people graduated this year with so much to celebrate. The reason it is important to me, is because I have promised myself this moment, my whole life! My grandmother in 1974 got her master’s and she was 45 years old at the time. She always said do not wait your whole life to have this credential. However, life has taken its toll on me, and I am now 41 and so proud that I finally achieved this goal. I had promised myself that when I achieve this goal I will buy my dream, Louis Vuitton Bag and today at Mall – this purchase was my destiny. My grandmother always insisted that I should set goals in my life and when I can reward myself. This was the behavior she often taught me with my weight and many other life goals. She insisted since I was seven that my masters were non-negotiable,

    I particularly, have always studied law and you may have suspected that I would have a natural progression to a Juris Doctor (J.D.) as my grandmother always prescribed. However, I am very much into analytics and business, so I changed the course of my education to focus on Business Administration.

    I wanted to focus on key elements of human capital, marketing, financing, organizational behavior, economics, management and business ethics, I have mastered the art of payroll through my own life development. Ethics are very important to me as well as integrity and we discussed these topics within my coursework as well as deep dive into communication and analytics. While working with ADP I was able to tap into my analytics skills and become a subject matter expert in Analytics and Insights. I worked very closely with the product team and enjoyed these relationships as well as stayed in contact with them through Linkedin <3

    My goal was particular and detailed as I planned on not just graduating with the MBA but I had to a have earned a minimum of a 3.5 GPA. This was the important factor on whether or not I truly earned my reward.

    Back to the mall, so I was waiting online and so many people were also, some who already had beautiful bags. One of the line expeditors approached me and asked, “Is this your first time?” I thought she may have asked because I took a selfie… but she was asking everyone. She shared why she valued the store and some information, and I really enjoyed her level of engagement.

    While on line, I snapped this picture of me in the moment!

    I finally, make it to the head of the line and I am asked to meet Natalia. Natalia, smiled through her mask, and she was elegant, classy, and professional. Her look was clean lined with a pallet of neutral, black, and white and crisp red nail polished. Stunning! We started to walk through the store, and we discussed the House of Louis Vuitton, this was very enchanting. We also discussed types like canvas and leather, monogram, classic, etc. She asked me if I knew what I wanted or did I have something in mind, which I did. I knew I wanted something that my grandmother had, like her style as the MBA is in her legacy.

    I wanted a Monogram Empreinte leather in black only with a gold chain but not just any chain, we discussed many bags and then I saw the Multi Pochette in cream, but I did not say anything. She went to gather some other bags and then she unwrapped the Multi Pochette in black and I was in love and floored!!!! The chain had an iconic look similiar to Chanel. This is exactly what I have had my eyes on for the past three decades to purses similar. Some of the features I loved was the gold chain with the leather cord and the pouch attached that was removable with an addition across the shoulder strap, which made these two bags in one!!!! I saw the price and knew this was a purchase. We still looked at other bags – just in case. I thought to look at canvas and boots just to make certain I was sold, I was.

    Louis Vuitton mission statement is to”embody unique savior-faire, a carefully preserved heritage and dynamic engagement with modernity and to represent the most refined qualities of Western “Art de Vivre” (The Art of Living) around the world; to be synonymous with both elegance and creativity; to blend tradition and innovation, and kindle dream and fantasy”,to be creative and aim for excellence.

    zarnab wajahat

    This was complete white glove service and I was treated like a goddess, we shared, and laughed and over all my experience was incredible. I noticed people who came in and did not purchase were also treated amazingly and when they left were still given the respect. This confirmed my overall opinion on this experience, which was excellent.

    Here is my accompanying podcast regarding goals, rewards and of course Louis Vuitton!

    Here is what I purchased, which is available in store and online at Louis Vuitton

    Here is a Tiktok, enjoy 🙂

    Here is the bag, my reward! These pictures you can find on their website.

    My next goal is Doctor of Business Administration: Management – Qualitative Research degree, which I plan on attaining by 2024. At that point I will be Dr. Fannytasticlife and yes my reward will be … can you guess … Chanel. Possibly the Chanel Quilted Lambskin Extra Large Briefcase or something like that… who knows (wink wink)

    Thank you for joining me on this journey of Fannytasticlife.

    Please leave your comments and also I would love to hear you messages and publish them on my podcast click on the image below and select messages. Thank you. Bye Now!

    Have you ever been called a Rockstar?

    Rockstar status: A’s across the board with flare!

    Has to do with being … well amazing but can this be damaging with relationships?

    Sometimes having the recognition is what we all desire, right? However, overstating or giving to much spotlight to an individual can create a hostility amongst other colleagues. It is important to give recognition and accolades but as a manager or supervisor creating a balanced work environment is key.


    Being professional can take on many characteristics. Being deemed a rockstar while being professional may be because an individual offers an additional character flair or compliment on top of their amazing level of work. The issue with this is it may not please everyone’s taste. Like cilantro, there are many people who love cilantro and others who swear it taste like soap. They are both correct with their opinions of cilantro, the folks that taste soap have this in their DNA (genetics) as they have an actual “variation in a group of olfactory-receptor genes that allows them to strongly perceive the soapy-flavored aldehydes in cilantro leaves.” (Petruzzello, 2021) What does this mean for the rest of us, this mean that all that you do, the way you dress, the length of your nails, this savoir faire may come off soapy to them and be labeled unprofessional. Do not take it personal it is in their DNA not to like you while the majority will and allow you to garnish many of the most popular dishes.


    Create a podcast episode

    Sometimes being direct is necessary however according to Liz Ryan, “telling the truth when no one else in the room wanted the truth to be told” was considered unprofessional although she was more professional in her delivery than their disdain. (Ryan, 2015)

    Sometimes when people say ‘That’s unprofessional’ they mean that something you’ve done or said makes them uncomfortable. Whatever you did or said might be the most professional thing anyone in your company has ever done!

    Liz Ryan


    Take it as a learning point (Baptism by fire). Not everyone will love what you do, and guess what? That is ok! A great colleague once told me if “someone tells you that I am horrible, believe them but if someone tells you that I am amazing believe them also, because it is their interaction that created the atmosphere they live in while I continue to grow from both.” I love this and I incorporated this into my lifestyle mantra.

    I spoke a podcast about this topic check it out.

    Thank you also for your generous donations.


    Petruzzello, M. (2021). Why Does Cilantro Taste Like Soap to Some People? Retrieved from Britannica:

    Ryan, L. (2015, June 15). Seven Things That Brand You Unprofessional. Retrieved from LinkedIn:

    Please leave a comment below, your feedback is everything.

    Take a break!

    Who? You

    What? A moment to reflect

    When? Now, because when was the last time you had a break … a real bonafide break?

    Why? Your mind, body and soul need it.

    Where? Anywhere

    How? Stepping away for a moment.

    We all get stuck in a rut, or inundated with work, deadlines, timelines, matrix, kids lunch… but when do you take a moment for you.

    I decided to step away make a yummy treat that I would enjoy creating for my family.

    I put on Mark Anthony station on my Amazon Music app that I have on Roku and got started.

    Mark Anthony station for the cooking mood.

    I usually make a homemade Recaito every week for the house as a base for some dishes I prepare, like this yummy one. Bolitas de Mofongo without frying. If you need a break and want to jump into something yummy here is a recipe for you.

    Bolitas de Mofongo – first the ingredients.

    • 4 Plantains (little past green)
    • Recaito (Recipe) 1 tablespoon
    • Pork Grinds/Chicharron (your favorite, plain) or without.
    • Farmers Ribs or boneless pork (small package)
    • 2 Eggs
    • Corn flour 2 tablespoons
    • Olive Oil
    • Salt 1 teaspoon
    • Milk 2% – 1/4 cup.
    • Water 1/3 cup with salt 1 teaspoon.
    • Flour 1 cup.
    • Water 3 cups
    • 1 chicken Bullion

    Bolitas de Mofongo – Steps.

    Should look like this. (Borrowed Picture)
    • Grate the plantains – and place the water 1/3 cup with salt 1 teaspoon. *UPDATE* Squeeze and drain thoroughly.
    • Add milk, eggs, recaito, corn flour (add more cornflour for a consistency that works for you. Mix thoroughly.
    • Roll into a ball shape incorporating the pork grinds into the middle and dip into flour so it is completely dusted, place to side. If you are very technical it should be no more than two ounces.
    • Chop up pork meat into small cubes.
    • Now, in a pot (Imusa prefered) add olive oil and the cubed pork. until browned and then remove but leave the flavor and bits there.
    Imusa pots (my favorite)
    • Add 1 chicken Bouillon and 3 cups of water. Let it boil, this is essential it needs to boil.
    • Once boiling add the balls into the pot. When cooked they should float. Lid off.
    • Now add back in the pork and let it simmer at a less temp.
    • Once incorporated evenly cover and place off heat to settle.
    • This is delicious with Arroz blanco (white rice) and Avocados.

    Let me know what you think? While eating this check out my latest podcast “Take a break!”


    A base for all your recipes.


    • Culantro, 1 bunch
    • CIlantro, 1 bunch
    • Garlic, about 1 head
    • Onion (Yellow/Spanish)
    • Cumin powder or fresh seeds, no more than 1 teaspoon
    • Bayleaf, 1.
    • Salt, 1 teaspoon
    • Oregano, 1 tablespoon if dry – 1 bunch if fresh.
    • Sweet Chili Peppers (You can leave this out).
    • Lemon, 1 squeezed. (You can leave this out).
    • Olive Oil, 1 tablespoon.

    Tools: Pilon and Bullet or Food Processor.

    Imusa Pilon (any Pilon will do)


    • Pilon the garlic, oregano if dry, cumin, salt and olive oil – this will help the oils in these ingredients essence blossom.
    • Wash culantro, cilantro, oregano (if fresh) thoroughly (you never know what is living in there) keep stems and pick off any decay or wilting leaves. rough chop add to bullet with rough chop of onion, and bayleaf. You can decide now to add chilies and lemon or not in this step.
    • Now blend until fine.
    • Add in your pilon ingredients and hand whisk.
    • Place in Jar and close, keep refrigerated.
    • You will only need about 1 or 2 tablespoons of this per recipe and can last about 10-14 days if refrigerated well.
    • You can also freeze into an ice cube tray and then placed in ziplock back. This can last you 1 month to 2 months depending on usage.

    Enjoy and let me know if you tried it.

    Arroz Blanco

    I love white rice but made a certain way. If you know me – you know I prefer it cooked in a Imusa pot.

    Imusa pot

    Something about it is very special and delicious. Here is a recipe you can do I make many sort of rices they have the same method but the ingredients changes. Try it and let me know what you think.


    • Rice (ANY BRAND) I prefer Carolina, long grain.
    • Salt
    • Water
    • Oil (Olive or Coconut) depending on dish.


    • Depending on dish you may not always wash rice but for my Arroz Blanco, 1 cup of rice in water and soak. 2 minutes, then hand wash and drain.
    • In my favorite midsize Imusa pot, I place about 1 tablespoon of oil and let it get warm (this is where if i wa adding other ingredients I would do so)
    • Add Rice and mix so that all the grains are covered.
    • Then I add 2 1/2 cups of water. Here is the trick for any amount of rice you add always add that amount times 2.5 cups of water.
    • Then I add salt and taste. It must have a specific taste of salt. Not to much just enough. I do it by eye, however everyone has a different preference. I suggest you taste the water to confirm.
    • I cover and let boil on high.
    • In less than 5 minutes, I stir Rice and then place temperature at half the amount of heat and place lid on angle.
    Lid placed on angle.
    • Once I see little circle or bubbles in the middle, I do one last stir, cover and remove from heat. This sits for 10 minutes uncovered. WHen I remove lid the rice is even and perfect. I do an extra mix and recover to maintain warmth.

    Ready to eat plain or with your favorite dish. Yummy.

    Arroz Blanco