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Pop quiz: Let’s say Tiffany, our token teenager, has been lifeguarding for a few summers now. She’s burned through enough sunscreen and protected enough pool parties to buy a great used car.
If she owes $1,000 on her sweet ride (worth $5,000), has $500 in her emergency fund, and finds 25 bucks in her back pocket, what’s Tiffany’s net worth?
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If you answered $4,525, welcome to the winner’s circle!
But really, could your teen answer this question?
How prepared is your almost-adult child when it comes to budgeting, saving and spending? Here’s your chance to find out.
Dave Ramsey’s $15,000 Financial Literacy Challenge tests teens’ money IQ on buying insurance, investing, staying out of debt, and living generously. The 20-question money quiz is also a great springboard for parents and teens to talk about money.
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High school seniors who score 90% or higher on the quiz will be entered for a chance to win one of three $5,000 college scholarships, and underclassmen who score 90% or higher will be entered for a chance to win one of three Google Chromebooks!
So stop what you’re doing and text your teen the link to 53schools.com right now. This year’s $15,000 Financial Literacy Challenge, sponsored by Ramsey Education Solutions and Fifth Third Bank, runs April 10–24. The six lucky winners will be announced in May.
Not too shabby for a few minutes of work. Return on investment, anyone?