You Don’t Get To Keep All You Make

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It's Not About Money

75 episodes

3 months ago

Join us, Charla and Matt McKinley, as we delve into the world of parenting with a financial twist. This podcast is your go-to resource for raising responsible and ready adults, providing insights and actionable advice on money matters and beyond.

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You Don’t Get To Keep All You Make

It's Not About Money

14 minutes 42 seconds

8 months ago

You Don’t Get To Keep All You Make

You Don't Get To Keep All You Make- How to Calculate a Paycheck
In this episode of It’s Not About Money, Matt and Charla introduce a special session designed to help teens understand the reality of paychecks. Charla recently taught a virtual one-hour lesson to students across the country, and today, she shares that session with you. If you’re a parent looking for a quick, impactful way to teach your teen about paychecks, deductions, and net income, this is the perfect episode to share with them!

Key Topics Covered:

* Why Learning About Paychecks Matters Now

Many teens step into the workforce unaware of how much they will actually take home. Charla emphasizes that understanding paycheck deductions early prevents surprises and financial miscalculations. Learning these concepts in advance allows teens to budget wisely and make informed financial decisions from their first job onward.

* Where Does the Money Go?

Teens often assume they get to keep every dollar they earn. Charla breaks down gross pay vs. net pay, explaining deductions for federal and state taxes, Social Security, and Medicare. Through examples and interactive exercises, students see firsthand how much money is deducted before their paycheck reaches their bank account.

* How to Predict Take-Home Pay

Understanding paycheck deductions is an essential life skill. Charla introduces paycheck calculators and simple methods to estimate take-home pay before even accepting a job. This helps teens set realistic financial expectations and avoid overspending based on incorrect assumptions about their income.

Call to Action:

* Download the Lesson Materials: Links to the forms and worksheets used in the webinar are available in the show notes. Encourage your teen to follow along and complete the exercises.
* Try the Paycheck Calculator: Use the free online paycheck calculator linked in the blog to experiment with different job scenarios.
* Start the Conversation: Has your teen received their first paycheck yet? How did they react to the deductions? Share your stories and insights in the comments or on social media!

Connect With Us:

* Read more on Charla’s blog: https://beyondpersonalfinance.com/our-blog
* Subscribe to our email list: Stay updated on new episodes and helpful financial lessons for teens! https://beyondpersonalfinance.com/subscribe-1
* Explore our courses: Give your teen the financial head start they deserve. https://beyondpersonalfinance.com/