A new curriculum of merit badges proposes to teach the GSA’s more than 3 million members everything from good credit to budgeting to the ins and outs of savings and investing. In all, there are 13 Girl Scout badges and awards related to financial literacy.

This is exciting news, since this isn’t necessarily knowledge they’re picking up in school: only 7 states require high school students to take personal finance classes as a requirement for graduation.

Providing lessons in economic literacy to learners of all ages creates better informed employees, voters, and peer educators. With the Girl Scouts offering different badges for each age group, members will stay ahead of the curve with multiple chances to gain financial knowledge.

It sure seems like the Girl Scouts of America are following their motto, “be prepared,” so do as the Girl Scouts do and take one of our quizzes to test your economic literacy. Better yet, you could try your hand at running your own business.

Wendell T. Webber

Welcome to this week’s edition of our Tuesday Top 5, Econ4U’s weekly tips post to help you manage your money in five easy steps.

If you’re a parent or plan to be, you are in a position shape the money habits your children will have, even as adults. Beyond living by example, there are a few ways to make sure the lessons they learn are the best ones. Here are a few tips to put the next generation on the right path.

1. Be open about the household bills. “If you don’t talk about money, it’s almost like it doesn’t exist,” said Pamela Yellen, a financial educator, in an interview on NPR last week. Speaking frankly about the household budget and how you decide where limited resources go is a lot more instructive than a vague “money doesn’t grow on trees” parable.
2. Show them how to use credit responsibly. Let your kids watch you handle your bills so they can connect the dots between credit use and paying the bank monthly.
3. Teach them that plastic is a tool. Credit and debit cards can be useful products when handled properly. Consider putting their allowance on a prepaid debit card to teach them the practical applications of plastic — and that when the money runs out, the fun stops there.
4. Encourage entrepreneurial ideas from a young age. Got a kid who’s excited to start a lemonade stand or babysitting club? Great! Today’s roadside beverage purveyor is tomorrow’s Fortune 500 executive.
5. Look for everyday examples of economics in action. Keep your eyes peeled for teaching moments about economic lessons like supply and demand or price sensitivity.

Lawn-Mower-Parts.com

Welcome to this week’s edition of our Tuesday Top 5, Econ4U’s weekly tips post to help you manage your money in five easy steps.

This year, it’s never too early for teens to be thinking about their summer job opportunities. A new analysis of data from the Bureau of Labor Statistics shows that teen unemployment has skyrocketed in recent years, with half the states showing unemployment rates above 25 percent. For minority teens, the statistics are even more dire: Nationwide, the jobless rate for black teenagers is 42.1 percent. There are myriad reasons for it — from a high minimum wage that encourages employers to hire older and more experienced employees over teenagers, to the increasing popularity of automation like self-checkout at the grocery store. One thing is for certain: Many high-schoolers looking for traditional employment this summer will be out of luck.

But there are other things teens can do to gain money or experience this summer. Here are some options:

1. Exterior home services. Lawn mowing and washing windows are easy ways to make cash and build up a steady list of clients without spending a lot of money on supplies. All you’d need is a lawn mower (which you could probably borrow from your dad) and a professional squeegee, dish soap, paper towels, and a bucket — all of which can be procured for $50 or less. Charge a reasonable price per window and per acre and you’ll recoup your outlays in just a few jobs.
2. Child care. Beyond babysitting, there are lots of ways to help parents out when school is out for the summer. If you’re a good swimmer, it’s fairly easy to get certified as a swim instructor and lifeguard through the American Red Cross. Giving swimming lessons to kiddos is a great way to stay active in the summer as well.
3. Errand runner. Ask any busy working parent if they’d like some help running errands on the weekends and you’re likely to get a hug. Negotiate an hourly rate for the service and offer to pick up dry cleaning, deliver kids to soccer practice, shop for groceries, and otherwise act as a personal assistant. Your clients will feel like celebrities.
4. Tutoring. You’re a smart kid, so why not make some money off those good grades? Ask your teachers if they know of tutoring opportunities for students within your school.
5. Volunteering. Money isn’t the only valuable thing you can earn in the summer — experience and solid references count just as much. Animal rescues can always use dog walkers and litter scoopers, hospitals typically have opportunities for candy stripers, and charities like Recording for the Blind & Dyslexic will appreciate anyone with a good speaking voice and a love for reading.

ABC.com

Desperate Housewives star Eva Longoria has filed a Chapter 11 petition in bankruptcy court on behalf of the restaurant and nightclub she owns in Las Vegas.

Beso and its upstairs nightclub Eve opened in the CityCenter at the MGM Resort in December 2009, but a little more than a year later, the property lists $2.5 million in assets and $5.7 million in debts. The Las Vegas Sun reports that the restaurant faces projected ongoing losses of $76,000 per month.

Likely compounding the problem is the accusation that Longoria has been lending her own business venture money at an usurious interest rate, according to one of her business partners. Mali Nachum claims that in 2006, Longoria loaned Beso $1 million at an 8 percent rate over 2 years. In addition, he says Longoria received a 23.3 percent share of Beso in exchange for the loan, which would violate California usury laws.

Normally for Famous Financial Flubs, we like to provide a moral to the story, but the only one in this case seems to be don’t shoot yourself in the foot by charging your own business venture an usurious interest rate. (Or alternatively, choose your business partners wisely.)

The benefits of using the site are many (and not just for financial Peeping Toms). For starters, the anonymity takes away the taboo of talking about money, leading to a vibrant tips section. Got questions? The community has answers. You can instantly compare your net worth to others with similar education levels or salaries, and also by state, industry, or age range. (Though take this with a grain of salt: You’re stacking yourself against a self-selective group of people who are really into personal finance, so it’s not the same as comparing your numbers to the nation at large.)

Contrary to what you might assume, the website is not just full of financial whizzes whose stocks are going gangbusters; there are plenty of users who are very much in the red and are using the site to climb out of debt. And on the other end of the spectrum, it’s easy enough to find a cadre of candid self-made millionaires who are willing to share how they got to where they are today.

Some people have been updating their profiles for years. I only just started this week, but I can already see myself becoming a regular. (And if nothing else, it’s an educational way to kill a Friday afternoon.)

Unfortunately, summer 2010 is turning out to be a tough job market for teenagers and unskilled workers, but there are still ways for young people to spend the summer productively. Here are a few ideas of how to scale the ranks quickly and set yourself up for success in the future.

1. Get certified. If you’re looking for work as a camp counselor or lifeguard, you’ll stand out from the job-seeking crowd if you already have first aid certification from a reputable organization like the American Red Cross. Some jobs will provide this training, but already having it under your belt is a surefire way to set yourself apart.
2. Volunteer. Logging hours as a volunteer, while it doesn’t pay, gives you on-the-job experience and great references when you need them in the future. And with so many worthy charities looking for help, you’re unlikely to be turned down.
3. Tutor younger kids. Put your good grades to work over the summer. If you’re a math whiz or have a talent for writing, ask your teachers if they know of tutoring opportunities for students within your school.
4. Don’t slack off. Remember that experience is cumulative, so if you work hard at a minimum wage job, chances are you’ll be promoted beyond it fast.
5. Strike out on your own. Love animals? Advertise a pet-sitting or dog-walking service in your neighborhood. Do you enjoy being around kids? Spread the word among your parents’ friends that you’re available as a babysitter. But for safety’s sake, stick to working for people you know and trust.

Making the most of the summer is a great way to position yourself for a better job opportunity in the future.

April is not just tax season, it’s also Financial Literacy Month. So now is the perfect time to test your money knowledge on one of our 10 quizzes.

Think you’re an expert on entrepreneurship? How savvy are you on saving? Can you cut it when it comes to credit cards?

Or if you’re really up to the task, take our 20-question quiz that covers a broad spectrum of money topics. You just might learn something new.

Whether you’re a small-business owner who works out of the house or a salaried employee who wants to enjoy a corporate perk, working from home is becoming de rigeur for more workers every year. But to make sure you don’t lose your productivity groove once outside the office, try out these tips:

1. Start your day as if you’re headed to work. Set an alarm, get out of bed on time, take a shower, put the coffee on, and wear presentable clothes. Looking professional will help your concentration more than if you plop down at the computer in your pajamas.
2. Schedule breaks like you would if you had coworkers. Run to Starbucks and go out to lunch on occasion — make opportunities for yourself to socialize so you don’t get bored and lonely.
3. Set up your desk somewhere you won’t get easily distracted. We recommend not putting it in your bedroom or near the TV. If you have young kids at home, consider hiring a babysitter so you can focus all your energy on the task at hand.
4. Keep a log of hours worked. Even if you don’t have to submit billable hours in your line of work, record every assignment you complete throughout the day and how long you spent on it. It will keep you accountable to yourself (and your boss, if necessary).
5. Unplug at the end of the day. After you’ve put in a full day, turn off your laptop and get out of the house, whether it’s running errands or working out or happy hour with friends or just a walk around the block. One of the hardest things can be leaving work behind when you don’t have to physically leave your office; it’s important to find a way to mark the occasion.

This week, New York Times columnist Thomas Friedman wrote about what the country really needs instead of yet another economic stimulus package:

What the country needs most now is not more government stimulus, but more stimulation. We need to get millions of American kids, not just the geniuses, excited about innovation and entrepreneurship again. We need to make 2010 what Obama should have made 2009: the year of innovation, the year of making our pie bigger, the year of “Start-Up America.”

On that note, and in the spirit of getting the year started on the right foot, here are five ways to teach the next generation about the American Dream.

1. You’re never too young to learn. TIME magazine recently profiled Chicago’s Ariel Community Academy and its K-8 investing program. Each incoming kindergarten class is given dominion over an investment portfolio worth $20,000; by seventh grade, the young investors are allowed to pick what and when to buy and sell. Any profits at eighth grade graduation go toward a college scholarship fund that benefits the graduating class.
2. Even lemonade stands are teaching tools. Watch our video for just a few of the lessons this classic summertime activity provides young kids.
3. Encourage teens to start their own companies. The Network for Teaching Entrepreneurship’s flagship program is a contest at middle and high schools nationwide (mostly in low-income communities) that helps 24,000 participating students start their own businesses.
4. Avoid the “Freshmen Financial Fifteen.” College students are particularly at risk for not budgeting properly, signing up for expensive cell-phone plans, and abusing their credit cards. If they are aware of the responsible use of each, they are primed for a financially secure adulthood.
5. Finally, take the Econ4U Entrepreneurship Quiz. Even adults may be surprised at what they don’t know about starting a business.

If you’re a small-business owner, you’ll want to pay close attention to today’s column. You may just qualify for one of the following deductions, which could save you major money on your taxes come April 15. Listen up:

1. Buy a heavy truck or SUV. If you haul around a lot of stuff in your line of work, new and pre-owned “heavy” SUVs that are used primarily for business qualify for a depreciation write-off of $25,000 under Section 179 (also known as the Hummer Tax Loophole). SUVs with a manufacturer’s gross vehicle weight rating (GVWR) above 6,000 pounds qualify for the full deduction, but the purchase of a lighter SUV, passenger vehicle, or light truck could also net you a smaller write-off.
2. Buy new office equipment (from cows to computers). Section 179 has other juicy benefits for business owners. You can write off up to $250,000 in new property, ranging from computers and software to ostriches and helicopters if that’s what your business entails, and if any of the above have been installed or put to use before December 31.
3. Have your office assets depreciated in value? Because of the 2009 American Recovery and Reinvestment Act, you can also claim an additional 50 percent first-year depreciation bonus on qualifying new equipment and software you bought this year. But note: If you’re also claiming the Section 179 write-off, the bonus only applies on the cost remaining after that deduction.
4. Maximize your health claims before year end. If you are self-employed and pay for your own health insurance, you can itemize your premiums and other medical expenses only if they are in excess of 7.5 percent of your adjusted gross income. But that goes by year, so if you’re close to that threshold but haven’t met it yet, see your doctor now before the cycle starts over on January 1 and you lose that deduction.
5. Evaluate this year’s tax rates and next year’s predictions. If you have freelance income or if your business expenses go on your personal tax return, consider that this year’s personal tax rates are expected to be roughly the same next year. But if you expect to make more money in 2010 and you think taxes will rise, it may make more sense to postpone your deductible expenses until the new year.

All it takes to save major money on your taxes is a little foresight and the ability to spend now before you lose out on these sweet deductions.