Teaching Your Children Self Reliance

Sara Parker of Utah Central Credit Union introduces a program called Critter’s Crew that rewards children from newborns to 12 year-olds; a great incentive to start saving as soon as possible!

Young people have so much optimism. They believe that they can change or fix anything. Utah Central Credit Union has recognized the importance of these future savers and entrepreneurs with a program called Critter’s Crew.

During March and April young savers can earn 3% APR on CDs – a much higher rate than what most CDs are offering – with an investment as small as $5 or as much as $5,000.

Every day that young savers invest $7 in their savings account they will receive a card worth 70 cents. Savers with the most cards can earn an extra $70 in their account.

When children and teens refer a friend to Utah Central they earn an additional $7.

They also have Money Wise learning tools that can be accessed online, deposit punch cards for prizes, student VISA cards, special Money Market accounts, and cash for good grades – so there are lots of ways for each child to grow their money.

There are several Foundations giving scholarships to young entrepreneurs.

McKelvey Foundation
The McKelvey Foundation awards a total of $40,000 in scholarships annually for young entrepreneurs to attend any four-year college within the United States.

Ewing Marion Kauffman Foundation
The Kauffman Foundation has resources and programs for youth and collegiate level entrepreneurs. It also has an Entrepreneurship Internship Program (KEIP), which immerses students in the day-to-day reality of starting and managing a business.

Global Student Entrepreneur Awards
Presented by Mercedes-Benz, the GSEA Program awards $100,000 in cash, business products and services to student entrepreneurs and is a great opportunity to obtain start-up funding.

There are also dozens of good online resources helping teens and youngsters who want to start a business.

Renegade CEO’s
The Renegade CEO’s community provides teen entrepreneur resources and a variety of products, people and services which encourages teens to manifest their raw talent in a ‘global living laboratory.’

Teen Entrepreneur
An online division of Entrepreneur magazine, Teen Entrepreneur provides a wealth of information, advice, motivation, tools and other resources for young people who are serious about entrepreneurship.

The Mint: Be Your Own Boss
This site provides middle and high school students with helpful advice, interactive quizzes and fun resources related to money management. There is also information specifically for parents and teachers.

Youth Venture
Youth Venture empowers young people to create and launch their own enterprises. This site provides information on getting started and examples of successful projects across the country.

Young Entrepreneur Foundation
Created by the National Federation of Independent Business, YEF’s mission is to educate young people about the critical role of small business and to help students interested in business and entrepreneurship further their education.

YoungBiz.com
Geared towards teens, the mission of YoungBiz is to empower youth with entrepreneurial, business and financial skills through innovative education and real-world experience.

SBA’s Teen Business
This site offers information on starting a business–from brainstorming and evaluating the feasibility of your idea to developing a business plan and making sound financial decisions. It also includes interactive games and motivational success stories.

SBA’s Young Entrepreneurs
A comprehensive list of SBA sponsored online resources for young entrepreneurs. Information is available for young children up to young adults.

Utah Central Credit Union Phone:
ALL BRANCHES: (801) 487-8841
TOLL-FREE: (800) 999-6395