- Remember that experience is better than lecturing. When your kids are ready to learn about money, start letting them make some financial decisions. It might be as basic as choosing between an ice cream treat and a soda, but let them decide and let them know it’s about deciding what to get, not getting everything they want.
- Start younger than you think you should. Many kids in pre-school can make the ice cream vs soda decision. Elementary school kids can have an allowance that let’s them buy some things that you used to buy for them. In late middle school
I generally don’t like to watch many of the financial news networks. For my tastes, they tend to focus a bit too much on the exciting short play and not quite enough on prudent long term personal financial issues. But late last week I couldn’t help but overhear a commentator (who’s name I unfortunately missed – I’d like to write him a fan letter) say that the current market is being fueled by fear, not facts. Bravo!
Let’s look at a non-financial example of how this works. Think of some of the tragic injuries and deaths associated with fires. A …Read More
Everyone needs to save for the day they hope not to work any more to make ends meet. If you are comfortable with your job security and have good savings you could get to in a pinch, investing through your company’s retirement plan is worth considering. Staying on a consistent investment plan through a down stock market can pay off quite nicely when markets recover. If your company offers to match part of what you contribute to the plan, that’s even better!
So check your employer benefits and see what’s available to you. Some companies don’t allow employees to contribute …Read More
The financial settlement is the major component of many divorces. Making sure that a professional who is an expert in finances is also an expert in divorce is key. A financial professional working on a divorce needs to be familiar with the legal landscape in divorce, tax issues that specifically relate to divorce, and the long term impact of the financial settlement in a divorce.
Three different professions tend to gravitate toward this work.
Investment professionals sometimes do this work as a loss leader to get investment clients after the divorce. Be aware of this, both because of the potential …Read More
It’s abundantly clear that our economy is ailing. So everyone can sit around and whine about it, criticize the people who are working toward a improving the economy, or be part of the solution. Which action do you choose?
The media seems to be divided into two camps. Some journalists are part of the solution by keeping their audiences informed of opportunities in markets, government programs, and the private sector. Others seem to be finding satisfaction in preaching the end of the financial world to anyone who will listen. This latter group seems to have lost their Thesauruses. The least …Read More