Wealth can easily distort a child’s view of money and possessions. Without parental guidance and the appropriate education on money management, it can leave a child unprepared for living as an independent, productive, and responsible adult. How does one instill healthy attitudes towards money and help these young children develop skills for managing it wisely, especially as these children may not be witness to the harsh realities of the less fortunate? The goal should be that your child leaves home as a young adult with the tools to make financially sound decisions and possess the accurate understanding of the value …Read More
Congratulations! You’re thrilled that you are no longer paying for your children’s college education and feel they’ve spent the last four years excelling in rigorous coursework amongst other things. However, are they prepared to handle their own finances? What can you do to help them get on the right track now? Here are a few suggestions for parents to share with recent graduates entering the work-force:
- Get organized: Encourage your recent college graduate to get organized. First, there’s the paperwork. For most children, it is their first experience with bank statements, tax documents, pay stubs, health insurance claim forms,
Couples that plan to live together and not marry don’t really get the same kind of financial planning advice that couples that plan to marry do, but this is changing. Some people used to call it “shacking up” but as finance columnist Dee Lee of CBS Boston observes “the PC term is cohabitation.” Whatever you call it, more and more couples are living together but they are not considering the financial implications of this move.
No matter your age, if you live with your romantic partner, you need to talk about money. Some cohabitating couples are being advised to create …Read More
We often find ourselves so engrossed in how fast our children are growing up that it’s easy to sometimes forget that our own parents are also aging. It’s never too early to start preparing for the responsibility of caring for parents in the future. Whether they want the role or not, more and more adult children are finding themselves in the position of primary caregiver for their aging parents. Unfortunately, many are not prepared for that role.
- Create a durable Power of Attorney to name a person to control your parents’ finances when they no longer can
- Compile all
Money is one of the biggest stressors in a relationship. There’s no one right way to handle finances in marriage, and the best choice is ultimately what works for you and your spouse. Although some of us want to go into a marriage sharing everything, smart financial planning actually dictates that you don’t have to… and in many cases shouldn’t. Here’s a system many couples start with.
In the “three pots” system, each spouse contributes money to one money “pot” for household expenses, and his or her own “pot” for individual expenses. No one gives up their independence …Read More