Mommy I want that new video game! Dad I want the new I-Phone! Grandma I want the new Mac Book! Most parents have heard some variation of the above statements. Parents usually are the primary financial educators for their children. Time after time, I have seen young people receive sizable allowances or inheritances, without a base of knowledge in financial planning. Consider the following five points to assist the children in your life to have a responsible attitude about money.
1) Be a Role Model – The way parents spend money and the way children view money has a significant correlation. Consider discussing the family’s financial goals and plans with the children. How much you share is to your discretion, but include the younger generation in at least a portion of the monthly management. How parents deal with money issues, from the monthly bills to planning family vacations can be important in teaching the children money management and the value of money.
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Over 25 million children can be found online! And this is a rough estimate. The actual figures can be pretty astonishing. The Internet has changed our lives and habits too. While you cannot keep an eye on which websites does your child visit, you can definitely do something that would not offend your child and still provide him with quality education. Yes, I am talking about Online Learning.
Studies have shown that forcing your child not to do a particular thing can have adverse effects. Children cannot be ‘tamed’ by force. We must understand this. If parents keep on trying to discipline their children, the expected results would never come.
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From the first flutter we feel inside to the first time we hold our children in our arms, we realize that we are responsible for a life other than our own. We want to make the best decisions we can and ensure that our child’s needs are provided for. But what if something happens to us? What would happen to them? While life insurance can provide some security that our children will be provided for, by starting a child’s savings account or purchase bonds in their name we can secure their financial future.
In the beginning, we will be the ones who will add money to our children’s accounts for the purpose of offsetting the increasing costs of college tuition or private education. Unlike college savings plans, a children savings account offer the flexibility of accessing money when your child needs it most; whether that is before they are of college-age or after. The money that has been invested in a children savings account will be available to the child immediately without penalty.
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