Friday April 18, 2014
How can you teach your children important lessons about managing money?
Try setting up three jars in your home, labeled "save," "spend," and "share." Help your child divide his allowance into each of these jars. The "spend" jar is money that can get spent immediately, on items like ice-cream and small toys. "Save" goes towards the new Playstation video game that he's been eyeing. And "share" goes to a charity of his choice, something that your child picks out.
Learn more in this article, How to Raise Financially Responsible Children.
Monday April 14, 2014
Imagine that you have some wiggle room in your budget. (I know, I know ... it's a fantasy for some, and a daily reality for others. Keeping your costs low, and working extra jobs/hours, can help you create this wiggle room. Bit I digress ... )
If you have some discretionary room in your budget, how can you decide whether or not to "upgrade" a purchase? What's worth spending money on ... and what's not?
Find out in the latest article, How to Make Smart Spending Decisions.
Monday April 14, 2014
Imagine this: You tour a beautiful apartment. It's in the perfect location, and its well within your budget. The property manager says that there's a ton of interest in the unit, so you need to act now if you want to secure the space. So you write a check, right there on the spot, to lock down the apartment.
And then you never see him again.
This is a classic example of a rental scam. Some people obtain the key (or otherwise break-in) to a model showroom or a vacant dwelling. They pose as property managers, collect a handful of deposits from unsuspecting renters, and vanish into the night air.
Part of solid financial planning is protecting yourself from scams, theft and other financial calamities. In these articles, learn how to be wary of losing money to scammers.
Thursday April 10, 2014
Your savings fall into three categories: Money you'll spend in the next few months, money you'll spend in the next 5-10 year, and very-long-term savings that you'll keep for more than a decade.
You'll want to put your very-long-term savings in some type of vehicle in which that money can grow. But that adds another layer of complexity. You'll need to think about risk, diversification and many other factors.
One of these factors that you'll need to consider is tax-efficiency. So in this latest article, we look at the tax implications of putting your long-term savings in the market versus in real estate. Enjoy!