“Do what I say and not what I do” is something too many kids can hear when growing up. And if not in those words, then in their parents’ actions.
Speeding, swearing, not exercising and poor money habits are bad examples that parents can set without realizing it.
Some parenting “fails” teach children about money — but in bad way. Here are some parenting “fails” that parents can turn around to teach their children about money:
Bad parenting impulse buys
Some impulse purchases can be fun. An ice cream treat after a tough week at school or a movie out as a way to break up the monotony of staying home too many nights can be worthwhile motivators for kids to do better in school or at least be a fun break.
But if you can’t afford them, or spend too much on an expensive impulse buy — such as the latest technological gadget that you’ve coveted for months — then it can show a lack of restraint in how you shop.
Even small impulse buys, if made often, can show your child that it’s OK to buy something without giving it much thought and that you get what you want. But small purchases add up, and a better lesson would be to give up such purchases and put that money aside in a vacation fund for the whole family to enjoy the benefits of giving up short-term joys for long-term planning of a family vacation.
Every parent has probably had their child ask for a candy bar or something while waiting at the grocery checkout line. Telling them no can be difficult, but it beats raising a child who thinks they’re entitled to everything they see. ...continue reading
While it is becoming increasingly popular to retire early or achieve financial freedom before 65, there are quite a few reasons why you should never retire.
People are Living Longer
It is projected that in 2050, over 20% of the population will be 65 years or older. That's up from 12% in 2000. With more people living longer, there comes more time to enjoy life and work if you choose to. 65 doesn't automatically mean you have to give up your job.
In fact, 65 doesn't mean a decline in health or physical capabilities, so if you want to work, you shouldn't let age hold you back.
You should never retire just because of the stigma around age. In fact, adults are expected to live to at least 84 years once they make it to their 65th birthday. That's almost an extra 20 years. Can you imagine being retired for 20 years?
No Retirement Security
It is well known that saving for retirement is important. However, many baby boomers, Gen X'ers, and Millennials still aren't saving and investing. This leads to a lower amount in savings, and a lower amount of money that can be used once a person has retired.
You should never retire if you feel you can't make ends meet. Even if you can afford your lifestyle, money is never guaranteed. Having a job, even if part-time, or a side hustle can offer you more flexibility, and money in your pocket. ...continue reading
You often hear not to keep up with the Joneses in the personal finance community. While it's best not to try to keep up with the people who are broke and flaunting it, what should you do instead? I suggest keeping up with the Gateses — Bill Gates.
Who is Bill Gates?
Bill and Melinda Gates are widely known, but the Gateses could also be anyone who has built wealth in smart ways, saves for a rainy day, and doesn't flaunt their debt.
So, how can you become a Gates? Well, there are quite a few things you can do.
Invest in Education
Everyone who knows of Bill Gates' story knows that he dropped out of Harvard University. However, he has recommended on several occasions that investing in your education is important.
This isn't to say that you have to get into massive student loan debt. But it does mean to take some classes to learn new skills, get a degree if you can do so debt free, or even just practicing something new.
Why is investing in education so important? Think about it. If you have more marketable skills, chances are that you are more likely to get hired for a job or be able to have a few side hustles to earn extra cash. ...continue reading