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Teach Your Children About Money
Written by: Stephanie HorneArticle Overview: Your children may be out of school for the summer, but that doesn't mean their education should take a vacation too. If you haven't already started teaching your children about money and finances, you are neglecting an important part of their education. Consider these suggestions:
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Teach Your Children About Money
TEACH CHILDREN HOW TO LIVE BELOW THEIR MEANS. Children learn by example, and you can be their best teacher. Teach them to think first and spend later. Impulsive spending increases your children't chances for getting in over their heads with consumer debt.
ILLUSTRATE THE POWER OF COMPOUNDING. Here is an example. If you child invests $1,000 from a summer job at a 6% return, the investment will double in 12 years, grow to over $4,000 in 25 years, and exceed $10,000 in 40 years - all this from a single $1,000 investment.
FUND A ROTH WITH SUMMER EARNINGS. If your child has a summer job, consider setting up a Roth IRA. The funds can be withdrawn to cover college expenses or left to grow for retirement. If your daughter invests $5,000 in a Roth at age 16, and the fund earns a 6% return, by age 65 that $5,000 will hve grown to over $86,000 tax-free. If she continues to invest $5,000 every year to age 65 with a 6% return, the balance would exceed $1,400,000!
MATCH SAVINGS. Consider matching every dollar your child puts into savings. It may prepare him or her for later participation in an empoyer's 401(k) plan.
If you want your children to be money-smart, take the necessary steps to educate them while they're young.
For more information please visit my Bookkeeping Tips page - I look forward to hearing from you!
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Article Tags: education, money, teach your child
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About the Author: Stephanie Horne RSS for Stephanie's articles - Visit Stephanie's website  My company, Horne Financial Services, offers a wide range of bookkeeping services while my website is a great resource full of bookkeeping tips that can help save you money, including an online store offering great discounts on bookkeeping software and bookkeeping supplies as well as an accounting definitions glossary and a bookkeeping questions and answers forum. Below are the services that I offer to my clients along with a brief description. As the list below is by no means all-inclusive, please feel free to inquire about a bookkeeping service if you do not see it listed. If it is not a service I provide, I would be happy to refer you to a qualified professional. * Online Tax Preparation * Tax Services * Bookkeeping/Write-Up Profit and Loss Statement * Balance Sheet * Financial Forecasts & Projections * Cash Flow & Budgeting Analysis * Compilations * Accounts Payable * Accounts Receivable. For more information please visit my Bookkeeping FAQ page. Thank you and all the best to you! Click here to visit Stephanie's website   Free Online Bookkeeping Course Webmaster Business Course |
Related Forum Posts
Congratulations!
- Hi Takuya,
Congratulations, that is such wonderful news.
Children are such a joy and great to learn from.
Enjoy!
Wendy
Re: Politeness!
- That is the sad part, I always experienced something like this. Children who will beg for coins or food but after you gave what they want, they will just walk away from you saying nothing. I think, it's because their environment, they live very tough. Although, they must still learn to be polite and thankful.
Funnies
- Hi There,
Here are some bad headlines:
Red Tape Holds Up New Bridge
Eye Drops Off Shelf
Hospitals Are Sued By 7 Foot Doctors
Inclued Your Children When Baking Cookies
Safety Experts Say School Bus Passengers Should Be Belted
Kindest regards
Beat
Re: Which would you start: a Blog or Online Community?
- It is a difficult decision to make.
Lets start it this way - What are you more interested in? Money? or Friends? or Both?
If its purely Money, then Blog might be an appropriate answer. But consider this - It will be people (visitors) that will bring traffic to your blog and then Money will follow. This will be possible after a time and during this time it will be your friends who will be the starters.
If you are looking for friends only, then its true that not many will be interested in knowing how you have beaten them in the game or the other way round. So it will be preferable to have a Forum where they can share ideas with you and others.
But you can share your insider knowledge with them and invite comments from your Blog. You can also put up information on what others (including your friends) don't know about Tennis. The blog you create can provide News, Inside Information and also Techniques that can be used by the new entrants in the world of Tennis.
Making Money in 2011
- Hello forum members! As we draw closer to the new year I thought it would be appropriate to change the title of our forum category "Making Money in 2010" to "Making Money in 2011" - I'm looking forward to some interesting discussions and wish everyone a prosperous New Year!
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