A:? Hopefully it is the goal of all parents to raise their children to be independent and self-sufficient, contributing members of society. If kids are raised to continually go to the mom and dad ATM, this defeats the purpose.
Q:? How can parents accomplish this with young kids?
A:? Get the kids involved with managing their own money as early as possible. If you give them an allowance, have them divide up into three envelopes; one for giving, one for long-term saving, and the other for current spending. Have them purchase most of their necessities such as clothing and gifts for friend?s birthday parties.
Q:? How can parents be supportive of the college years whether their kids are at home or away and still encourage financial responsibility?
A:? Far too many people have been allowed to think that the solution to getting ahead in life is just getting a college degree. While that may have worked in the past, it doesn?t work now. Today, students must be careful in picking their college degree and higher education making sure they have done research ahead of time that gives them a reason to believe that there is enough of a demand in the marketplace for their chosen line of education that would warrant pay significantly above minimum wage to justify the investment of both time and money in pursuing a college degree. One of the worst things parents can do is jeopardize their own retirement in order to finance or fund their kids? college. Every parent and grandparent that we work with is to never be a burden on their family both physically and financially. Don?t risk your own financial future for the sake of educating a child or grandchild. So depending on your economic situation, you may not be able to provide much towards college tuition and that?s okay. You owe it to yourself and your family to first fully fund your own retirement. Get your students involved in the total cost of the college education they are pursuing. Have them apply for scholarships and grants. Any short fall should be made up from part-time jobs; not student loans. The goal should be to graduate college in a good education in a field that has high demand, worthy of above average pay and here?s the important part, no debt!
Q:? What can parents do if their kids need to move back home due to unemployment to be supportive but not submissive?
A:? Have a family meeting and agree upon conditions and put them in writing to avoid any misunderstanding or hurt feelings. For instance, how long will they be allowed or expected to stay at home. Will they be contributing towards the cost of utilities, food, etc?Will they be expected or responsible for any chores or home improvement projects? What about inviting friends over?? Basically think of yourselves as roommates and sit down and agree upon roommate house rules. Put them in writing and give a copy to everyone. And don?t make it too comfortable for them. They should be uncomfortable. Think of it as added motivation for them to become independent and self-sufficient as quickly as possible.
Brian Fricke is an award-winning financial planner, accomplished author and professional speaker. He is the owner and founder of Financial Management Concepts, and for the past 22 years his passion to help others has led him to share his knowledge of how to Live Worry Free ? do what you want, when you want, where you want. When you apply his Live Worry Free tips and teachings to your own advantage, you?ll be amazed at what is possible for your business, career and life. To learn more, or to book Mike for your next meeting or event, visit www.TheKeynoteGroup.com!
Source: http://motherhood-moment.blogspot.com/2012/11/parenting-pointers-financially.html
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