With summer vacation around the corner, you might be wondering how you will keep your kids occupied all summer and not hear, “I’m bored”, constantly. While figuring out what to do on their own has its own benefits, if you’d like to offer them some helpful ideas, here are a few activities that can help them learn something useful, too. Our job as parents is to raise independent, responsible adults and our time with them is fleeting, so it’s important to maximize every teachable moment.
This time of year, parents of high school seniors may find themselves experiencing dual emotions related to their kids – pride over the top-tier colleges their child has been accepted to and shock over how much it’s going to cost. Another emotion might quickly set in for those who haven’t saved enough for college – panic over how in the world they are going to pay for their child’s dream college. With the average annual all-in cost of a private university now approximately $50,000 and some elite schools in the $70,000 range, many people can’t easily pay for college out of cash flow. What’s the panicked parent to do?
Raising kids is expensive. By my estimate, it can cost close to $500K to raise a child, including college, in expensive parts of the country like the Bay Area. So, it’s helpful to know that there are certain tax advantages to having kids. A few of the more common ones are outlined below.
After a particularly divisive and negative election season, many might be craving a bit more positive energy and healing. The hectic pace and excessive consumption of the holidays can also cause stress. For these reasons, now is a particularly good time to focus on gratitude and generosity to others.
I wrote earlier this summer about using the classic lemonade stand to teach your kids about money. Back-to-school shopping is another great opportunity to continue the financial education.
Now that most kids are out of school, parents might start hearing the dreaded “I’m bored” if their kids aren’t in camps all summer. The next time you hear that phrase, instead of just telling them to go outside and play, encourage them to start a lemonade stand and use the opportunity to teach them some useful personal finance and entrepreneurship skills.
Given the many competing demands on our money, many parents find themselves in a panic when their kids enter high school and they realize they have very little saved to pay for college. With the average annual cost of a private university now exceeding $45,000 and the average cost of a public university close to $25,000, most people can’t easily pay for college out of cash flow.
With the average cost of a private college now exceeding $45,000 and the average cost of a public university close to $25,000, you might wonder if sending your kids to college is still a good investment. Recent research indicates it still is.
With the holidays upon us, my thoughts have turned to gift giving. My kids are already preparing their lists for Santa. While it can be tempting to fulfill their every request, have you ever noticed how quickly they become bored with the toys and games you buy them? How about giving them a gift with longer-term benefits?
One of the best teachable moments to teach your kids good financial skills is through the back-to-school shopping process. Before your inbox gets cluttered with advertisements or your kids start seeing ads on TV or the internet, come up with a plan to involve them in the process and make smarter shoppers of them.