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.
I recently attended the Wisdom 2.0 mindfulness conference in San Francisco and wondered what connections I could draw from the conference to my financial planning work with clients. After some reflection, I think it comes down to purposes and leading a fulfilling life.
While it is often said that money can’t buy you happiness, it is also true that getting your financial house in order and having a clear idea of your goals and how you plan to get there can improve your mental well-being and reduce the stress in your life. And we know that a reduction in stress can lead to better health, and better health leads to happiness.
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?
Those who know me know one of my passions is inspiring women to take financial responsibility for their lives. We live in a culture where girls are discouraged from taking an interest in math, finance and investing, yet women control more and more of the wealth in this country.
Protecting their family is one of the top priorities of most parents, particularly if the family is dependent on the income of only one parent. Much attention is placed on sexier topics like investments, but the best-laid investment strategy can be ruined if something awful happens and the family isn’t protected.
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.
Although my kids are still young, I am starting to learn more about the college selection process to help some of my financial planning clients with older kids. It is a highly complicated and seemingly mysterious process, but doesn’t need to be frustrating.