Stop Bank Foreclosures Tips

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I love this article. Being a father of three children and
trying to explain to them the value of money is tough at times.
But I feel I will have failed my children if I don’t explain it to them.
With todays advertising messages all over the place, the
advertisers make our children feel they have to have everything.
That is part of the reason this nation has a 0 savings rate.
But read below and share with your children, they might surprise you.
MJ Jensen

10 Tips to Raising a Financially Savvy Child
Do you truly care about the security and the financial
future of your student’s or children? If so it is
important that you prepare them for the financial
challenges that await them as they move away from home.

The National Youth Financial Educators Council developed
these ten simple tips that will help your child avoid the
financial pitfalls that plague so many young people today.

Tip #1 Relate Money to Lifestyle. Who cares about money?
It’s what money allows us to do that motivates our children
to learn about personal finance. Talk to your child about
their personal dreams and discover what they’re passionate
about. Then relate their aspirations to how understanding
money basics will make their life easier and will help them
reach their goals sooner.

Tip #2 Eliminate Limiting Beliefs about Money. Even though
many of us have had difficulties handling our finances -
mostly due to lack of financial education instruction - we
must avoid passing along negative associations about money.
It’s OK to share financial mistakes with your child just
be sure to do it in an encouraging way. Reverse those old
false sayings because “you can make money without money”.

Tip #3 Develop Their Foundation Skills. There are key
personal traits that will make it easier your child to
achieve the level of success they desire. The top five
traits that will give your child a financial head start
include: organization / time management, ethical character,
developing a proper mindset, living ones passions and the
ability to communicate effectively. These five real world
skills will give your son or daughter a huge advantage in
life.

Tip #4 Savings Plan. Get your child, teen or young adult in
a habit of saving money. As long as you pay for their food
and housing bills have them set aside 40% of all income
they receive, including gifts and earned allowance, into a
savings account. Lack of savings is the biggest problem
plaguing most Americans so help them avoid debt by
encouraging a savings plan as soon as possible.

Tip #5 Build a Solid Financial Foundation. Make sure your
child has their: checking, savings, Roth IRA and brokerage
accounts open as soon as possible (even if they do not have
money to put into their brokerage or retirement accounts
right now). People that have these accounts open are more
likely to save their money and begin investing at a young
age. Plus, it gives them an added sense of responsibility
and status which are essential in the development of
financially responsible children.

Tip #6 Power of Compounding Interest. Youth gives our
children a huge advantage when it comes to their financial
health due to compounding interest. When harnessed young,
this powerful financial force will make securing their
future and living the lifestyle they want a breeze. What’s
more, it’s motivating to young adults to know that if they
just invest $100 per month they can hit the million dollar
mark in their fifties. Showing them how compounding
interest works gets them excited and is a great way to help
them think about the future.

Tip #7 Raising Free Thinkers. In today’s age, from the
moment our newborn is exposed to the real world, they are
brainwashed with advertiser’s messages to “buy, buy, buy”.
Teach them to evaluate advertising by asking “what are they
trying to convince me of”, “who are they targeting” and
“what does this goal of this ad”. Doing so will help your
child evaluate advertisements logically, instead of
emotionally, and pick up marketing knowledge which is a key
skill of many successful people.

Tip #8 Credit. Building a rock solid credit history will
save your child tens of thousands of dollars throughout
their lifetime. Understanding the basics of how credit
reporting agencies work and how to use credit cards as a
tool to build up their credit scores will put them well
ahead of the ‘average’ person. Teach your children to pay
their bills on time, keep debt low and introduce them to
credit cards.

Tip #9 Three Keys to Wealth. For many the thought of
investing can seem overwhelming because they don’t know
what to invest in. This doesn’t need to be the case
because the three investment vehicles that have created
almost all (over 90%) financially free people include: the
financial (stock) market, real estate and entrepreneurial
endeavors. Since pensions and SSI will be a thing of the
past when your children reach retirement age, it is
critical they pick up some basic investment skills to
ensure their financial security. It is important you talk
to your children about each of these investment vehicles to
help build their awareness of potential future investment
options.

Tip #10 Entrepreneurial skills - In the 21st century,
entrepreneurial skills are essential. With many jobs being
sent oversees to capitalize on cheaper labor it is now more
important than ever your child has the skills that
employers want. Employers want people that think outside
the box; so entrepreneurial skills will not only help them
start their own business but will help them stand out in
corporate America. Encourage them to start a business and
give them the resources so they know what steps to take.

Bonus Tip: Provide Your Children a Professional Financial
Education Course. A professional financial education
course that has been certified by the National Youth
Financial Educators Council is the only way to ensure that
your children learn everything they need to know about
money. We send our children to school to learn math,
biology, literature but not money. We give them a
professional education on many other subjects; shouldn’t we
give them a professional education on a subject they will
use every day of their life?

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These 10 tips will get your son or daughter moving the
right direction. However I caution you they do need a
professional financial literacy course or they risk falling
into money traps that plague over 80% of the hard working
people of this Country. Give them the advantage many of us
wish we had growing up…the knowledge on how to manage and
invest their money. Visit http://www.FreeBy30.com now for
the solution.

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