Want to make sure your little one grows up to be a money genius? It’s time to get to work. You might be thinking, “But my son just mastered potty training!” However, it’s never too early to start grooming your child into a money-managing pro. Although your children will probably learn the basics about money in school, it’s up to you to teach them how to manage their finances. Here are a few tips to help you raise a money-managing genius.
Start early. From the time children start walking and talking, you can start teaching them some important lessons that will put them on the financial fast track. Of course, the complexity of these financial lessons will depend on your children’s ages.
Teach preschoolers about money by showing them how you use those mysterious green bills to make every day purchases. When you’re paying the cashier at the grocery store, explain that you are giving the store money in exchange for the items in your cart. Once your little urchins learn how to count, you can really get down to business. Help them tally up the coins in their money bank and discuss how much more they need to buy that fancy toy. When they’re preteens, show them how you balance the checkbook, pay the bills, and deposit checks at the bank. By the time they’re in high school, you should be talking to them about your family budget and investments. You could even check your IRA or 401(k) statement together. Your teens might not fully understand all the specifics right now, but these exercises could plant those first financial seeds.
Make them work for it. If you want your little ones to blossom into true financial planning masterminds, make them work for their weekly allowance. Don’t just hand over a wad of cash. If you set that precedent now, your kids will be in for a rude awakening when they enter the real world. So, if your son insists that he has to have that super-cool, high adrenaline Xbox game, don’t hand it over immediately; make him work for it. Tell him if he really wants that game, he’d better get busy mowing the lawn, taking out the trash and bathing Fido.
Although some parents are anti-allowance, many financial experts say that a weekly allowance is often a great learning tool. Your children will learn that they have to work to earn money, and then they will have the option to either spend or save that money in whatever way they choose. Before you agree on a weekly allowance, it’s important to set some ground rules. Figure out which household chores your children will have to complete each week in order to receive their weekly pay. You can even help them set “financial goals” with their allowance. For example, if your daughter has been eyeing a pair of designer jeans, tell her that she could buy them if she saves up her allowance for a couple of months. This teaches her a valuable lesson about saving.
Give him a head start. Want to give your kiddo a financial head start on his path to financial security? If you’ve got the cash, and they have some amount of earned income, you might consider making a small monthly contribution to an IRA in their name. When it comes to retirement accounts, the sooner you start investing, the bigger the nest egg grows.
Here’s an example: If you contributed $56 a month from the day your child is born until her 18th birthday, her retirement account will grow to $1 million by the time she’s 65 (assuming an 8% average annual growth).
If you decide to open an IRA in your child’s name, sit down with her and tell her how it works once she’s old enough to understand. This will teach her the importance of investing and saving.
Lead by example. Of course, the most effective way to teach your child about money is to demonstrate smart financial planning yourself. You can’t rightly tell your child how important it is invest and save when your own savings account is empty and you’re busy racking up thousands of dollars of credit card debt.
In other words, if you’re going to talk the talk, you’ve got to walk the walk. After all, children generally mimic their parents’ behavior and develop similar habits. So, if you want your child to be financial planning genius, you’ll have to become one yourself. With a little bit of encouragement, lots of love, and plenty of financial advice, you can put your kiddo on the road to financial brilliance.
Men are less likely than women to visit the doctor, but men do face several serious health concerns. Learn the top 10 risks as you stay healthy this Father’s Day and all year.
- Accidents and Unintentional Injuries
Men tend to take more risks than women, and that increases their chances of being injured from accidents. Slow down while driving, don’t overestimate your abilities and think before you act as you avoid accidents and unintentional injuries.
- Heart Disease
More than one in three men suffers from a form of cardiovascular disease, according to the America Heart Association. Keep your blood pressure in check, eat a balanced diet, exercise regularly and get routine physicals as you keep your heart healthy.
- Respiratory Diseases
Smoking, asbestos exposure and environmental toxins can lead to respiratory diseases like emphysema, COPD and lung cancer. Stop smoking, eat a balanced diet and avoid environmental triggers as you reduce your risk.
- Liver Disease
The size of a football, your liver digests food, absorbs nutrients and gets rid of toxins. Protect it from cirrhosis and cancer when you avoid alcohol and smoking.
Anxiety, depression and sexual impotence result from high blood sugar. It can also cause nerve and kidney damage, vision problems and heart disease or stroke if it’s not treated. Exercise and eat a nutrition diet to combat this health risk.
- Prostate Cancer
One in six men develops prostate cancer. It’s not aggressive, but gets regular screenings as you protect yourself.
- Skin Cancer
Men over 50 face a high risk of developing skin cancer. Lower your risk when you wear long sleeves, pants, a hat and sunscreen while working or playing outside, and see your doctor about any suspicious spots.
- Flu and Pneumonia
Flu and pneumonia can affect any man, but it’s more common if you already have a compromised immune system. Get the flu shot and avoid anyone who’s sick as you stay healthy.
Drinking too much alcohol can lead to chronic illnesses like oral, liver and colon cancer. It also interferes with reproductive health and increases aggressive behavior. Never binge drink, cut down on your alcohol consumption and address any underlying issues like depression that cause you to overindulge.
As many as six million men suffer from depression, including suicidal thoughts, reports The National Institute of Mental Health. Stay connected to friends, exercise regularly, get enough sleep and seek professional help if you’re struggling with this health challenge.
This Father’s Day, give your loved ones the gift of health when you address the top 10 health risks for men. Visit your doctor for regular physicals, and discuss ways you can get and stay healthy.
Don’t wait until the weather forecast calls for prolonged heavy rains before buying flood insurance. While this practical insurance can be purchased anytime, the policy does not take effect for 30 days. As the most common natural disaster in the country, flooding ruins millions of dollars of homes and property every year. Even so, flooding is not commonly covered in your typical homeowner’s insurance policy, making it necessary to purchase additional coverage for this costly, devastating disaster.
If you are in a high-risk flood zone, a federally regulated lender will require a would-be borrower to buy flood insurance in order to qualify for a mortgage loan. To satisfy the lender, flood insurance must be purchased in an amount that sufficiently covers the loan.
A homeowner should also buy flood insurance if he or she resides in a flood plain with no fail-safe controls, such as a dam. Flood policies even pay off if the President does not declare the area a federal disaster area, which can prove to be invaluable. Because the nation’s Chief Executive Officer rarely issues such a declaration, protecting yourself is extremely important. Besides, you have to repay the federal aid you receive for home repairs related to a natural disaster so providing your own protection is the only way to ensure financial recovery suffered from flooding.
Not all homes qualify for flood coverage. For instance, flood insurance for beachfront or ocean-side property may not be available for the obvious reasons.
The Federal Emergency Management Association (FEMA) reports that more than 20,000 communities have agreed to tighter zoning and building measures to control floods. Residents of these communities can buy flood coverage from the National Flood Insurance Program (NFIP), which FEMA oversees. As of 2009, NFIP had 5.7 million flood policies inforce nationwide.
Premiums for flood insurance vary widely, depending primarily on individual risk. In determining price, flood insurance underwriters consider several factors including the property’s elevation, proximity to bodies of water, and whether the dwelling has a basement. Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters.
Call our office today! We’d be happy to assist you through the murky waters.
Teenagers can be a valuable asset to your company. In addition to their youthful energy, teens bring their fresh perspectives and financial incentives to the table. Before you hire teens, consider these and other benefits that help you decide if teen employees are a good fit for your company.
Meet Seasonal Demand
When is your company’s busy season? Hire teens to help carry the load. They’re often eager to make extra money and can work flexible hours as they fill in where you need them and help you meet deadlines.
Gain a Tax Credit
Depending on where you live, you might qualify for a tax credit because you hire teens. You also may receive a tax break if you hire your teenage children to work for you.
Pay Fewer Benefits
Many eager teens willingly work for lower pay and fewer benefits than older employees, making them financially attractive for your company. You can even follow a Labor Department loophole that allows companies to pay workers under 20 years of age a subminimum wage of $4.25 an hour for the first 90 consecutive days of their employment.
Follow Teen Employment Law
Despite the financial savings, hiring teens does require you to follow protective federal and state laws. Check with your attorney for the details, but in general:
- Teens must be older than 14 to work in non-agricultural jobs.
- Teens who are 14 or 15 must work less than three hours a day, no more than 18 hours a week and no later than 7 PM while school is in session. In the summer months and on school holidays, they may work eight hours a day, 40 hours a week and no later than 9 PM.
- Teens who are 16 or 17 may work unlimited hours at a non-hazardous job.
Your company can benefit from teen employees. Simply follow the laws and enjoy the benefits of your young hires.
When it comes to workplace safety, especially in big cities, have you thought about the company parking lot or garage? Your co-workers use it at least twice a day to stow and shelter their vehicles, but beyond that it’s fairly invisible. A closer look reveals that predators might easily be lurking there.
To minimize this threat, experts recommend ensuring that workers (as well as visitors) take these precautions:
- Stay alert for cruising vehicles, whose drivers can stop suddenly and jump out to rob or assault you.
- If you’re using a parking lot, park near the building in a visible, lighted area.
- In a parking garage, park near the parking attendant (if there is one) or near a well-lit exit. Women should avoid using stairs and elevators, if possible.
- Use the main exit/entrance rather than a side or secluded one.
- Lock any valuables (including GPS, shopping, other bags, etc.) out of sight. If you’re walking to your vehicle after hours, ask a co-worker or security officer to accompany you.
- If you have to walk alone, ask someone to watch from inside, if possible. Turn around frequently to make sure you’re not being followed and pretend that you’re waving to someone ahead to give the impression you’re not alone.
- Don’t talk on your cellphone or listen to music with ear pods — predators are looking for victims who seem distracted or unaware.
- Have your car keys and personal alarm or whistle ready as you approach your vehicle.
- If someone nearby looks suspicious, keep walking and get to a safe place where you can call for help.
- Before you unlock the door, take a good look around, inside, and behind the vehicle.
- Once you enter the vehicle, lock all doors promptly and keep your windows up until you’ve exited the lot or garage.
Your life insurance policy provides financially for your family, but you obviously want to live as long as possible. Pet ownership can help you achieve that goal.
Improve Heart Health
Your blood pressure and cholesterol could drop when you own a pet. Care for a cat, and your heart attack risk could drop by one-third. With these benefits, you improve your heart health and may prolong your life.
Obesity remains a top health concern because it can cause heart disease, diabetes and other health concerns. Your pet could help you maintain a healthy weight as you walk it, spend time cleaning its cage and perform other pet-related tasks each day.
Because your pet likes to exercise, you will move, too. Whether you walk your dog outdoors, play ball with your cat or chase your goat around the barn, the movement helps you reach your daily exercise goals and stay active. Plus, exercise boosts your immunity, decreases anxiety and improves your overall mood.
Erase the effects of a bad day when you spend time with your pet. A friendly greeting and social interaction can decrease your cortisol level and calm your nervous system.
Your body can fight off germs and illness thanks to your pet. As you laugh with your pet and groom it, your immunity gets a boost, and your body produces antibodies that fight germs.
Trained dogs can detect epilepsy, certain cancers and other illnesses in their owners. You can rely on your pet to provide an alert that allows you to seek medical help right away and address ongoing health problems.
Receive Disability Support
If you suffer from a disability, a pet can offer life-saving support. Use your seeing eye dog or another pet to improve your mobility and mental health.
Gain a Purpose
Feeding, walking and caring for your pet gets you out of bed each day. With a purpose, you’re more likely to avoid depression and choose to stay active and engaged in your life.
Cope With Trauma
If you face a serious illness or other trauma, turn to your pet for support. Your furry friend will listen to you, love you unconditionally and remain loyal throughout the ordeal.
Alternatives to Pet Ownership
Pet ownership improves your health. However, you may not want the financial or time obligations that accompany pet ownership. In this case, volunteer at an animal shelter, pet sit for friends or walk dogs after work.
Pet ownership can help you live longer. Whether you adopt a dog, cat, fish or snake, consider adding a pet to your home as you improve your health and quality of life.