Eps 14: How To Teach FINANCIAL ADVICE Better Than Anyone Else
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Roger Marshall
Podcast Content
Financial planning is not just about investing and in fact calculating the benefits of every financial decision in dollars and cents can be misleading. Have healthy and good habits for money, a written financial plan can have a huge impact on low-income families, helping people improve their savings and budgeting habits. A written plan will help you maintain your financial goals day after day and month after month.
A financial plan is the result of analyzing your goals, which helps you prioritize, save, and invest in them. An effective financial plan will take into account achieving short-term goals, such as buying a new home or starting a business, as well as your long-term retirement goal. A financial plan can also include retirement benefits, insurance, tax and estate planning, as well as strategies such as early retirement or additional savings that are stocks rather than products.
I also encourage you to create a monthly budget that includes all of your needs and some desires. You may not be able to afford everything you want, but with a basic spending plan and a little moderation, you can make great strides - make your savings automatic - and learn to live a meaningful life with the remaining money. The reality is that the decisions women make today can dramatically change their financial future - day after day - from their mom, who often learned from her mom.
Before you can achieve financial independence, you need to "detox" by learning how to spend wisely. Once you know how much you can easily spend and have an emergency fund, you can focus on eliminating debt. After you pay off other debts and accumulate some retirement savings , you can focus on paying off your mortgage early .
Although saving for retirement is an integral part of any financial plan, starting life at a young age will give you more time to grow your nest, even if you don't teach your children about money, they will eventually learn about it. If you want to play a key role in shaping the feelings, thinking and values of your children about money, you need to do it from an early age.
It is important for you as a parent to teach your children financial lessons because you can share the value of your money in those lessons. Just as important as the lessons you teach your children about money is how you discuss and manage money when you are around it. Instead, remember to model behavior based on the money you want to adopt for your children.
He wants them to know that when they become adults they will have to spend money on what they need and they can choose to pay people to do something for them. Classes should be started before the age of seven because research shows that by this time habits and attitudes have already been formed about money. This is a great time to learn the basics of money and maximize your savings.
Some are small and some are large . Determine how much you want to save for your goal, such as $ 200 for a spring trip with friends. If you have savings for more than six months and have enough money for short-term financial goals, consider investing.
Effective money management also means that you use money to achieve your personal goals, whatever they may be - from the day to day expenses to the long-term financial plan - you also need to protect your money from taxes and inflation, which is easy with a retirement account - which you can do by making sure all your money is earning interest.
Now that Financial Literacy Month is here, we have decided that there is no better time to read our 50 best money tips in one succulent and highly rewarding reading. Over the years we have certainly gained a wealth of knowledge of the world of money, be it the dozen success stories of “I got out of debt” we presented in dozens of psychological studies we reviewed to make a better connection.
There are a wide variety of financial professionals with dozens of different companies: accountants, stock brokers, wealth managers, it is not always clear what they are doing and what problems they can deal with. They are a kind of cross between a financial planner and a psychologist in a way.
At the same time, most people will not want to work with a finance coach and financial planner at the same time; if you want to help manage your money, find a paid financial planner who will provide impartial advice to your advantage rather than a commission-based financial advisor who makes money when you sign up with an investment supported by their company investment.