Details

Money Minded Families


Money Minded Families

How to Raise Financially Well Children
1. Aufl.

von: Stephanie W. Mackara

19,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 09.04.2020
ISBN/EAN: 9781119636021
Sprache: englisch
Anzahl Seiten: 160

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Beschreibungen

<p><b>Teach your children to make sound financial decisions. Prepare them to use their money wisely and with a purpose</b></p> <p>Money issues challenge every family, no matter their background. That’s why<i> Money Minded Families: How to Raise Financially Well Children</i> offers advice on how every adult and child can be "financially well."  The book explores how we can align our individual values with finances, while planning for a more secure financial future. It looks at how we can save, spend, share, and invest with a purpose. The author supplies financial basics for families and direction on creating a family mission statement, in order to help drive mindful financial choices.</p> <p>With the help of this book’s holistic financial guidance, families can take steps to live their best financial lives, rather than simply getting by. Readers will find advice on:</p> <ul> <li>Practicing financial mindfulness</li> <li>Understanding the current financial landscape</li> <li>Spending with a focus on personal values</li> <li>Understanding key financial concepts</li> <li>Engaging in healthy financial socialization</li> <li>Becoming financially independent</li> </ul> <p>Today’s financial environment sets up unique challenges, including concerns over Social Security, sky-high college costs, and debt. Kids are more likely to make their buying decisions online rather than in stores. It’s important that children’s knowledge about money begins in the home. When parents actively teach their kids about money, it can contribute to their chances of future financial success.</p> <p>Within <i>Money Minded Families</i>, parents will find tools for evaluating and improving their own financial wellness. They can also teach their children about positive financial health using the book’s activities, which are organized by age.</p>
<p>Acknowledgments ix</p> <p>Introduction xi</p> <p><b>1 Background: A Little Bit of “Retirement” History </b><b>1</b></p> <p><b>2 The Current State of “Retirement” </b><b>5</b></p> <p><b>3 Financial Socialization: Creating Spending, Budgeting, and Saving Habits </b><b>11</b></p> <p><b>4 Our Money Personalities </b><b>17</b></p> <p><b>5 Gaining a Healthy Perspective on Money </b><b>27</b></p> <p><b>6 Your Baseline Values and Goals </b><b>33</b></p> <p><b>7 Principles of Money Management: Save </b><b>45</b></p> <p>How to Save 50</p> <p>Saving for College 53</p> <p>Student Loan Debt—Good or Bad? 56</p> <p><b>8 Principles of Money Management: Spend </b><b>61</b></p> <p>The Ins and Outs of Budgeting 63</p> <p>Cars 70</p> <p>Buying a House 72</p> <p>How Long? 72</p> <p>What Can I Afford? 72</p> <p>Renting a House 73</p> <p>What Can I Afford? 73</p> <p>Skin in the Game 75</p> <p>Earning Money 78</p> <p>Taxes 79</p> <p><b>9 Principles of Money Management: Share </b><b>81</b></p> <p><b>10 Principles of Money Management: Invest </b><b>89</b></p> <p>How the Stock Market Came to Be 94</p> <p>Stock Market Basics 94</p> <p>Reading Your Investment Account Statements 95</p> <p>Time <i>In </i>the Market, <i>Not </i>Market Timing 100</p> <p>The Planning Process 100</p> <p>Why Am I Investing? 101</p> <p>How Much Do I Need to Invest? 101</p> <p>How Much Risk Should I Take? 102</p> <p>What Should I Invest In? 102</p> <p>The Psychology of Investing 103</p> <p>Insurance 106</p> <p><b>11 The Bucket Approach: Putting It All Together </b><b>111</b></p> <p>Buckets 112</p> <p><b>12 What Does a Good Financial Advisor Do? </b><b>117</b></p> <p><b>13 Last Thoughts </b><b>121</b></p> <p><b>14 Family Mission Statement </b><b>125</b></p> <p>Conclusion 128</p> <p><b>15 Let’s Recap </b><b>131</b></p> <p>Additional Resources 133</p> <p>Books 133</p> <p>Toy Learning 134</p> <p>Apps 134</p> <p>Index 137</p>
<p><b>STEPHANIE W. MACKARA</b> is the owner of Charleston Investment Advisors, LLC, a financial planning and investment management firm that helps families and businesses secure strong financial futures. Stephanie has over two decades of experience in financial services and an academic background in both psychology and law. She is an expert contributor to several national magazines and newspapers and speaks at financial conferences across the United States.
<p> <b>It's never too early to teach your child sound financial practices: What every parent needs to know about financial well-being</b> <p>Financial wellness for you and your family begins with your mindset, not your bank account. <i>Money Minded Families</i> reveals how families, with a simple shift in perspective, can achieve personal and financial wellness. The book is a real-world guide to developing healthy financial habits in any child and improving the financial practices of any parent. Combining economic research, lessons from her career as a money manager, and stories from her own family's financial journey, author Stephanie Mackara provides expert advice on talking about money with children and creating financial well-being for your family. This engaging, reader-friendly book explains fundamental financial concepts while offering valuable insights on helping children grow up to become financially responsible adults. <p>At a time when financial stress is at an all-time high, children desperately need financial guidance more than ever. Help your kids secure a sound financial future by teaching them to save, spend, share, and invest their money wisely. Featuring age-based activities for learning financial concepts, a blueprint for creating a family mission statement, and effective methods for encouraging financial mindfulness and socialization, <i>Money Minded Families</i> is a must-have resource for anyone wanting to make a positive impact on the financial behaviors, attitudes, and overall well-being of children.

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