Family financial planning. Have you ever wondered why the children of
people who are solidly financially grounded end up pretty well off
Have you ever given thought to why the children of some people who grew up in poverty tend to build their lives on very solid financial ground?
It may be obvious to you that the results in both cases are brought about by the things these people learn in their formative years.
The essentials of financial planning affect our children whether they are learned by simple observation or whether we take the time to teach them these things.
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We also need to keep in mind that if we practice bad financial habits
they also have a tendency to affect our children. It is therefore
incumbent on us as parents to take the time to teach our children the
correct way to handle financial matters.
It is believed that John D. Rockefeller Sr. was taught to save 10% or 20% of every dollar he received from a very young age...
He saved not only from money he earned but also from money he
may have been given as a gift. He taught his children in turn to do the
If we were to take the time to teach our children this one very basic habit they would accomplish a lot more than most people. Success is achieved by good basic financial planning habits.
An integral part of the essentials of family financial planning
is that we teach our children the basics of everyday financial
activities. They should know why we shop the lowest gasoline prices or
the lowest prices for a particular product in the supermarket.
They should also know how to handle a credit card and a checking account. We should teach them how we accumulate money for their college fund and plan that this need is met even if we are not around to see them graduate...
As an essential part of family financial planning they should
know a little about stocks, bonds and mutual funds. Teach them at an
early age what a 401(k) or a money market plan is all about.
You don't want to flood their minds at too young an age with these things but you should give them the basics...a head start so to speak.
A good solid life insurance program should be part of family financial planning. After you have had all the fun courting and in your early marriage years the children inevitably come along and with them some heavy financial responsibilities...
Now it is time to get down to business. You not only need to set up a good savings and investment plan to cover the children's college costs but you must do some serious retirement planning. To top it off you need to provide sufficient life insurance to guarantee your spouse and children will achieve the goals you planned for even if you are not there. Here are some pages that you will find helpful with family financial planning.
Can you think of anything more important than your Family's Security?
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