Teach your children to make sound financial decisions. Prepare them to use their money wisely and with a purpose
Money issues challenge every family, no matter their background. That's why Money Minded Families: How to Raise Financially Well Children 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.
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:
Practicing financial mindfulness Understanding the current financial landscape Spending with a focus on personal values Understanding key financial concepts Engaging in healthy financial socialization Becoming financially independent
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.
Within Money Minded Families, 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.
By:
Stephanie W. Mackara
Imprint: John Wiley & Sons Inc
Country of Publication: United States
Dimensions:
Height: 231mm,
Width: 152mm,
Spine: 23mm
Weight: 340g
ISBN: 9781119635901
ISBN 10: 111963590X
Pages: 160
Publication Date: 27 March 2020
Audience:
General/trade
,
ELT Advanced
Format: Hardback
Publisher's Status: Active
Acknowledgments ix Introduction xi 1 Background: A Little Bit of Retirement History 1 2 The Current State of Retirement 5 3 Financial Socialization: Creating Spending, Budgeting, and Saving Habits 11 4 Our Money Personalities 17 5 Gaining a Healthy Perspective on Money 27 6 Your Baseline Values and Goals 33 7 Principles of Money Management: Save 45 How to Save 50 Saving for College 53 Student Loan Debt-Good or Bad? 56 8 Principles of Money Management: Spend 61 The Ins and Outs of Budgeting 63 Cars 70 Buying a House 72 How Long? 72 What Can I Afford? 72 Renting a House 73 What Can I Afford? 73 Skin in the Game 75 Earning Money 78 Taxes 79 9 Principles of Money Management: Share 81 10 Principles of Money Management: Invest 89 How the Stock Market Came to Be 94 Stock Market Basics 94 Reading Your Investment Account Statements 95 Time In the Market, Not Market Timing 100 The Planning Process 100 Why Am I Investing? 101 How Much Do I Need to Invest? 101 How Much Risk Should I Take? 102 What Should I Invest In? 102 The Psychology of Investing 103 Insurance 106 11 The Bucket Approach: Putting It All Together 111 Buckets 112 12 What Does a Good Financial Advisor Do? 117 13 Last Thoughts 121 14 Family Mission Statement 125 Conclusion 128 15 Let's Recap 131 Additional Resources 133 Books 133 Toy Learning 134 Apps 134 Index 137
STEPHANIE W. MACKARA 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.
