Take the Financial Lead for Your Children

My dad was the spender and my mom was the saver. Which one are you? Better yet how do your kids see you? Do you talk to your children about saving money, investing money and giving money towards charity? Or do you tell your children to spend because you never know what tomorrow will bring?

The earlier you start to teach children how to manage money the better it will be for them.

Here are some interesting facts taken from “On Investing” magazine published by Charles Schwab

Three steps to help children become financially responsible adults…

Teach them to save. A 2004 study by Angela Lyons of the University of Illinois at Urbana-Champaign found that almost all college students with good economic skills said their parents got them into the habit of saving when they were in pre-school

Give kids financial responsibility early. A 2005 study by Lewis Mandell of the State University of New York at Buffalo found that just doling out an allowance doesn’t make children smarter consumers.

Teach your child by example. Look for opportunities to talk about your own financial decisions with your children.

Final note…get your children involved in financial decisions when purchasing products or goods. Let them know the cost of running a household.

Excellence is a Habit

It's simple how we create bad habits.

We continue to repeat the same negative action over and over again.

Aristotle is quoted as saying, we are what we repeatedly do. Excellence, then is not an act, but a habit".

The act of breaking a habit such as spending too much or eating to much is to interrupt the habit in small settings.

A great way of changing your diet or nutrition lifestyle is to eat the same foods you are eating but eat less of the food.

If you are a spender set a limit such as $50. Then do not make any purchase over $50 until you have at least waited 48 hours. This is known as delayed gratification. Do not get lulled into sales or close-outs.

Remember, excellence is not an act, but a habit.

I wish everyone a great weekend.

And to all those moms out there, I wish you a very Happy Mother's Day!

The Cost of Procrastination

Procrastination is the act delaying (putting off) the activities that one needs to do to complete a job or task.

Most people feel it is just a small quirk that they have. And most feel,"Well, if I don't get it done, I'll just do it tomorrow."

Here's a great question. How much money does procrastination cost you?

If most people realize that procrastination cost money they would stop procrastinating.

Everyone understands that if they procrastinate on a certain task required of them to perform as per their boss they could lose their job, therefore lose money.

If you procrastinate with respect to the maintenance of your vehicle (monthly oil changes, tire pressure, transmission checks, etc.) you might end up having costly mechanical problems.

If you procrastinate and pay your bills late, your credit score will become compromised and hence will decrease your ability to get loans.

Last and most important, if you procrastinate about your health you will lose money by paying co-pays, co-insurance, higher monthly insurance premiums, experience increased pain; and lost time from work due to sick days.

If you are sick and out of shape it compromises your ability to become wealthy.

So the next time you think procrastination is just "one of your little quirks" just think how much money you could possibly lose if you do procrastinate.