Teaching Your Kids Discipline Through A Savings Account
One of the major pillars of developing teenage independence is to have financial independence. In most cases, children will likely never become financially independent while living at home, since there is no real pressing need. However, that will not always be the case. So, unless you want your children moving back in with you after college because they can’t manage their finances well enough to support themselves, it is critical that they learn discipline when it comes to their money—and it can all start with learning to save. Learning To Save An Allowance For most children, saving money can’t really begin until they have some sort of steady income. Otherwise, it can be difficult to persuade them that they should save whatever money they may receive on their birthdays and Christmas. Since I personally don’t believe in paying for regular house chores, my wife and I have opted to give our children an allowance starting when they are five years old. I’m not saying spoil your children with an unrealistic allowance, as it is far more likely to develop a sense of narcissism in your teen. Instead, you can try something similar to what our family does, which is the amount they receive is a dollar for how many years old they are. So, my seventeen-year-old daughter receives $17 a week while my ten-year-old son receives $10. As the system is based on their ages, it helps my children feel like it is fairer that they don’t receive the same amount of money. With the steady “income stream” of a weekly allowance established, it can be far easier to help children learn to save. Helping Children Set Savings Goals Even for myself, having a goal to save toward makes it far easier to save my money. For us adults, these…
Key Differences Between Divorce and Mediation
Divorce can be an expensive business and if you get involved in a protracted court battle with your spouse then, at the end of the day, the only real winners, from any perspective, may be the lawyers. On the other hand, if you agree to a settlement without any legal representation, or have one imposed on you by a judge, then you might find yourself wishing that you had invested some money in good legal advice. Mediation aims to square this circle. It does not replace legal advice, but it does aim to provide a secure with an impartial environment for two parties to talk, to be heard and to listen and, hopefully, to find a way forward on which they can both agree and which can then be translated into a formal legal agreement and, ultimately, signed off by a judge. Divorce mediation is a specific branch of mediation, separate from family mediation The concept of mediation is nothing new and it has long been used in both commercial and domestic environments. Divorce mediation may have started out as a sub-niche of family mediation, but is now increasingly recognized as a distinct field with its own specific approach. The main aim of divorce mediation is to allow the divorcing couple to reach an amicable agreement on their own terms without the expense of lawyers and without the confrontational atmosphere which can sometimes be generated when people enter a courtroom in a nervous state and with emotions running high. It will generally tackle the key sticking points in any divorce situation, including issues relating to children. Divorce mediation can be a fairly lengthy process Although mediation (which focuses on solutions to problems) is very different from counselling (which focuses on reasons for behaviours) and can often achieve results in a…
Your Partner Is Not A Mind Reader
These individuals said if their partner really loved them, they would know what to do. No, your partner is not a mind reader. How can a person expect another to know what is going around in their head?
Real Estate Today: It’s a Women’s Market
Home sales remain strong through much of the country, and single women are, in part, to thank for the housing boom. According to CNBC, unmatched maidens are more than twice as likely to buy a house as their brothers, uncles, and male friends. If you’re a lone lady ready to take on the responsibility of homeownership, keep reading for things you should consider, including how to evaluate your finances and ways to ease the burden of moving day. Checks and Balances Your first and most important task when entering the real estate market for the first time is to know what you can afford. There are a number of factors that determine your future home’s value, including your income, outstanding debt, credit score, and current monthly expenses. SmartAsset Smart Asset explains that a lower debt-to-income ratio may put you in a better position to qualify for a lower interest rate. Even if your credit isn’t perfect, there are still loans available if you have a FICO score of less than 600, although 620-plus will be required for a conventional loan. (Check your credit score at FreeCreditReport.com.) Regardless of your income, assets, and liabilities, the vast majority of loan products require a down payment of between 3.5 percent and 20 percent of the home’s selling price. The higher the down payment, the lower the mortgage. If you’re purchasing a home after a divorce and you owned mutual property with your former spouse, you can use your portion of the proceeds from the sale of that property as a down payment. Keep in mind, however, that your first mortgage must be satisfied and any equity lines of credit or second mortgage products paid. You may also be required to pay capital gains taxes from the sale. Once you have an idea…
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