Teach Your Child To Save Money Quotes

Here’s why an allowance is good for kids: Having a little of their own money, and deciding how to save or spend it, offers a measure of autonomy and teaches them to be responsible with cash. Here’s why household chores are good for kids: Chores show kids that families are built on mutual obligations and that family members need to help each other. Here’s why combining allowances with chores is not good for kids. By linking money to the completion of chores, parents turn an allowance into an “if-then” reward. This sends kids a clear (and clearly wrongheaded) message: In the absence of a payment, no self-respecting child would willingly set the table, empty the garbage, or make her own bed. It converts a moral and familial obligation into just another commercial transaction—and teaches that the only reason to do a less-than-desirable task for your family is in exchange for payment.

Imagine the life you could have had, if someone told you many years ago: “Being wealthy is easy and you can do it if you believe it is possible.” You would have taken different paths, made different choices; you would be somewhere different in your life, where struggle for money does not exist. You can give that advice to a child, and they will know it. It will save them the hardships and struggles. The world is truly magical, and if only someone tells you, you will be able to see it. Tell our little friends, teach them, too; they will adore you when they know. Remember the world is truly beautiful; and you are too.

Strategy #10 – Saving for Your Child’s Education with Maximum Tax Benefits The challenge I have with government-sponsored educational savings plans is that the government is in control of your money, how you use it, when you use it, and how it’s taxed. For example, in a 529 plan (also called a Coverdell IRA), you can deduct money you contribute to the IRA and then when you use it tax-free for your child’s education. Sounds almost too good to be true, doesn’t it? What sort of limitations do you think the government places on these funds in order to control your money? First, they control how much you can contribute. Then, they control what you can do with the money in the plan, even controlling how you invest the money. Next, they control what expenses you can pay for with the fund. Only certain educational expenses qualify. Finally, if you don’t use the funds for education, you have only two choices. One choice is to transfer the money to a relative who can use it for their education. The other is to distribute it to yourself and pay taxes and penalties. So, if you make too much money from your investments in the plan, you pay a penalty for not using all of the money for education. What if you could have all of the tax benefits of a 529 plan without giving the government any control over your money? Wouldn’t that be a lot better? In tax strategy #5 we talked about paying your children to work in your business. When I teach this principle in my Tax and Asset Protection class, the question always comes up about what to do with the money you pay them. This is the perfect opportunity to have your children pay for their own education without having to rely on Section 529 plans or other tax-deferred, government controlled educational savings plans. Your children can contribute their money to an LLC, limited partnership, or S corporation that owns a business or investments. Like a 529 plan, you get a deduction when you pay your child a salary. Like a 529 plan, there is no tax to the child when received. Like the 529 plan, with good planning, especially in real estate, there is no tax on the cash flow from the investment. But unlike a 529 plan, you have full control over the investment. Unlike a 529 plan, you can take it out and use it for any expense for your child (except for support, like food and clothing), and you can take it out any time you like. Unlike a 529 plan, there are no penalties for distributing the money or accumulating a huge amount over a lifetime. Now isn’t that a much better plan than a government-controlled savings plan? Stop using government plans and make your own plan. You will have much more control and

Oh, the Simply Outrageous places you will go if you learn to save and invest your dough.

Financial literacy lessons should be introduced at an early stage of schooling. Basic concepts like budgeting, saving, and the importance of credit should be integrated into the curriculum. This approach ensures that young minds absorb essential financial knowledge at the right time.

What Is True Prayer? Spiritual exercises are the way to become more aware of this life. Spiritual exercises, contemplation, and prayer of the right kind are all the same. Basically, it’s opening your heart to God or the Holy Spirit and listening. Correct prayer is listening to God. If a person is going to err in prayer, it’s through too much telling or talking to God. There’s nothing wrong with telling or asking; there’s nothing wrong with talking to God. But after you’ve asked your question, listen. Be quiet and listen. Listening is true prayer, prayer of the highest sort. Even prayer where you’re asking God something is of a high sort, or it can be. But sometimes people carry it to extremes. When I was a child, my parents had us say our childhood prayers at bedtime. As I grew up and went to divinity school, I would still say my prayers at night. Not that those of us at divinity school were very righteous. A very small percentage were truly pious, and the rest of us were about average. We got along. We knew God was there. We did our lessons; we did our Bible study and science and math. There were also those in divinity school who were quite nonpious. I used to say my prayers nightly, but away from home I could try out my wings a little bit. Some nights I’d just lie there and ask God for all kinds of things. I’d ask God for riches. I’d ask God to get rid of my toothaches. They came from all the sugar I ate; I hadn’t made the connection between sugar and tooth decay. Every Sunday I’d go to the bakery and buy all this wonderful chocolate, all these jelly-filled rolls—I’d just stuff myself. I’d buy enough for my friends too. It took me years to figure out what I was doing, and I think the toothaches helped. Life has a way of teaching us better. This is what I learned about prayer, that sometimes there is a wrong sort of prayer: you ask God to take away a toothache when basically you should stop eating the things that give you the toothache. But that’s how we learn. People ask God to make them rich, and at the same time they squander their money. They have done this their whole lives. What kind of a prayer is that? It’s a prayer of irresponsibility. You’re not taking responsibility for your own welfare. I’m not talking about people who through the circumstances of life find themselves in a bad situation or after being retired for twenty years find that inflation has eaten into their savings and it’s very difficult for them to take care of themselves. These are very real problems. If these people ask God for help, you would expect that. But mostly, true prayer is listening to God.

GIVE YOUR KIDS AN ALLOWANCE AND SOME CHORES—BUT DON’T COMBINE THEM Here’s why an allowance is good for kids: Having a little of their own money, and deciding how to save or spend it, offers a measure of autonomy and teaches them to be responsible with cash. Here’s why household chores are good for kids: Chores show kids that families are built on mutual obligations and that family members need to help each other. Here’s why combining allowances with chores is not good for kids. By linking money to the completion of chores, parents turn an allowance into an “if-then” reward. This sends kids a clear (and clearly wrongheaded) message: In the absence of a payment, no self-respecting child would willingly set the table, empty the garbage, or make her own bed. It converts a moral and familial obligation into just another commercial transaction—and teaches that the only reason to do a less-than-desirable task for your family is in exchange for payment. This is a case where combining two good things gives you less, not more. So keep allowance and chores separate, and you just might get that trash can emptied. Even better, your kids will begin to learn the difference between principles and payoffs.

Here’s why an allowance is good for kids: Having a little of their own money, and deciding how to save or spend it, offers a measure of autonomy and teaches them to be responsible with cash. Here’s why household chores are good for kids: Chores show kids that families are built on mutual obligations and that family members need to help each other. Here’s why combining allowances with chores is not good for kids. By linking money to the completion of chores, parents turn an allowance into an “if-then” reward. This sends kids a clear (and clearly wrongheaded) message: In the absence of a payment, no self-respecting child would willingly set the table, empty the garbage, or make her own bed. It converts a moral and familial obligation into just another commercial transaction—and teaches that the only reason to do a less-than-desirable task for your family is in exchange for payment. This is a case where combining two good things gives you less, not more. So keep allowance and chores separate, and you just might get that trash can emptied. Even better, your kids will begin to learn the difference between principles and payoffs.