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Money Smart Magazine – March Issue

 

Money Smart is the monthly online magazine from the producers of The Financial Fairy Tales.

Aimed at parents, teachers and young people interested in learning about money, success and enterpreneurship.

The March issue features Mark Victor Hansen in the Money Masters series, plus some great tips for business and financial success from leading CEOs and Entrepreneurs.

Please enjoy the March issue of Money Smart at http://moneysmartmagazine.co.uk

6 lessons to teach your kids how to stay away from debts in future

Many parents are not particularly inclined to discuss their debt and finance related issues with their kids. As an invariable result, kids remain unaware of crucial financial factors like debt management, savings, account dealings and face severe difficulty to handle these matters in the long run. There are certain skills and habits which every child needs to learn and develop from an early age. Financial discipline is one of them. If your kids come to know how to effectively spend, save and survive today, they can surely attain a better financial future tomorrow. Follow the instructions given below and provide your children the basic knowledge required to stay out of debt in future.

  • ‘Children need models more than they need critics’. The first lesson of money management to kids starts when their parents are not even aware of it.  Kids follow the footsteps of their elders blindly. Manage your finances well and spend your money wisely to set a perfect example to them. To stay out of debt spend within your limits. To teach your kids the difference between wants and needs, live frugally. Being frugal does not mean spending no money at all; it means think before you buy, and wait to buy until you can afford it.
  • Discuss your financial issues with your children. No matter how complicated your financial status are, attempt to make some simple bed time stories with them. Do not evade or ignore any of their queries, answer them clearly. Show them how you pay your due bills and how the ATM, checking accounts or credit cards works.
  • Make your children financially responsible by letting them spend money on their own. Of course, you are there to guide them but, make sure your child grow up making some of their own financial decisions as well. Let them commit mistakes and learn the lessons from them. If needed, confide in them your financial blunders in the past. In this way you may not be able to stop them completely from making any mistakes but at least they will be less likely to repeat these mistakes as adults.
  • Take into account your kid’s feedback and suggestions while you are planning your budget. This will give them an overall idea about the price list and monthly expenses. Make sure it should not make them feel guilty or upset for costing you so much.
  • Young kids love to collect and save pennies, present them with a piggy bank to indulge in this habit. For teen kids you better open a savings account and let him watch it grow. It will generate a sense of interest and excitement in them and they will put more efforts and hard work to save in these accounts. Excitement and anticipation both are essential to make your child keener to save money.
  • Start giving your child a weekly or monthly allowance from an early age. Instruct them not only to manage their weekly expenses within limited means but also to save a portion of it. Trigger their emotions by teaching them to donate a portion of their savings to people who are less fortunate.

All these above mentioned points are lifelong ways to teach your kids about money management. When your child becomes old enough to ask for toys or candy, it means they’re old enough to learn some lessons of financial awareness as well. As soon as they learn to count, you can start imparting your basic lessons about spending and saving. Remember the sooner they learn these lessons and apply them to their lives, it is better for their financial well being.

 

Think and Grow Up Rich

Has there ever been a more important time to teach children about money?

Think and Grow Up Rich is the title of the forthcoming book from Financial Fairy Tales creator Daniel Britton.

Think and Grow Up Rich is aimed at parents, grandparents and teachers to enable them to share the financial values and tools with the children they care about.

The book is entered in the Next Top Self Help Author contest. Please watch the short video below and support us by following the link to vote

http://www.nexttopauthor.com/?aid=201

Canadians Call for Greater Financial Literacy

A national survey conducted for the Canadian Institute of Chartered Accountants (CICA) finds that many Canadians are in difficult financial circumstances or making financial decisions that threaten their long-term prosperity.

The survey by Harris Decima also finds the majority respondents believe financial literacy education must start at an early age. More than eight of every ten (84 per cent) Canadians believe young people are ill-prepared to manage their finances when they enter the workforce and 85 per cent believe that financial management skills should be taught in schools to help solve this problem.
Survey Highlights:

Financial education for children and teenagers – Seventy-eight per cent of Canadian parents have attempted to teach their children financial management skills, but two-thirds (60 per cent) believe they have not been very successful; how best to teach their children ranks second among the most sought after financial literacy skills. Note: Tips on minimizing taxes was the first.

 – While Canadians believe that parents or guardians have the primary responsibility for teaching their children about money and that schools should teach financial management skills, a strong majority also believes that the financial services industry (75 per cent) and governments (68 per cent) also bear responsibility for ensuring that children and teenagers learn basic financial decision making skills.

Rising debt levels threaten prosperity – Thirty-four per cent of people surveyed reported carrying over a monthly balance on their credit cards and, among them, 55 per cent intend to carry forward a balance over the next month.

 – More than one in ten Canadians (12 per cent) have borrowed to cover day-to-day living expenses, and half of them still owe against these loans.

Retirement saving rates insufficient – Of those 55 or older, 40 per cent reported they have not saved enough for their retirement.

– Among those planning to retire in the next five years, 32 per cent believe they have not saved enough to retire on.

A survey summary report is available online at www.cica.ca/flsurvey2010.

Winning the Inner Game of Money

Someone wise once said that in five years time your life will look pretty much the same apart from the books you read and the conversations you have.

Surrounding yourself with positive, inspiring people and materials is a time honoured, proven method of conditioning your thoughts, actions and ultimately results.

The Prosperity Principles are a series of  interviews with some of the world’s most inspiring people to share with you the ideas and principles which have brought them success.

By spending time with these individuals and following their lead we can learn from their successes and mistakes to shortcut our own path to success.

Please enjoy this interview with Evan Money, Best selling author and the World’s #1 Online Life Coach.

Right Click here and Save As to download or click to play

For more about Evan please visit his site

http://systemformoney.com