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7 Ways You can Raise a Financially Responsible Child

February 24, 2017 by Contributor Leave a Comment

7 Ways You can Raise a Financially Responsible Child - Your Wealthy Mind

*Contributed by Amy Nickson.

One day, your little child will face the big world all alone. As a parent, it’s your responsibility to inculcate good money lessons in them. Teach your children as to how they should manage their money and why money management is important.

How can you help your kids to become financially responsible? It is easy: Have a look:

 

1. Help them find a job

Children need to know that money is not easy to come by. Discuss with them why they need to work. This way they will understand the value of money and where the money comes from.

How can kids make money? Kids can make money by babysitting, starting a lemonade stand, car washing etc. But, these involve more direct money. So, the best ways in which your kids can make some money are by helping you out with your household chores. You can ask your kids to help you in cleaning the house, cooking and washing. In return, you can pay some money to your kid.

If your child loves pets, you can also allow your kids to do pet sitting or they can also become a dog walker. This is a great job for earning a little money.

 

2. Give them a piggy bank

You must encourage your child to save money. Tell them the importance of saving money . Gift them a piggy bank and tell them to save whatever possible.

 

3. Discuss financial goals with kids

Explain to your teens why it is important to set financial goals. Help them work out how much money they need to put away for achieving their goals. You can also discuss with your young adults regarding their short-term and long-term financial goals. Discuss with your children how much allowance they should spend each week and how much they must put towards short and long savings. Ask them to save money for charity as well.   [Read more…]

5 Types of Loans You Should Know About

January 26, 2017 by Contributor Leave a Comment

5 Types of Loans You Should Know About

*This is a guest post by Kyle Kam (@undisputedkyle) from MoneyMax.ph.

If you’re looking to get a loan, it helps to know what you plan on using it for. There are several types of loans available in the country, ranging from something that simply adds to your current funding based off of your salary, or something that requires a lot more thinking like a business loan.

It’s important to understand your options and the risks involved when borrowing money. Most loans fall under two distinct categories: Unsecured and Secured.

Secured loans require collateral, which will be used to pay back the amount borrowed should you default on the loan, while Unsecured loans require no collateral but have a higher interest rate in order to ensure prompt payment.

[Read more…]

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