Financial Planning For Teenagers

Financial planning is a topic of great depth and the exact nuances of the subject are not something which even grown-ups fully realize. The extravagant nature of many of today’s individuals definitely point to the fact that they hardly know anything of value when it comes to financial planning. However, as adults and parents, it becomes our duty to make teenagers around us realize the importance of financial planning because habits inculcated at such a young age will help them to understand how to monitor their finances when they grow up. Families who still believe in homeschooling take upon themselves the responsibility of not only their child’s education but also in offering financial literacy which is a vital subject for any growing teenager. It is important to understand what economics is all about and the drastic difference of wealth and poverty which in turn shapes the young lives of the teenager.

Tips for Teaching Teenagers about Financial Planning

1) Make sure that your children read about economics and the modern literary works of ‘Uncle Eric Book’s which is a must read for children who are in their middle school or high school.  You can make it a point as parents to read it earlier so that it makes the lessons easier for you and you can solve your kid’s doubts quite easily.

2) Make sure that you often engage your kids’ in discussion on the topic of finances. It is often suggested that families should discuss about their monetary problems with their kids and kids should be taught the real meaning of money. You need to set an example for the kids about spending and saving money wisely so that the kids learn to handle money in a positive manner.

3) You can watch with your children economic news reports that are televised on local and national news outlets and you can talk about the various language and terminology used in every report as well as the facts and the speculations made in such reports.

4) Having a heart to heart talk about the financial ups and downs that you have experienced in your life will certainly serve as an eye-opener to your kids.

It will make them realize that you have seen grave difficulties and challenges before you have been able to lead such a great life. Being open to them about your financial troubles is a great way of letting them know that life is not the same at all times.

5) In order to teach them how interest rates work, you should take the help of spreadsheets and financial planning forms and you can make them practice real life problems such as ‘buying a prom dress with a credit card’ and can also show them how easily credit cards can be abused, and how that can have grave consequences in our life.

6) You should show them how to live frugally which will help them to save well for their future.  It will also help them understand that living beyond your means will only lead you to trouble eventually.

7) Make your kids realize that there are hobbies which will actually help them to earn income and they can also use their hobbies and interests in the direction of earning their income.

 

Frank is a freelance writer and Education Director for Water Damage Local.com, servicing the flood damage and restoration industry.

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Getting The Best Annuity Quotes Online

Choosing an annuity is an important decision because it determines your financial future. All of your life you work for your income and suddenly the ability to choose what you earn is taken out of your hands. However, you still have control of what kind of annuity you decide to have. This is an important decision and you should use the open market option (the right to shop around) to make sure that you make the very best decision for you and your money.

Viewing annuity quotes online can be very beneficial as you can get a greater outlook over what the market currently can offer you. The online tools allow you to type in your details and figure out how much a few extra years of work would impact your retirement plans and the amount of income you could receive through your annuity.

By searching for annuity quotes online you might realise that you are eligible for an enhanced annuity rate which your current pension provider did not make you aware of. You can receive an enhanced rate if you have a medical condition, employment history or other reason why your life expectancy might be shorter than the average person of your age. You can even get smoker annuity rates that are higher than the normal rates.

This allows the pension company to calculate an annuity which they estimate they do not have to pay out for you for as long as the average person. One example is if you live in a poorer area than the national average where life expectancy is lower.

Using the internet not only allows you to access more information on annuities but it also helps you to realise what other companies can offer you. Annuity contracts can be different and different providers, especially independent or  specialist providers, may be able to offer you a different type of contract to the average high street provider. For example, joint annuities have become popular lately as it allows partners to be included in the annuity. This offers peace of mind to many couples who want the other to be cared for when they die.

One pension company said, “We like to encourage our customers to use the open market to find competitive deals. This allows them to really become well informed on what the market can offer and gives them the security they need that their money is going into the right place.”

Want to use a free online annuity calculator? Visit http://sigmaannuities.co.uk for all your annuity needs. They are chartered financial planners and can offer you independent pension and retirement advice.

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How To Select Financial Planning Software

To select financial planning software is a big decision and eventually, it can turn out to be more complex than you can imagine it to be. The problem is that there are many options available in front of us and as a result of this; it does become a tough decision to finally select the program that runs in your favor. Although programs such as Quicken and Microsoft Money are quite popular amongst users, yet they are not considered to be the right choice for everyone. Collecting important information on the software of your choice is important before you spend money on purchasing them.  The following instructions will aid all first-time buyers in procuring their financial planning software which they can use with confidence.

1) Firstly, you should start your research in a careful manner wherein which you need to check that it fits your knowledge level very well. There are a number of software programs which are available in this category which starts from the simplest and basic programs that enable you to handle your budget on complex systems and also helps you to balance your checkbook and manage your investment portfolio as well.  In case you are totally ignorant of financial planning software and do not have the required time to know about such systems then it would be a good option to go in for a basic system which is not hard to handle.

2) You need to find out what kind of tools you would require in your financial planning software. In case, you would require handling your checkbook balance, you have to keep track of business expenses separately or you may also need to consider your retirement funds and for this purpose, more sophisticated software is required.

There are also certain software which is also considered better than the common ones for the purpose of budgeting and keeping track of everyday expenses.

3) You can utilize the information offered in qualified sources like the ‘PC Magazine’ which will certainly aid you in purchasing the software. You need to understand the pros and cons of every program and in this aspect, you can check out the access to updates, ease of use and the bugs as well. You can look at the prices offered by different companies and can compare the prices for every software.

4) You should look out for free demos and many of the financial planning software companies do allow users to try out their free trials from their websites, so this will give the user a chance to know if their selection is up to their expectations. Free demos will not be fully operational but they will actually give a good idea to the user regarding what the program will offer to the user.

5) You can also inquire with others on what they generally use as their financial planning software. If you are acquainted to someone who has pretty much the same financial issues as yours, then you can inquire to them about the software which they like and can know about their likes and dislikes.

 

Billy D Ritchie is the Director Of Content for LeadsByFone, LLC, a lead generation company servicing the flooded basement and water damage restoration industry.

When not writing and educating folks about the perils of water damage, he is also a freelance writer, sometime actor, and formerly professional musician.  He also enjoys spending his weekends building and flying model rockets

Visit him online at http://www.waterdamagelocal.com

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