Teaching Healthy Money Skills

Here is some information about how to teach healthy money skills to children. It comes from a Los Angeles Times article by Kurt Smith and was in the Sunday edition on October 23, 2016:

  1. Model good financial behavior. Don’t make fun of people who use coupons to save money, and don’t crave the latest technology gadget or newest car.
  2. Make them wait to buy things they want. Teach them about delayed gratification.
  3. Teach them to save for the long term. Allow them to set aside money for their own college, or save up for a bike.
  4. Teach them how to compare prices. Set a budget for back to school items and check the newspapers or Internet to compare prices on similar items. Quote: “Take them to the grocery store and show them how the same food item can have two different prices and let them help you decide which one to buy.”
  5. Let them learn from their mistakes. If they have the money to buy something that you feel would be a mistake to purchase, something they will later regret, let them make the decision and learn from it.

While I would recommend the above five suggestions, the only difficulty I see is that most parents lack those skills to teach their children.

How can parents teach the skills they lack? They didn’t get those skills from their parents and they can’t give them to their children. Where the heck are these skills supposed to come from?

These are just a couple of questions to ponder as the holiday season of spending money on too much stuff no one needs is approaching.

To your prosperity,

Rennie

 

Inattention can be fatal

The other day I was riding my motorbike, (which I know sounds like something small, and that’s the point; I want to soften the image someone puts in their head. It’s actually a huge Honda Goldwing with a bike rack on the back. I am not a ‘biker’ but I do ride a motorcycle. And I ride a bicycle.) But I digress… I’ve been riding since I was 12 years old (which was many decades ago), and I learned to be a very defensive rider.  I check my helmet; I look to see who is behind me; I watch for who might cut me off from the side; on and on. Recently, when I got off my bike after a harrowing ride on the 101 freeway I went to unbuckle my helmet strap only to find out it had not been buckled since I left the house.

I was riding with a helmet just sitting on my head. Any car that might have knocked me over and my helmet would have gone flying and my brain turned to mush. I would have been another healthy organ donor. My heart raced knowing the danger I placed myself in, and relieved that nothing happened.

Inattention can be fatal in certain situations. Another example would be forgetting to thoroughly check the packing of a parachute before sky diving, or a pilot making sure his private plane has enough fuel and has been properly maintained. That is why good pilots follow a checklist prior to each and every flight.

Inattention can produce bad results in business and finances as well. We are constantly bombarded with buy this product, buy this program, use this toothpaste or deodorant, to the point of complete overwhelm. We check and recheck our smart phone for emails or text messages. We feel the need to instantly respond to messages, notifications or alerts. We end up splitting our attention so much we only pay partial attention to most things.

I read somewhere that partial attention is inattention is disguise. That leads to making errors, missing important demands and inefficiency. There are areas where we need to be fully present, otherwise we are not honoring ourselves, those we love, or the clients we are here to serve. How we spend or invest our time and our money deserves our full attention.

One of the solutions you can learn is to say, “No” to the unimportant, to the things that are not aligned with your goals, to the things that take you off course. That way you will have the room to say, “Yes” to the things that will bring you joy and fulfillment. Multi-tasking is a lie; computers don’t do it, and we can’t do it either.

When you focus on your goals, based on your values, you become unstoppable. Mental focus is like a superpower, and can only grow by practice. The Wealth On Any Income program is designed to have you focus on what is important in your life and to create alignment with your values and the creation of wealth.

By the way, don’t forget to strap your helmet, or buckle your seat belt.

To your prosperity,

Rennie

Edwin, lucky retirement picture

Can luck play a part in retirement?

In speaking to one of my neighbors, a retired dentist I’ll call Edwin, I asked how he planned for retirement. The answer appeared haphazard. Edwin is 92 and has been retired for about 20 years.

Back in 1960, when he was about age 38, a friend of his had built a couple of apartment buildings in the Palms area of Los Angeles. He offered Edwin the chance to own half of the next 7 unit building he was constructing for a $6000 investment. To a young dentist raising a family that was a lot of money. But Edwin was able to borrow $6000 against his life insurance and made the investment. While it didn’t pay much for the first 10 years, the profit did grow. By the 1970’s Edwin was receiving about $1000 per month. Now… the building is paid off it is generating about $4000 per month profit at this point. Continue reading Edwin, lucky retirement picture

Two dozen free gifts

Hi Folks,
I am always excited to share with you some great resources to help you succeed in all areas of your life, not just real estate and finance.

So I am really excited to share with you a cool event that I’m participating in with other amazing coaches, authors and speakers where we are providing  you some of our best tools and techniques, for free!

Get Your Year in Gear Giveaway  Continue reading Two dozen free gifts

Bad Address Creates Credit Score Problem

In a recent Los Angeles Times column (Sunday, February 15, 2015) someone wrote into Liz Weston about how she applied for a store credit card six months earlier, and apparently the creditor input the wrong address from her application.

When she called the store to make her first payment, she was told she needed to wait until her card arrived and had her account number before she could make a payment. But due to the wrong address the card and later statements never showed up and it was referred to collection.

She wanted to know what grounds she had to dispute this.   Continue reading Bad Address Creates Credit Score Problem