Talk to Your Children About Money: From Saving to Financial Legacy
WHY DO WE SAVE MONEY? There isn’t a shortage of information surrounding why to save, how to save, and where to save. And after all, we have to plan for the unexpected and the expected—your first home, kids, college, retirement, and job loss. The list goes on. One thing for sure, saving can be a team sport for you and your family if you encourage it to be. So, talk with your children about money. HOW DO YOU ANSWER THESE QUESTIONS? Why do you save money every month? When do you plan to retire; earlier than the age of 66? [...]
Why an Emergency Fund is a Good Idea
An emergency fund is the rainy-day fund; it’s for the out of the ordinary, once in a blue moon expense that you need money for RIGHT NOW. It is for expenses that are both URGENT and IMPORTANT, and the purpose of this money is to be available when you need it. Most financial advisors and bankers will tell you that you should have at least the equivalent of three to six months’ worth of living expenses saved in this emergency fund. WHY IS SIX THE MAGIC NUMBER? If you’re far out from retirement and have a steady job, keeping six [...]