BEYOND BUSINESS
Teaching Teens Wealth Mastery
Fostering a Culture of Financial Accountability Educating students about saving money and sound investment strategies promotes fiscal responsibility. They learn about the long-term benefits of compound interest and regular investing. Teens can build on their financial knowledge as they see the benefits of sound financial decisions. Addressing the Wealth Gap and Adapting to Change Financial literacy is a powerful tool in bridging the wealth gap. Providing all students, no matter their background, with financial knowledge is a step toward leveling the economic playing field. As the global economy evolves, young people with personal finance skills are better prepared to adapt to changing job markets, investment trends, and saving strategies. Parents and guardians can make a considerable impact in lobbying local school districts to value and include personal finance education in high school and teaching it in their homes. Young people will be able to face life’s financial challenges confidently. As we nurture our youth for their future roles, their financial literacy is vital to fostering a society of economically stable and responsible individuals.
In today’s challenging financial world, equipping high school students with personal finance tools is essential. Arming young adults with the skills necessary to navigate the monetary challenges they’ll face is much like any traditional academic discipline. Here are a few of the tools they’ll need in their repertoire. Building a Robust Financial Foundation Helping students learn fundamental financial skills like budgeting, saving, and investing instills a deep respect for the value of money. Parents and school classes can help them understand credit, loans, and debt management to steer them away from potential financial pitfalls when they later make decisions about loans and credit cards. Practical lessons on tax filing and understanding employee benefits are invaluable, preparing them for adulthood and independence. Sharpening Decision-Making Abilities In personal finance, high schools can play a pivotal role. Students can be encouraged to read the financial news to understand market trends and make more informed financial decisions. Teaching them how to set realistic financial goals for significant life events, such as attending college or purchasing a vehicle, teaches planning and discipline, key aspects of successful financial management.
PASSWORDS AND BILLS KEEP A LIST
When someone comes to us who has recently lost a spouse or loved one, they often tell us there are several things they wish their spouse or loved one had done. The first is to have updated their estate plan within the last couple of years — we all know this is important. However, the second major area of frustration is not knowing how to access the deceased person’s accounts and bills or how to contact their friends. Below are a few tips to help your family members avoid those frustrations.
you trust with this information knows how to get to it in an emergency. This should include passwords to pay bills and those required to access your email and social media accounts. We also recommend ensuring the passcode to your phone is included. 2. Along with the list of passwords, it can be beneficial to have a list of all the monthly bills that need to be paid (mortgage, utilities, car payment(s), etc.), how to pay them, and what day of the month they are due. We have
had numerous cases where the spouse who handled all of this passed away and left the surviving spouse with no idea of what needed to be paid and when, which can be very frustrating. 3. Finally, for those running businesses, remember you need to do the same thing for any of these types of tasks that only you handle within your business. Be sure a family member or trusted employee knows how to handle these tasks if you suddenly pass away. This will help ensure everything continues to run smoothly, even in the case of an emergency. These are just a few things to consider when planning for your family’s future. If you or a loved one have additional concerns or need to begin planning, please call us to set an appointment so we can sit down and discuss your concerns. –Chasity and TC
1. First, be sure to keep an updated
list of passwords handy. This can be accomplished while keeping those passwords secure by making a written list that is regularly updated and kept in your home safe or safe deposit box at the bank or by keeping a password- protected file on your computer with a full list of those passwords. Also, ensure that you include the answers to the security questions that are sometimes required in addition to the password itself. Ensure the person
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