Category - Budgeting

1
Family Financial Lifecycle
2
Investing 101: Things to Think About Before You Invest
3
What To Do With That First Paycheck
4
How to Pay Off Student Loans While Building Wealth
5
Ten Principles for Teaching Children about Money

Family Financial Lifecycle

In 1985, an MIT professor won the Nobel Prize for a simple technique that squirrels know intuitively from birth — you have to “squirrel” away some nuts during times of plenty so you can survive during times of scarcity. Economist Franco Modigliani won his Nobel Prize for modeling how humans manage their household finances over a lifetime.

Modigliani looked at the income and expenses of typical people over their life from the time they entered the workplace, raised their families, and retired. He found there were times when the household’s income was more than sufficient to meet their expenses and …

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Investing 101: Things to Think About Before You Invest

I recently read an article called “Ten Things You Need to Do Before You Start Investing” on The Simple Dollar.

In general, I think the author made some good points. He recognizes that not everyone is in a position to immediately throw a bunch of money into the financial markets and have that turn out well. He brings up the mindset that you need to have and a few things to put in place before starting to invest.

Here are his 10 points:

  1. Your Net Worth Needs to Become the Primary Personal Finance Number You Care About
  2. You
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What To Do With That First Paycheck

You’re graduating, which is exciting and probably a little scary. Congratulations!

Hopefully you have gotten, or are working on, getting a job.

Once you’ve landed that job you will have a (hopefully) steady paycheck and need to figure out how to handle your own finances. You probably know that you should spend less than you earn, but that is only part of the equation, and spending money on utilities sounds less exciting than spending money on fun things. You will have to learn to balance your budget and desires.

Here are some tips for thinking about where this new …

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How to Pay Off Student Loans While Building Wealth

The average college student graduates with almost $35,000 in student loans. While this is a daunting sum, it is still possible to build wealth even while paying off student debt. But earning the degree and paying for the degree require two different kinds of smarts. In fact, some students may be better off not taking their parents’ advice on how to get out of debt. Unlike most types of debt, student loans are usually best when paid as slowly as possible.

Almost all debt is bad debt. But, there are two important exceptions to this rule: home mortgages and …

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Ten Principles for Teaching Children about Money

Here are ten principles for teaching children about money:

1. Talk about money.

When money is involved, you have a chance to teach your children the values and analysis behind your actions. Money should not be your only topic of discussion, but talking about it will communicate your wisdom and values to your children. Every purchase, investment, or donation can be a time to teach your children something about your values.

2. Talk openly.

Parents make a mistake when they keep information from their children. Children learn through experience. For example, the experience of what their family earns and what …

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