• July 2024

    Kids and Allowance

    Learning a new skill takes practice. For instance, if you want to teach a child how to ride a bike, they will need a bike to practice on. The same is true of money skills. If you want your child to learn how to save money and spend it wisely, giving them an allowance will help them practice.Here are some ideas to help you and your child get the most out of their allowance. Timing is everythingWhen your child starts to understand the concept of money and its purchasing power (usually around age 5 or 6), it might be a good time to consider introducing an allowance. If they can’t…

  • April 2024

    Assess Your Stability During Financial Literacy Month

    Americans say their financial health is a top priority. Maybe a top source of anxiety, too, as three quarters of us admit to being stressed about our finances. Many of us have become financially unhealthy, or just not acquired the proper money management skills. But that can be remedied in April, which ushers in National Financial Capability Month (It’s a real thing: Congress proclaims it every year). Financial capability and financial fitness go hand in hand. Fitness means effectively managing your money to meet your short-term and long-term needs and wants. The Financial Counseling Association of America (FCAA) says it involves handling your finances in a way that allows you…

  • October 2022

    Financial Savvy

    Five Estate Planning Myths by Shelli Strahle As parents and as partners, we work hard to provide the best opportunities for our children and to make sure our partners will be okay if something happens to us, but are we following through when it really matters? Myth #1: My child is protected because I have life insurance.You took out a $500,000 life insurance policy. Life insurance is a great way to provide liquidity in the event of your untimely demise. However, life insurance will not pay out to a minor. In the absence of a living trust with an adult trustee in charge, the funds will be frozen until an…