Author: Jessica Hill

Want to Make Your Kids Financially Independent? Try Out These Simple Smart Moves

Want to Make Your Kids Financially Independent? Try Out These Simple Smart Moves

Financial independence is something that should be acquired as early in life as possible. Do you want to make sure that your kids are secure for as long as it takes to get a job without you having to pay for them for life? These simple and smart moves listed below are going to ensure that your children do not need to depend on you to support them for too long. Here is what you need to do.

Open a Savings Account at Birth

This is the first thing that you can do as an intelligent and concerned parent. Don’t wait for your child to grow up before deciding to save some money for them. Instead, the instant your first-born comes into the world, start saving for them in their very own bank account. The amount of money does not have to be too much or even consistent each month. But make sure that you take at least $50 out each month and put it in the bank. Of course, it can be a lot more if you can save it. You can keep the account as a trust fund for their education or keep it for emergency situation when serious money needs to be spent on your little one.

Learn to Say No from Time to Time

As the child grows up, do not make an effort to fulfill every demand. If you don’t teach them what it’s like to be told no, they will learn it the hard way when they grow up. Research shows that most parents struggle to pay for everything their child demands while growing up, so much so that they end up acquiring too much debt. This is something you need to avoid if you want to make sure that your kid is financially independent by the time they grow up. Say no and explain why you said so. Teach them the importance of not buying everything their heart desires and saving money for actual needs.

Teach the Kids to Use a Piggy Bank

When saying no, it is also the perfect opportunity to teach your children about the art of saving. From a very early age, get them a piggy bank where they can store the money they save in order to buy whatever the liked and wanted you to get them. This way they will understand all the hard work that goes into earning money and saving it for essentials.

Investments

Once they are old enough to have a band account, get them a savings account of their own. Do not stop your savings account for them, but let them save some money for themselves as well. This way, once they are ready to move out, they will have significant savings that can be used for college or some business they may want to invest in.

Talk to Them about College and Career Options

From the time they are in middle school, you should start discussing career and college with your children. They will become more serious and help you save money for the fees. This too is going to create financial independence pretty quickly.

Talk to your children about savings and show them how it’s done in order to become them financially concerned and independent.…

How to Learn Trading In the Stock Market If You Are a Newbie?

Are you a new investor looking to invest in the stock market? You need to learn how to do it exactly. There are some basics about trading that needs to be learned. Just like there is trial and error in biking or any other activity, similar is the case with stock trading. If you are newbie in this field of general finance, it is mandatory to learn a few steps. As the investor, you can take your time to develop the skills. In fact, those strategies that were used 10-12 years back are employed even now.

Why you need to open up stock broker account?

The foremost step to start trading is finding an online broker and opening a trading account. Capitalize completely on the free online trading tools and get familiar with the layout. Some of the brokers even offer virtual trading and thus you may trade without any money. A trader can also utilize the online tool to compare the brokers.

The need for reading books

begin-investing-670x335When compared to the seminars, cost of classes and educational DVDs, reading books provide you wealth of information. It is pretty inexpensive also. Some of the stock trading books are worth reading. In fact, they carry the golden rules on trading. Similarly, you can read up online articles as they are fantastic educational resources. By searching the internet, you can find hundreds of articles that are informative.

The need for a mentor 0c334ba28d8f08df4476db7f53a9ab99

Your mentor for trading can be a friend, family member, your senior or anyone. A person who has fundamental knowledge on trading, he/she may be considered a trading guide or mentor. He/she will answer to all your queries and acquaint you with the rules of trading. You will get to know about the useful resources, trading tools and thus you can keep your spirits very high even when the market is tough. Behind every successful trader, there is some mentor. You may also take assistance from forums when it comes to answering the questions. Most of the traders are not professionals and thus mentor can prove a great help.

Knowing the inspiring Traders

main-qimg-e4c921cf8986411136661c156e5b94a1-cGet to know about the greatest of traders of all times. If you do this, you will get inspiration, perspective and appreciation for stock trading. Some of the great traders of the past may be used as motivating factors.

Analyzing and following the market closely stock-trading1

If you are looking for fresh resources, you can read up the content of new sites. Some of the sites let you monitor the market very closely. Read the headline stories contributed by investors. Follow what they have to say closely. Learn about the economic concepts and collect news on general business. Observing the stock market fundamental data and pulling up quotes help a lot.

To monitor market closely, you can also use TV and watch news channels. Do not let style of news act as nuisance and only choose TV channels that show stock news. By hearing what the experts have to say, you can learn a lot.