‘I’ll try again next year,’ and other phrases characterize most of our attitudes towards New Year’s resolutions. By February, most of us are back to our previous year’s habits with a tinge of guilt that slowly fades as the year progresses. If you’re among said demographic, it’s not entirely your fault; we are creatures of habit, making change very hard.
For parents, their child always remains a kid even when they have grown up to be responsible adults. However, keeping emotional ties aside, it is the duty of every parent to teach their child to be responsible. While parents want to ensure that they offer the best of everything to their kid, it is also their unsaid duty to raise financially responsible children.
From a very young age, children tend to pick up a lot simply by observing their elders. Hence, parents need to put in extra efforts to ensure that their teenager child is financially responsible.
Tips to inculcate financial responsibility amongst teenagers
Teenagers are usually burdened with school work, sports, and extracurricular activities,but what affects them most is peer pressure. Before they start comparing and make attempts to match their lifestyles with their friends, it is important to teach them finances. Helping your child manage his/her ownmoney is the biggest financial planning lesson you mayimpart.
- Share financial responsibilities
One of the most important aspects is for teenagers to understand the value of money. The sooner they understand, the better they will manage their finances. Teenagers often tend to ask for monthly pocket money from their parents. Fix a certain amount. Do not provide an additional sum, even if they are penniless by the end of the month. Being strict at this stage will go a long way.They need to know that it is not an unlimited resource and should not be wasted. By sharing financial responsibilities with teenagers, you will give them the freedom to spend on what they can afford and what they consider important. This will indirectly help them curb overspending. If your child overspends in a particular month, he/she will learn not to repeat the same in future.
- Do not be overprotective
Every individual learns from his mistakes, and so will your child.Do not run to cover up for his/herblunders. If they make wrong decisions with their money, let them help themselves to come out of the situation. Do not pay off their credit card balance for them. You can always guide them and help them in financial planning to manage their expenses, but do not handhold them in every instance. This is because if they know that you are there as a last resort, they might repeat the mistake in future.
- Set the right example early in life
Children learn from their parents and it is your responsibility to bea good example for them. If you are someone who makes quick decisions and overspends, your child will do the same. If you are someone who saves a certain percentage of your income each month, your child will learn from it and follow your footsteps. Inculcate the habit of saving in your child and teach them the importance of investing right. Include them in your financial decisions so that they are able to learn about the best investment options. Take them out shopping with you and restrict to a budget or let them go shopping for themselves, but ask them to stick to a limit.
- Encourage them to get a job
Children in their late teens usually look for part-time jobs during summer breaks or post-exam vacations. Encourage them to do the same as this will not only give them a practical approach to life, but will also help them utilize their time productively. Do assist them in managing their wages. Their initial wages may not be very high; this will compel them to save money and invest. This way, they will not overspend or take a debt that is difficult to repay.
Once your children begin to earn, you need to bring financial discipline in their life and teach them to save money. You can help them choose the best investment options and inculcate the habit of investment in high-return assets. Teenagers might not be able to understand the importance of investing initially, but at a later stage, they will be thankful for the steps they took. If they know that financial planning has helped you and your family in the long run,they will adopt the same approach in their life.
The Angel Wealth mobile application is an ideal tool for your child. It has an ARQ investment engine that functions on algorithms and offers customized investment recommendations to you. It is free of human biasand will offerthe right investment options to your child. Download the user-friendly app today and let your child start investing.
There are many theories and propositions as to what keeps an employee productive. At the end of it all, one can pinpoint three umbrella factors: direction, role, and purpose. When employees know where the company is heading, what they can do to help, and why they’re doing their work, they have more motivation to work.
Every business enters a significant upwards growth curve at some point and then begins to notice things tapering off. For business owners this is a scary prospect because you never know if the slowing growth will be a sustainable pattern which could eventually lead to a reduction in revenues or if it’s a short-term lack of interest in the product offering.
The demands being made by the EU on the amount of money that UK has to pay on departure is the least of the woe story stemming from the initiation of Brexit. Economists have been divided as to the impact but the decline in the value of the pound sterling in the wake of the event is evident.
With the volatile economic climate of 2017, and a number of surprising election results, the prospect of making money on the stock markets is becoming increasingly attractive to a wide range of people. However, getting involved in forex trading can be easier said than done. Without an easy to use forex trading platform and a number of tools to help you along the way, it’s likely you will struggle. In this article, we’re going to take a look at some of the points to consider when choosing a forex trading platform as a beginner.
The beginning of a Trump administration in the US has weakened the strength of the US dollar against other major currencies. The global financial markets have reacted badly to the divisive news of Trump’s travel ban, which in turn has pushed up the price of gold.
You might feel fulfilled in the workplace because you contribute to your industry and your company, but sometimes professionals want to do more. If you’re interested in benefiting your community and people in need, you can use your expertise in the nonprofit world. Following are four ways business professionals can give back to others.
Budget airline EasyJet has seen its profits fall by 28% amid tough economic conditions. Chief executive Dame Carolyn McCall said that the company would remain “resilient,” despite the setback, which has largely been attributed to the economic uncertainty associated with Brexit as well as the new-found threat of global terrorism affecting what were previously popular holiday destinations.
Fear is a very powerful form of emotion found in everyone. Some may fear flying in a plane, some have fears of driving, some may find it hard to face decisions, while others just procrastinate and end up doing nothing. Fear for many is a state of mind, in which an individual may find it hard to get things done or think that it is not easy to perform the task. However, since it is only a state of mind, it may be easy to overcome it, as we need only to think on pondering over them, act and see them disappear.
The current exchange rates for the GBP are, as we all know, very low, the pound is weak compared to other currencies such as the US dollar and the Euro. While this can mean good business for those who manufacture and sell from within the UK, for those who import or sell products abroad, it can mean lower profits.
Using lines of credit can help companies who are facing these challenges – so what are lines of credit and how do they work?
Trading Forex is understanding the art of short term speculation through selling and buying different currencies against others. In ForexSQ we care about traders’ education, thus we remind that Forex trading is far more risky than you can imagine when you 1st come to it and could suggest large losses for the newbie. Why not? All the promotional surrounding FX trading suggests that it’s a simple way to double, triple your money from the comfort of your home and with little effort.
As the saying goes, “home is where the heart is”. While professionals progress in their career endeavours, often the focus on family needs take a step back. Often, with the routine of day to day fire fighting while meeting business requirements, planning for the long term becomes difficult. Many start planning for a car immediately after joining a good job, because it helps in facilitating the travel from home to work and vice versa. However planning for a residential investment takes time due to reasons like large value of the potential investment, availability of alternative (rental, old homes, etc.) and nature of job where one needs to be mobile globally. This video really captures it beautifully.
Different lawyers have different roles to play. However, the major work by them includes representing their clients and solving certain cases. Be it the state issue, individual or corporate issue, legal advisor or lawyer help out to solve certain issues face by the subject. If you want to get into this profession and need an expert advice then learn about Jonathan Bunge, who is a well-known attorney lawyer who fought many cases for corporate and state. He was also litigation lawyer in some cases.
Losses in investment are common, depending on the volatility of the market. Therefore, not all losses are as a result of fraud on the part of the party entrusted with the investment. Stockbroker fraud on the other hand is a direct and intentional deceit orchestrated by a stockbroker for purposes of self-gain. Therefore when an investor places his own interests ahead of a client’s interests, then that constitutes stockbroker fraud.
Expanding globally is the ultimate goal for most businesses. Although it can seem quite daunting, going global is easier than you think. Gaining global success is an amazing way to boost your company’s profile and seek out new client bases and opportunities. So how can your business gain global success?
With the start of the new year, business owners should be in the throes of tearing apart last year’s performance in order to make 2016 an even better business year. Even if your company had an unimpressive 2015 or it just didn’t live up to your expectations, reviewing the year should not be a painful task for you. This is your opportunity to learn from your failures, mistakes and missteps, so you can take your business to the next level in 2016. While this isn’t the fun part of being a business owner, it is an integral part to being successful. Plus, if owning a business were easy, everybody would do it.
A big part of a country’s exports come from service in the travel industry and tourism. In some cases such as the UK it can account for more than half the exports of others services in the country, according to new research conducted by the World Travel and Tourism Council and World Travel & Tourism Council (WTTC). This goes to show how important work in the travel sector is.
The Baltic nations of Estonia, Lithuania and Latvia were some of the hardest hit during the global financial crisis. The region suffered from both economic and political crises that shattered their once booming economy. Faced with few prospects and high rates of unemployment, the Baltic people have taken matters into their own hands and have created one of the most active areas in Europe for startups and entrepreneurs.