Financial Advices for New Parents

Financial Advices varies with your age, family responsibility and earning power.
Once you become parent you need bring financial discipline in your life

Take Proper Life Insurance
Make Succession planning for your estate and business
Health Insurance for family
Buy residential property and pay off the debt as soon as possible
Invest every month in a growth oriented mutual fund
Educate value of Money to your children

These are the MUST do financial advices for new parents.

Financial Advices to make your children Money-wise

Educate Children on Money. This is very important financial advice for your kids. In school kids learn all subjects except money. But, a person can only be successful in life provided he has proper money management skill. Earning money is difficult, manage money and able to multiply money is more difficult.

Talk with your children while shopping

It is necessary to teach them how to understand a fair price of an item in market.

Take your kids to the Bank

Educate them on operation on bank. Kid should understand money need to be earned. Best financial advice for a kid is to understand ATM is not a money generating system.

Educate kids on importance of savings

Money need to be saved. Pay yourself first concept is the most important financial advice in a person’s life.

Talk with your kids about investment

Educate them on different ways of investment. Educate them on business. Check with them which products they like. Talk with them about the company which produces those products. Encourage them to buy stocks of these companies.

Create spending account, and provide your kids with a piggy bank

Create an account for your teen age kids. Putr all his pocket money and school fees in that account. Guide themto spend mopney fromtaht account. This will help them to understand basics of financial planning.

Make them work for their money

Your teenage daughter should understand the value of money. Instead of only giving money, encourage them to earn money. Educate them on earning money frominternet, make money from google etc..
It will help them to learn and improve enterprenurial skill.

Help them to establish savings goals

This is most powerful financial advice for kids. Once they master it basics of financial planning is completed.

Teach them how to use a credit card

Credit card is a fantastic tool provided it is used in proper way. Parent should educate kids on the proper uses of credit card.

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