Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Resource to help parents and kids to achieve a safe financial future

Here we are providing an amazing presentation about how to achieve financial freedom for kids to set their financial goals. Source: http://www.financialfreedomforum.org

  • Login to see the comments

  • Be the first to like this

Resource to help parents and kids to achieve a safe financial future

  1. 1. Looking for Ideas and Tips about Financial Freedom Planning for your Kids www.financialfreedomforum.org
  2. 2. Definition of Financial Planning Financial Planning is the process of estimating the capital required and determining its competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise. Some of us are trying to help our children learn how to save, plan and invest for their financial futures. Others are trying to figure out how to help a child pay for college and many more of us are wondering how we are going to fund or sustain our retirement? Financial freedom can start early and finish late in life. This site is for those on the journey.
  3. 3. Importance of Financial Planning Financial Planning is process of framing objectives, policies, procedures, programmes and budgets regarding the financial activities of a concern. This ensures effective and adequate financial and investment policies. The importance can be outlined as- * Adequate funds have to be ensured. * Financial Planning helps in ensuring a reasonable balance between outflow and in flow of funds so that stability is maintained. * Financial Planning ensures that the suppliers of funds are easily investing in companies which exercise financial planning.
  4. 4. * Financial Planning helps in making growth and expansion programmers which helps in long-run survival of the company. * Financial Planning reduces uncertainties with regards to changing market trends which can be faced easily through enough funds. * Financial Planning helps in reducing the uncertainties which can be a hindrance to growth of the company. This helps in ensuring stability an d profitability in concern.
  5. 5. Teach Your Kids Good Money Habits With This Allowance: The basic premise of an allowance is to teach our children that they will be rewarded for doing good things and more importantly, that they will need to work for money to spend. It’s a noble idea, and it must have worked at some point in time or else parents wouldn’t have done it for all those years
  6. 6. I took the same concept of an allowance that my parents used with me and I tried it first with my four year old daughter. If she got good grades in school, I rewarded her. When her chores were completed all week, we gave her five dollars to spend at the Dollar Tree. We did this for about three months before realizing there might be a better way to teach her responsibility.
  7. 7. After experimenting with several different methodologies, I came away thinking that maybe the traditional allowance isn’t the best way to teach our kids good money habits. Maybe thinking outside the box and finding a different system could yield better results. Here are the “allowance systems” that we experimented with while trying to come up with one that would teach Hailey how to earn her own money and how to balance that money wisely between what she wanted and needed.
  8. 8. An Allowance Is Good, but It Helps To Do Some Tweaking: Giving your child an allowance can be very beneficial, but as I’ve pointed out, you should do some tweaking to reflect the goals you wish to accomplish using it. It’s important to teach our kids good financial habits from an early age and using an allowance is just one of the tools available to us. Make it your own. Don’t follow the rules of parenting. Experiment with what works and what doesn’t until you get it down to a science.

×