According to financial experts, majority
of children today have little information about how to manage their
money. The USA Today has recently revealed a story of how high school
students can’t even pass less complicated financial literacy exams.
Unfortunately, several states do not educate children about the topic
and its issues. Another problem is that most state school systems remain
to be unfunded getting insufficient support from the government and
other organizations to allow them to include financial literacy subjects
in class. People need to familiarize themselves with financial literacy because of the fact that debts will not go away, or even the market for different kinds of things that influence people to spend their money. Another way to promote financial literacy is by encouraging children to read them online through articles or blog entries. In this way, they can gather loads of information about how to manage money and secure financial stability in the future.
A great financial/asset management only
requires a two-step process. Kids don’t need to know complicated topics
about finance, but having a grasp of its simplest ideas could be a great
help. The first process is to earn money consistently. This can be
achieved by getting a job and get paid on a regular monthly basis or
become self-employed establishing one’s own business. It is important to
remind children that getting a job that pays well should be their first
priority, once they earned their college degree. High-paying jobs do
not offer work-life balance, which they might not like considering that
they are only at the early 20’s. So, it is advisable to get jobs that
pay enough money and offers time to pursue other hobbies like playing
basketball, video games, among many other things. And then, parents
should instill to their children the importance of keeping their money
in the bank. In this way, they can wisely invest their hard-earned money
on things that they needed the most like buying insurance policy,
owning a real estate property and set aside some cash for emergencies.
The second process is to keep the money
they have earned. It is in this aspect that a lot of young professionals
don’t accomplish. While a lot of these young men and women earn sums of
cash, only a few wisely keep their money in bank savings account. A
failure in keeping some money is like working and earning for nothing at
all. So, it is only wise to consult to a financial advisor such as Roopanand Rick Paray to
help young professionals and kids manage their assets and other forms
of investments. It is a basic step to do some budgeting by analyzing the
expenses that a person may have to pay for right now and in the future.
Have a simple comparison and contrast of the previous and present
year’s expenses, and the result of this can be a great insight to
project next year’s budget. Financial experts like Roopanand Rick Paray strictly
remind people that it is important to stick with this budget plan so
that there will be less compromise in their asset allocation.
About the author: Christine K. Sublett is a financial advisor who’s about to open up a financial planning company. She hopes to meet Roopanand Rick Paray and other key financial advisors and receive practical advices she can use for her business.
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