Comments on Makes Me Wanna Holler.com | Fatherhood, Relationships And Lifestyle: Seven Steps Toward Establishing Financial Stabilit...

I will add that the 8th step is building knowledge...

2008-08-29T01:30:00.000-04:00

I will add that the 8th step is building knowledge to your children by educating them in reference to your financial plans. My 8 year old knows how to balance my checkbook. I am a partner in a small business so my son is expose to money. He sees me with a calculator and a pen all the time even when we are home. He knows mommy shops hard when there are sales. He knows the meaning of a dollar because every penny he earns for good grades, holidays, special occassions, and birthday goes right to the bank. We bank together and fill out a deposit slip together every other friday. He feels like a big shot! That is financial structure. It's important to show your children the concept of their finacial future because not only does it depend on us but on them as well. What's the point of opening up a college fund and 18 years later your child says I don't want to go to college. Teaching them young sets the tone for their future. I don't push but I am big on encouraging by making it fun. My parents never exposed me in such a way. If they had told me about credit and savings instead of struggling, sacrificing, and work ethic I would be eight steps closer to where I need to be. Despite it all being in my 20's I am doing well for myself but my children need to do better. Another suggestion is taking a risk when a good opportunity presents itself. I call that investment! I had 2,000 in my "Rainy day" account. A friend of mine opened up a small business and asked if I wanted to invest in their stock. I had no prior expereince with that and a bit reluctant. I did my own research about the market and their company and made the investment. My 2,000 became 10,000 and pulled out after 2 years. Not a bad deal!! To each's own!! Do what you think is best for your own situation and income. There are so many ways to make it. We just have to make wise decisions in every aspect.

I can only afford to add 2 cents, so here goes min...

2008-08-28T15:09:00.000-04:00

I can only afford to add 2 cents, so here goes mine...with regards to insurance, Disability Insurance (DI) is very, very important! If you and/or your spouse were to become too sick or injured that you could not work, your financial picture would change in a heart beat IF you were not properly covered. When considering a DI policy, give good thought to elimination periods (no. of days and thru what age), the addition of riders such as Future Purchase and Cost of Living Adjustment percentage (we all know that the cost of a dollar today
is not what it will be 5 or 10 years from now).

we actually started seeing a financial planner las...

2008-08-28T10:09:00.000-04:00

we actually started seeing a financial planner last year, definitely a good move as it provided a neutral, objective professional who was able to bridge the disagreements the wife & I had over how to plan (my wife is a saving freak, but she had it all in an almost zero-interest money market account).

of course, we have a lot less discretionary income now that we're doing IRAs, life insurance (term and investment), and a 529 for the kid, but you get used to having less money quick - I remember the first time (maybe around age 27) I got a whole paycheck ahead of my bills, seems like ages ago.

this is a really important topic - Americans as whole are very short-sighted about spending habits, if you've heard about the national debt almost hitting $10 trillion, consider that private debt in the form of credit cards and mortgages is another $37 trillion. unfortunately this isn't helped by a Govt who gives us the equivalent of a payday loan with a "tax rebate," ugh. Not that we didn't spend it.

Can't get GW out and Barack in soon enough!