iBankCoin
Home / philoscarson

philoscarson

5 Technologies Changing the Way We Invest

The old world of investing used to be quite tedious and inefficient. Retail investors were limited to daily newspapers to look at stock prices, and opening or closing a position usually meant having to call your broker on the phone. Fast forward to today, the modern investor has, within his/her fingertips, access to hundreds of stocks and other financial assets. With a few clicks of the button and swipes of the screen, one can learn everything there is to learn about an investment opportunity.

 

DIY Educational Tools

Robot advisers not only handle the direct selling of products to retail clientele; they also help improve the level of understanding and financial literacy of investors through do-it-yourself educational material. In the past, investing was left mostly for the well-educated degree holders who have a high proficiency in Finance, Economics, or other related industries. Today, the proliferation of investment material on various websites, blog posts, and tutorial videos enable anyone and everyone to invest their own money.

 

Social Trading Platforms

Social trading platforms, like eToro and ZuluTrade, serve as a social environment that gives investors the ability to interact with like-minded people in real-time. It enables first-time traders to open and close positions with the knowledge and recommendations acquired from other more experienced traders, giving them a better shot at actually making money as opposed to blindly taking positions. A social trading platform comes with all the tools and functionality of a regular broker platform, but with the added feature involving a list of highly rated and followed traders. You can either manually follow their investment positions or automate it so you can avoid manually having to keep on track of your portfolio.

Wealth Management Softwares

A wealth management software that’s effective will help people evaluate investment portfolios and make recommendations on how to produce maximum return on investment. You can connect existing investment accounts onto your account, which will then be analyzed for potential improvements. Both individual retirement accounts and taxable accounts can be connected to your wealth management program. To start analyzing your investment accounts, softwares may ask for your age, risk profile, and other relevant financial factors.

 

Stock Screeners

It’s impossible to keep track of all stocks out there. A stock screener can simplify the process of searching through the mountain of publicly traded stocks using a predefined or customized criteria that filters possible choices. For instance, stock screeners, like Finviz, can return all publicly listed companies that have a market capitalization of less than $1 billion, is in the healthcare industry, and has had positive dividend yield for the past five years. The criteria used by investors usually vary based on the specific investment strategy they are using, whether it’s long-term investing or day trading.

 

Virtual Trading Apps

Being able to simulate the high-stress and fast-paced environment of investing is invaluable to any investor. Apps, like Stock Trainer, give people the ability to test out their strategies and immerse themselves in trading without the real-world risks of losing money. These trading and training applications are mostly free of charge and easy to download and install, which means there’s virtually no risk in trying them out.

 

The digital innovations in the financial sector, namely in investing, are not without its flaws. These technologies may serve as a double-edged sword, but knowing how to wield them can help the investor maximize returns on their investment while minimizing the potential financial losses. Furthermore, keep in mind that these are just five of the many innovations that are making an impact in the investment landscape. Technologies, such as automated investing and cryptocurrencies, are also worth taking a closer look into.

 

Comments »

How to Get Financing for Your Small Business

If you are running a business, you need to have a capital plan for the future. There are a lot of people today who are excited about all of the changes that are taking place in this area of the business world today. More financing options are available for small business owners, but this does not mean that you should borrow as much money as possible.

Debt in your business increases the overall risk that you have. There are many companies over the years that have gone under because they had too much debt. This means that you have to be careful with how much money you borrow. Now is the time to start planning out the future of your business with the right financing plan.

 

Finding a Loan

With all of the loan options in the market today, it can be overwhelming to try and find the right financing for your business. Many people today are excited about the changes that are taking place in the market where more loan options are available online. However, business owners need to do conduct thorough research before signing up for a loan.

One of the most important factors in signing up for a loan is the interest rate. Interest rates are really low right now, and it is a great time to borrow money. Whether you’re trying to buy a franchise for sale in Cleveland, Ohio or start your own lawn maintenance company in San Diego, California – now is a great time to borrow. If you are going to borrow money for your business, spending time to find the right loan is a major key to success. Borrowing money without a plan can lead to a financial disaster.

 

Capital Utilization

Another major key to making a good financial decision in this area is capital utilization. If you are going to borrow money for something in business, it needs to generate income and profits in the years ahead. There are a lot of people today who struggle to find the right type of capital allocation plans for their business. It can be hard to juggle both the needs of the present and your plans for the future.

As a general rule in business, the more you concentrate on the future, the more success you are going to have. Financing can be a major part of this planning process. However, it always makes sense to have a thorough plan before borrowing a bunch of money. A lot of business owners now regret their borrowing decisions because their business is saddled with high monthly payments.

 

Be Smart When Shopping

With the online lending options today, it is more important than ever to do your research before deciding on the loan you want to take on in business. One of the most important aspects of making a good decision to shop around. There are a lot of banks that want to do business with small companies.

Use this to your advantage when coming in to look at their loan options. Be prepared to show them what other loan offers you have, and try to leverage this information into a lower interest rate on your debt. A small decrease in the interest rate on a loan can mean a huge amount of savings over time.

Overall, running a small business is one of the most exciting things that anyone can do. Over time, financing is a critical element of success in your business. Some business owners are in financial trouble because they borrowed too much money and did not have a plan for the money. Now is the time to start investing for the future in this area.

 

Comments »

What to Expect from Homes Built in the ’80s

A large part of the 1980s was a period of prosperity and growth in the United States. Because of this, there was a need for a lot of new and larger homes. During this time period, many people moved into larger single-family homes in suburban communities. At this point, as many original buyers are approaching retirement and looking to downsize, many homes that were built in the 1980s are again listed for sale. If you are looking to buy a home that was built in the 1980s, there are several things that you should expect and look out for.

 

Aging Roof and Systems

One factor to consider when you are looking to buy a home built in the 1980s is that the roof and other systems could be reaching the end of their useful life. Most roofs and electrical systems are designed to last 25 to 35 years, depending on their type and the location of the home. If these systems have not yet been replaced since the home was originally built, it is likely soon going to be the time to have these replaced. This could be an added expense that needs to be accounted for. Your home inspection should be able to identify if these repairs are needed.

 

Common Construction Styles

Depending on the type of home that you are buying, and the location, you will likely find that a lot of the homes look very similar. There were about a dozen major homebuilders in the 1980s that were large developers in markets all over the country. These developers frequently build subdivisions with hundreds of homes. In these subdivisions, it is likely to find dozens of homes that have the same floor plan and style as the home that you are buying. This can actually be a benefit when you are buying a home as you will likely have very similar comps to review when making an offer.

 

More Functional Space in the Home

One of the biggest trends of the 1980s was that this was the first time when home builders started focusing on building homes with larger rooms. Homes built in the 1980s tended to be more than 20% larger than homes that were built in prior decades, and the extra square footage was usually incorporated to make each room in the home a little bit larger. During this era of home building, many builders also started making larger full basements. While most homes at this time were not built with renovated basements, it was a very common trends in the 1990s and 2000s for homeowners to spend money to build out their basement. In many homes, this has created a whole new room for people to use.

 

Blander Outdoor Space

Another thing you should expect if you are buying a home that was built in the 1980s is a fairly bland outdoor living space. During the 1980s, many exterior home designs expected to have a serviceable outdoor living space, which may not have had much style. While this is not unappealing, those that would like their outdoor living space to leave an impression may need to spend some time and money renovating the existing outdoor space. Just by hiring a lawn care service company and researching some outdoor living projects like pools and pergolas, you can upgrade your space considerably. Custom pool pricing can vary by market, but is a worthwhile project to research to spice up your outdoor living.

 

In conclusion, the 1980s were a very prosperous time in the United States. During this period, millions of people moved into new construction homes, many of which were built in suburban communities on the outskirts of larger cities. When you are looking to buy a home build in the 1980s, there are several things that you should expect.

 

Comments »

5 Important Business Trends set to Hit in 2018

The world is changing faster than ever and business owners have to work hard to keep up. New technology and social trends have led to massive shifts in the way that money exchanges hands around the world. Your company’s success will depend on your ability to weather the changes.

There’s no reason to be overwhelmed by the new trends. It only takes one or two hours per week to read up on what’s happening in the world of business. Here’s a guide to what is coming next in 2018.

 

(1) Social Media Becomes Even More Important

The rise of Facebook and YouTube as the content titans of the internet has had major implications for the business world. Digital marketing is now synonymous with content creation and distribution. Tons of people turn to social media for their daily entertainment.

You can expect this trend to continue with 2018 as the media world shifts towards a social-first distribution environment. It’s hard to imagine a world where Facebook Video gets more views than network TV, but the trend is moving in that direction. Just like TV replaced the radio, the internet is replacing TV.

 

(2) Blockchain Becomes Usable for Business

There has been an increasing amount of hype around “blockchains” in 2017. Bitcoin has become a valuable digital token and other projects like Ethereum and Steem are reaching sufficient maturity to appeal to big brands.

While you may not understand how blockchain works, you can figure out that it’s worth paying attention to. Keep an eye out for rumblings in your own industry about how the blockchain is going to change your world. New applications built off of this technology may lower costs and add new options for your business in 2018.

 

(3) Influencers Increase in Value

An influencer is anybody who can get a message out to a large audience. These kinds of people take all shapes and forms in the new media environment. Some of them are famous for capturing digital marketing trends, others are the superstars of TV and radio.

Wherever you can access influencers, do it. These are the new gatekeepers that can connect you to a lot of people. 2018 is likely to be the biggest year yet for independent influencers who can make or break your brand. Do everything that you can to get in their good graces and elicit their support.

 

(4) Competition Reaches a New Peak

There are a lot of startups being founded around the world. Each year of the 2010’s has been more and more crowded when it comes to getting funding and reaching customers. With so many new startups out there, 2018 may be the peak of competition for businesses around the world.

There are reasons to suspect that a minor recession is on the way. This economic event will force businesses to survive based on their real financial status. This will filter out the less sustainable businesses from the market.

 

(5) Employees Become Harder to Retain

The freelance economy is reaching a fever pitch. It’s never been easier for skilled workers to float from job to job and retain independence. The ones who do agree to sign long-term contracts will often expect significant perks like remote work arrangements.

When somebody has the power to retain their own freedom, why wouldn’t they? Be ready to make enticing job offers if you want to attract the greatest talent to your company for the long term.

 

Keep Up With The Trends

There is no way to make everything stay the same. All you can do is get better at handling the changes as they come. The world keeps moving, but the skill of adapting to change can grow within you over time. Prepare for these five trends and you can crush it in 2018.

 

Comments »

How Blockchain Can Transform the Economy

The blockchain is enabling people all over the world exchange funds with complete trust. It is a good thing and a welcome move wherein a global economy with over two billion people who can’t access a bank account. The World Bank and other government agencies discussed how governments can help their citizens adapt to relentless technological and social change. This move was encouraged during the World Government Summit February this year in Dubai. For the first time, blockchain has offered a new digital medium where anyone can access anything that holds value. Blockchain enables you to access stocks, money, bonds, deeds, title and digital property. The platform has also made it possible to move votes and even identify and manage it privately and securely.

Blockchain’s Rise in Popularity

Blockchain was launched in 2011 and has grown exponentially to become one of the most trusted companies that offer bitcoin services. Blockchain has developed to become the most popular platform through which people can exchange digital money in the world otherwise known as Bitcoin wallet. Blockchain has also provided applets used to build new Bitcoin software by other developers. People can also exchange digital money without knowing each other using Blockchain. The need for intermediaries such as PayPal and banks are also eliminated.

How Blockchain Works

Unlike other platforms where trust is established using a third party, blockchain ensures confidence through a mass consensus and a clever code using a network. This method of establishing trust has huge implications for businesses, intermediaries and the entire society. Blockchain has had an impact on trade, financial services, technology companies, and intermediaries. All these institutions have had an impact on our personal lives from how we interact on social media platforms, hail a cab from online cab services or even search for information on Google.

As of today, Blockchain has given away most of its products including a three million digital wallets. Blockchain gets revenue from ads on its site. The company completed a Series A funding round worth over $300 million. The funding round included investors such as Lightspeed Venture Partners from Silicon Valley and the London-based Mosaic Ventures billionaire, Richard Branson. Multiple applications depend on blockchain technology from transportation, employment, and banking.

The Internet of Things

There is a link between the Internet of things (IoT) and blockchain. One of the unique developments is that it has transformed what was previously known as qualitative phenomena into quantitative measurements. A Blockchain powered IoT can verify and track device history while at the same time give the device some degree of autonomy. This feature ensures that the devices can make numerous different transactions independently. Similar to the capabilities of big data, as explained in resources such as an Apache Kafka Tutorial, Blockchain’s transformative potential will only increase when we learn to interpret quantitative objects and their subjectivity.

Audit and Accounting

In the world of accounting, audit firms rely on costly audits to make a profit. Accounting is dependent on double-entry where you either record a debit or credit for any transactions. Blockchain brings the possibility of a third entry which is time stamped in a distributed ledger. The ledger may be acceptable to any of the stakeholders involved. These stakeholders include shareholders and regulators. This incentive will give a complete truth and a perfect record that improves the general health of the company.

Government and Policy

Blockchain can also positively transform government and democracy. Governments can use the blockchain platform to enable self-organization in civil society organizations, agencies, companies, and individual citizens. Moreover, politicians could be elected into office with a smart contract that outlines what they will do during their tenure. Blockchain, through this smart contract, could ensure that the officials are not paid unless they fulfill certain obligations to the electorate and not the lobbies who funded their campaigns. Citizens can confirm that their vote was cast in the blockchain powered voting system in a completely private way. This will eliminate the traditional server technology that voters have little faith in.

Whether or not blockchain will redeem its promises and live up to expectations is a question that only time can answer. However, incentives by individuals, institutions, and governments to move from the traditionally based systems onto blockchain based will be a step forward.

 

Comments »

Conveying the Basics of Content Marketing Simply to Your Employees

The first thing that employees just getting familiar with sales and marketing should grasp is the difference between traditional (outbound) marketing and the newer forms of inbound marketing. Traditional marketing took place over mediums like television and radio; this kind of marketing usually involved buying a time slot. Once the advertisement went out in that time slot, your job as a marketer was essentially complete.

 

Content Marketing is the Engine for Inbound Marketing

 

Newer forms of marketing are called inbound marketing. This kind of marketing relies on content marketing to get your message across on search engines, social media, your blog, and email newsletters. Inbound marketing is also cost efficient for two reasons – you’re letting the customers come to you by creating engaging content and, secondly, you leave the content up for everyone to see. This is in stark contrast to outbound marketing.

 

The basic idea behind content marketing is that you’re going to be creating content that, in turn, stirs up attention and generates leads for your company. Expanding the number of leads that are drawn to your company, and who might hopefully make a purchase some day, greatly expands your customer base. Content marketing is also geared around the idea that, by generating content that hits customers at the right stage of the buyer’s journey, you can also increase your company’s online sales and brand awareness among general consumers.

 

A lot of people are also attracted to content marketing because it’s an incredibly diverse field. You can create videos, blog posts, whitepapers, e-books, advertisements, and social media posts and deliver that content across a variety of mediums to garner more customers. The only real limitation is your imagination. That said, content marketing is inherently measurable in real time against your marketing team’s key performance indicators: another advantage over outbound marketing.

 

Content Marketing is Measurable in Real Time

 

The beauty of content marketing is that it allows you to A/B test all kinds of ideas (e.g., different websites or different mediums for content delivery) to see which ones are actually increasing your leads and conversions. The key thing to remember if you’re trying to explain content marketing to your staff is that the goals that you set need to be measurable and specific.

 

What do those two words mean? A goal that’s measurable would look like this: This piece of marketing should increase my web traffic by 10% in the first six months and social media subscribers by 25% in the next year. The more specific that you can be with your goals, the easier those goals are to measure. And the easier that a goal is to measure, the easier time you’ll have improving on what’s working well and changing what isn’t working to improve your visitors, subscribers, and leads.

 

In the same way that portfolio management software centralizes your management processes and makes them easier to understand, customer relationship management software can also be an invaluable tool for managers. CRM software allows you to track how well all of your marketing is going and tailor specific messages to customers.

 

Your goals should be centered around the idea that content marketing can improve your sales and generate more leads. More than that, content marketing can help foster brand awareness and solidify more customer loyalty among customers who have already decided to purchase from your company over the competition. Remember: Make your goals measurable, and the more specific, the better.

 

Promote Your Content Everywhere

 

Creating the content is only half of the marketing battle. You’re really after more views. To get there, make sure that your website is search engine optimized and that you’re building and disseminating the kind of content on social media that garners attention and gets passed around. The goal is having content that gets commented on and boosts your brand awareness.

 

Comments »

The Best Home Luxury Upgrades for Your Money

Owning a home is a dream come true for so many people. It means you’ve done well enough in your adult life to afford such a great investment, and it means you have the capital you need to invest in your future. What happens, though, when you decide you’re ready to make some improvements at home? You’re making a little more money, you want to add some luxury upgrades to your home, but you don’t want to spend too much or over-improve your home. It’s a wise consideration, but these are some of the best luxuries you can invest in that only make your home more valuable.

 

Outdoor Living Spaces

People love outdoor living spaces. It’s an extension of the home, and it has the potential to add serious value to any home. Your home is no exception. With affordable inground pool prices more reasonable than ever, it only makes sense to consider adding a luxury backyard to your home for investment purposes. You can add a pool and spa, an outdoor kitchen, and even an area in which you can sit around a fire pit and enjoy cooler nights. These are great features, and they are big selling points for many buyers.

 

Upgraded Kitchens

No one wants a boring kitchen. It’s the place where you spend the most time, and it needs to be a place you love to spend time with your family. Today, the best thing you can do is upgrade your kitchen and make it a luxe space. Marble, granite, and quartz are all upgraded countertop features, a glass tile backsplash, and upgraded appliances are always worthwhile upgrades and investments. A large island with ample seating is a selling feature, and large farmhouse sinks are great investments. If you really want to invest in something that will make you money if you sell, a double wall oven is perfect.

 

Smart Home Features

Everyone loves a smart home these days, and it’s worthwhile to invest in items that make your home smarter and more efficient. Start with a smart thermostat, and then go for smart outlets. When you have a smart outlet, you can customize it with your Google Home or your Echo to control things with your voice or even with your phone. Imagine being able to turn on the coffee pot with the touch of a button or the sound of your voice before you even get out of bed. That’s the kind of home upgrade people are looking for.

 

A Gate

If your yard is not fenced in, perhaps it should be. To add a little luxe to this, add a gate to your driveway. This is the best way to make your home feel a little more luxurious as soon as you drive up. The gate also does a great job of keeping unwanted visitors off your property, and it certainly helps minimize the number of solicitors that show up at the front door to sell you their product, convert you, or share their beliefs. A gate is a great way to keep the kids safe, to help your family more comfortably own a dog. It’s not too expensive to add a gate, either, and it’s something that might just make selling your home much easier if you ever decide to move.

 

Adding luxurious upgrades at home is something you should consider, but you should always do your homework. Not all upgrades are good ones because they don’t always add value to your home. Find out what makes a great investment in your neighborhood, and be careful not to over-improve your home for the area. It makes your investment more expensive, and it might be the deal-breaker you don’t want when it comes to selling your home. Even if you don’t sell, these are upgrades you can feel confident are worth the money you spent.

Comments »

How First Aid Training Can Boost Workplace Morale

It is the employer’s legal responsibility to provide for the health and safety needs of their employees. The employer should make sure that, if an accident happens or someone has gotten sick, the employee receives immediate care. If a nearby clinic is not equipped to care for significant injuries, the employer should see to it that the employee gets transported to the nearest hospital.

However, in cases wherein there are no nearby hospitals, clinics or infirmary, Occupational Health and Safety Administration (OHSA) states that someone in the industry should know about first aid training. Employing someone who is equipped with first aid training is a definite plus in the workplace since accidents and illness aren’t running on a schedule. Accidents happen anytime and especially when you least expect them.

First Aid
As much as possible, first aid training is required for all workers. A risk assessment should be conducted to find out the company’s first aid needs. If the workplace is low-risk, the first aid kit should have the necessary tools for the usual cuts and abrasions. If it’s a high-risk workplace, then the first aid kit should include tools for initial treatments of the injury.

Employee Training
One way for an employer to prepare for future accident or illness situation is for them to conduct first aid trainings to their employees. For financial reasons, some employers select employees in each department to attend the training session. It would be better, however, if most of the employees receive training to reduce the severity of an accident.

For example, cardiac arrest happens to people of all ages, anywhere, and at any time. If you look at the 2017 reports done by the American Heart Association, 37.4% of cardiac arrest victims survived due to the help of bystanders who performed immediate first aid before help arrived. If ever this happens in the workplace, employees who have undergone first aid training will have to be the first responder. Usually, Advanced Cardiac Life Support (ACLS) training is being given together with the first aid training. However, if this is not the case, there is ACLS online training provided for people who are too busy to attend a scheduled on-site class.

Providing first aid training to employees can also be advantageous for the company since this will be tailored based on the nature of the business. If the industry is in food retail, then the training would be different for a BPO company.

Customize to Your Workplace
To ensure that you have provided adequate training and facilities to your employees, employers should consider the hazards of the workplace and the size of the organization. Ensuring the safety of your employees can produce high morale in the workplace. This often leads to a positive attitude towards work which in turn will lead to the efficiency and effectivity of the employee. This will also reduce accidents since employees who have a positive attitude towards their job often exercise self-discipline and follow safety procedures.

Immediate Benefits
Employers will also give their employees the confidence to do what needs to be done in the event of an accident. Usually, people who lack the training tends to panic. However, with training, the employee will be able to act accordingly. They will be more aware of the problem surrounding the incident and will be able to ask the appropriate question in relation to the accident. This will help reduce further damage because they will be able to effectively manage the situation without getting overwhelmed.

The immediate response of the trained employee will also help in the recovery time of the victim which will lessen the impact of having an employee being absent from work. This can also help your employees outside of work since they can use it on themselves and on a variety of people who may need their assistance.

Providing first aid training and refresher trainings will give your employees time to bond with each other since this will also serve as a team-building exercise for them. Ensuring the safety of the employees will help create a healthy working environment which will result in high productivity for the company.

Comments »

IT Hiring and Financial Trends That Are Going Out Of Style

Although it underpins your business, IT can be one of the most unforgiving work environments for your workers to be in because there is so much uncertainty regarding the future of any one given skill set.

 

At the same time, because the bulk of IT workers are committed to constantly updating their skill sets, most companies are able to field fairly formidable staffs from a technical standpoint. The key for most managers that are considering hiring more IT workers is to understand the basket of skills that you will need to pick up to have the strongest hand after your new hire starts reporting to work.

 

With regard to divining which skills will be necessary, here are some IT hiring trends that are going out of style:

 

Local Implementation Specialists:

Over the past 5 years, the cloud environment on top of the conversion from desktop PCs to Flat Panel computing devices has created a world where the only specialists that you need are working on enhancing servers and application services as they appear online in the cloud. There is no longer a need for desktop specialists to work one on one with computer users locally in order to install things correctly.

 

At the same time, a lot of people that apply for work with your IT department will tout that type of skill or background because it was how IT was run in the past. One suggestion if you like their other skills and you are interviewing them is to ask them to tell you how their now non-applicable skills can be applied to the environment that you currently have. You might find that they have some pretty creative answers that can give you a better picture of how they will turn out as an employee.

 

Network Monitors:

Most networks that are onsite in a business these days are focused on providing Internet access to the end user no matter where they are in the building. If your organization is used to working with people that have monitored using TAP networking or other types of LAN-specific metrics, you will likely find that the skills sets of the specialists that worked at large companies will no longer be of use to you in some respects. On the other hand, if they have Bluetooth and Cloud monitoring experience, they can definitely help trim your networks in terms of the geographic layout and ensure that every corner of your business receives the best performance consistently.

 

There is an interesting mix of hardware and software skill set that goes into a good network monitoring person. In addition to Bluetooth and Cloud monitoring, if you look at RFID and actual protocol experience with mobile technologies, you will be helping yourself prosper for the next couple of years.

 

Tech Support Specialists:

Unless you are working with an application that is very private in terms of its functionality, there is no longer a real need to hire technical support specialists that cover your applications. The job type might make them responsible for some very important people in your organization, but most firms have either centralized their support teams somewhere globally or taken them offsite to a trusted vendor.

 

Companies like Intel are famous for perfecting a process and then outsourcing it so their own workers can actually be adding value. Since technical support processes were fairly perfect in many respects a decade ago at most firms, it is pretty hard for many upper managers to justify keeping technical support specialists onsite.

 

IT Hiring is subject to change every quarter from a technical standpoint just like ACLS online renewal certificates change frequently- and that is the challenge that attracts many people that want to get involved. If you stay on top of the positions and skills that are likely on their way out, you can more effectively filter your next list of candidates.

Comments »

Family Lessons For Frugal Living

 

Frugal living is not an innate virtue we are born with; instead, it is a skill that must be handed down from parents to children. A report from money.cnn.com states that the average family income in America is just over $56K. While that may be a king’s ransom in some foreign countries, it calls for tight budgets in ours.

 

One of the best gifts that you can teach your children is how to be good with money. Being frugal doesn’t mean people are cheapskates. It simply means that they are wise savers and buy the best quality items within their budget. Here are some excellent tips for teaching your children about frugal living:

 

Money Has Value

As a child, many of us did not understand inflation and the shortage of money. We assumed that the government should just print some more! Some children (and sadly, some adults) think that as long as there are checks in the checkbook, you can just write out what you want.

 

Have age-appropriate discussions with your children about basic finances. If you give them a small allowance each week for chores, they will learn how money is earned for the things they want. Show them the value of saving money for bigger ticket items. When they get older, they will see how important it is to live on a budget.

 

Dutch Treat Items

As your children get older, they will probably get a part-time job. Teach them financial responsibility for the things they want by matching funds. For example, when your teens want a car, tell them that whatever money they earn toward it, you will match. Instead of handing over a free car, your children will be more grateful for an item they worked to purchase.

 

Teach The Difference Between Need and Want

We have those silly advertisements on television to thank for our kids wanting the latest toys and gadgets. The American Psychological Association states that over $12 billion a year is spent on advertising geared toward children.

 

As parents, it is our job to teach kids the difference between the things they “need”, and things they only “want”. If something is not necessary for daily living, it is a want. Tell your kids that it is okay sometimes to have some wants; however, they need to save to get them.

 

Show Them How To Bargain

Even little ones can help you clip coupons. Show your kids how your review store circulars, and check out sales. They will learn how to be patient and buy things when they go on sale. When planning a family vacation, show them how to hunt for bargains. There are plenty of sites where you can find discounts on Disneyworld tickets and hotels. The family that saves together has fun together!

 

Teach Children How to Upcycle

Let your children’s imagination reach to the stars when you teach them how to make things from everyday materials. Back in the old days, many kids made their own toys from things they found around the house and outside. Instead of just throwing things away, try to find other uses for it. Not only will your kids have fun, but you will be saving stuff from ending up in a landfill, says howstuffworks.com.

 

Second-Hand Treasures

Some of the prices on items in department stores are shocking. You can often find the same quality items gently-used in a thrift store. Introduce your kids to the wonderful world of second-hand shopping. You can find everything from name brand clothes, toys, and household items in a thrift store at a fraction of the cost. Keep your eyes open for garage sales around your neighborhood. Your children can find all kinds of good things cheap.

 

Your children will follow in your footsteps. If you teach them financial responsibility at a young age, they will flourish as an adult. Frugal living is a vital skill that all families need to learn and follow. It can mean the difference between being debt-free or wallowing in bills. You want the best for your children, so it is up to you to train them well.

Comments »