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Teaching Kids About Money

June 3, 2019 by Rick Couchman Leave a Comment

It’s never too early to teach kids about money.

Teach your child about money

My parents sheltered me, for the most part. I really wish they hadn’t. Growing up understanding even a little bit of common-sense money knowledge would have prepped me better than what I experienced on my own.

Kids Learn Quickly

Why not start your kid off with a piggy bank? The best ones are clear glass, so the child can see the money as it accumulates. A couple quarters one week, maybe a loonie the following week. Seeing is believing!

Kids learn with real experience. If they want that toy, teach them to physically remove the money from the piggy bank and hand that money to a cashier in store. Hands-on knowledge.

As They Grow

As they get a little older, practice what you preach. Show the child solid money management. Don’t argue with your spouse about money, at least not in front of the kid.

Kids are impulsive. Heck, most adults are, too. When you’re with the kid in a store, teach them to take 24 hours before they spend on a larger purchase, even if they have the money in hand. Sit them down, count the money out, talk about how important that toy is, and let them sleep on it for 24 hours. Don’t just do it with the kid – practice what you preach!

More Than Just Allowance

Most parents give some sort of allowance. I suggest parents stop the handout and make the kid do chores, even if it’s quick and simple. Let them learn how to budget based on the work they put into earning a few bucks! It can be simple tasks – they’ll get the picture.

Bank On Savings

As kids age, even to 10 yrs or so, help them set up a bank account and teach them to use it on a regular basis. They need to know their money is safe when in the bank, and that the money leads to even a small interest growth.

I Want, I Need

As the kid gets into early teenage years, they start to compare their life to others that they become friends with. They’ll want trips and vehicles, etc. Your job, as parent, is to show them that an old Ford truck gets them to school just as fast as your neighbour’s caddy. And rather than put extra cash into a fancy car, maybe the savings from an old car can get you a nicer summer vacation. The kids need to learn that you can be happy in your own financial space.

Moving On In Life

Teaching your child to save for further education will teach the kid valuable skills in planning for the future, and helps their own planning for college or university. Not only is savings essential for post-secondary education, but making money leading up to it, as well. Encourage them to find responsible part-time earnings in high school, as well as full-time work during the summer months. Make them a part of their own future.

Life With Credit

Help teach your kid to be wary of credit. Banks push credit cards at the age of 18. That kid, who struggles with finances while furthering education, will often be drawn into a world of credit too quickly, and too easily. Once trapped with high credit balances and high interest rates, it makes life tough. Scoring a business card is a double-edged sword.

Speaking of Credit – Student Loans

Try to steer that kid away from a life with student loans. Push for savings before they ever get to post-secondary education. Encourage them to hold part-time employment and apply for scholorships. Look into a line-of-credit instead of that higher interest loan. And if credit is needed, make sure you teach them about interest rates, minimum payments, and how it all affects the credit score.

You might also suggest they live at home as they start college or university. Weigh the pros and cons of living at home versus living in residence. It’s a great experience to be on your own – do the math to see what could work for you!

We all know someone who was saddled with student loans for many years after graduation.

And That’s a Wrap

Learning about money is a life-long endeavour. Stay with your child, each step of the way. Take the time now to encourage them to have smart money skills.

Filed Under: Students Tagged With: college, credit card, Kids, savings, university

Renting vs Owning a House in Canada

May 27, 2019 by Rick Couchman Leave a Comment

It’s kind of a rite of passage, is it not? When you buy your first home, it’s like you’ve all-of-a-sudden become an adult?

It’s a stupid analogy, really. There are many pros and cons to buying a roof over your head.

home ownership in canada

The biggest question has got to be this: Are you just throwing away your hard earned money when renting? Are you subsidizing your landlord’s kid in college?

Rent is better, right? There’s one price to pay each month – and maybe a bit of utilities – but overall it’s a nice neat round number to pay. With a home, you’re paying property taxes, maintenance, property and mortgage insurance, and then those stupid utilities. At the end of the month, who is better off? The renter or owner?

Here’s the deal. The money you pay for rent is gone once that cheque is cashed. You have no further gain to be had. Your net worth doesn’t improve. The landlord’s kid is now backpacking around Europe on your dime.

In paying your mortgage, you’re net worth climbs. But there’s downfalls to the ownership of a property. There is the cost of the house to consider. And the mortgage fees, CMHC payment (if less than a 20% down payment), land transfer fees, home inspection, lawyer fees, etc. I’m sure you get the point.

So Rick, you might ask, what is the outcome?

True home ownership really does have a ton of extra costs. I can tell you that when I was renting, I had more money left at the end of the month than I do today, with the mortgage. But I didn’t invest wisely when that roof over my head was cheapest. Stupid me.

A really good Canadian money blog that I love to read, Boomer & Echo, breaks down the math and puts it out for you to study. They can show that in many cases, renting is more cost friendly for the guy that is mortgage-free for 25 years, given that he invests that extra monthly.

Sadly, I haven’t proven with any benefit of the doubt, that one scenario is better than the other, despite you paying off the landlord’s new cottage. All I can offer is for you to have a good financial adviser who can guide you through both scenarios. Be wise with that money, starting right now.

Filed Under: Mortgages Tagged With: home ownership, mortgage, property taxes, rent

Hello world!

March 18, 2019 by Rick Couchman 1 Comment

Welcome to WordPress. This is your first post. Edit or delete it, then start writing! This is the time for all good men to come to the aid of the party.

I am going crazy trying to get this theme rolling properly.  We hope to be up and running shortly!

Filed Under: Banking

Touring Group Tears Down the House

July 12, 2013 by Rick Leave a Comment

You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

Filed Under: Alternative, Country, Hip Hop, Music, Rock & Roll

Get the Most from Your Gadget

July 12, 2013 by Rick Leave a Comment

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

Filed Under: Cameras, Gadgets, Technology

Game Goes into Extra Innings

July 12, 2013 by Rick Leave a Comment

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

Filed Under: Baseball, Basketball, Football, Sports

Gridlock in Washington

July 12, 2013 by Rick Leave a Comment

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

Filed Under: Campaigns, Issues, Politics

Stars Hit the Red Carpet

July 11, 2013 by Rick Leave a Comment

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

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This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what is on your mind.

Filed Under: Celebrities, Entertainment, Movies, Television

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