Tag Archives | Kids and Money

Teens

Teach money management before kids go to college       

Give teens financial tools they need Too many teens get their first shot at managing money after they’re out of high school. By that time, they’re already hooked on fads, fashions and fast food. Some college-bound seniors apply for extravagant amounts of financial aid just to cover optional expenses, such as cars, clothes, concerts, electronic […]

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Teach Tots How to Manage Money

Preschool, elementary ages not too early Teach tots how to manage money There’s a meltdown in a toy store somewhere at least a dozen times a day. “I want the big box!” demands the frustrated four-year-old. “You don’t have enough money for that one,” beseeches his battle-worn    mother for the third time. She holds out […]

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Consider Prepaid Tuition Plans for College Savings

If you’re currently investing for your children’s college education or are planning to do so in the near future, you may want to consider a state-sponsored prepaid tuition plan. Generally speaking, these plans, which are now available in many states, allow you to pay tomorrow’s tuition bills at today’s tuition rates. In addition, they allow […]

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What Is a Custodial IRA?

A custodial IRA is an IRA managed by a parent or guardian for the benefit of a minor child, as long as that child works and has earned income. As with other types of IRAs, the maximum annual contribution for 2015 is $5,500 (indexed annually for inflation) and the underlying investments can be determined by […]

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The Rules of Responsible Financial Parenting

Today, many families are concerned about the potentially adverse effect of wealth on the financial values of their younger generations. The goals that many affluent parents and grandparents have set for their children or grandchildren reflect core values, an honest work ethic, and a desire to “give something back” to the greater community. The skills […]

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Section 529 Plans: Saving for College

Created in 1996, Section 529 plans offer a tax-advantaged vehicle for college savings. This article will explore the pros and cons of the plans and contrast them with other available savings options. Synopsis: Section 529 plans are state-sponsored college savings plans that allow flexibility in choosing a school and the opportunity for late starters to […]

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