Good Financial Reads: Teach Kids About Money, Practical Debt Management, and More

Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

Catch up on some of the latest posts with this week's roundup:

We Have Nothing to Fear But Fear Itself When It Comes to Our Money Troubles

by Andrew McFadden, Panoramic Financial Advice

Stop thinking about what will become of you if you don’t start saving for retirement. Stop thinking about what will happen if you get “found out” that all of your things own you more than you own them. Stop worrying about all the senseless debt you’ve piled up over the years. Just stop.

However, stopping isn’t enough. It’s just the first step.

If you don’t want to slide right back into the same suffocating lifestyle, then you have to take action. You have to start learning what you need to do to live a financially sound life and then starting doing it. After you’ve stopped, you have to start.

Start reading personal finance blogs. Start listening to personal finance podcasts. Start reading personal finance books. The more you engulf yourself in smart financial habits, the more appealing they will sound and the easier it will become for you to start living that way.

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How to Teach Your Kids About Money

by Mary Beth Storjohann, Workable Wealth

Teaching your kids about personal finance can seem daunting, but children can understand the concepts of working for money, saving, and buying necessities from a young age. In fact, teaching your children about money as they grow up is a good way to put them on solid financial footing.

Whether your child is 7 or 17, it’s never too early — or too late — to provide financial education and lessons. Use these five ideas to help teach your kids what they need to know about money.

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Estate Planning for Young Families

by Katie Brewer, Your Richest Life Planning

In the excitement and exhaustion of caring for young children, estate planning is probably not be at the top of your priority list. But all families, especially those with young children, should have a basic estate plan in place. If something unfortunate were to happen, your family would be grateful that you took the time to put a plan together.

Here are nine things to keep in mind as you create an estate plan for your family.

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Practical Debt Management: How to Handle Repayment

by Aaron Hatch, Woven Capital

Debt can be a useful tool if you know how to leverage it. Student loans help pay for the MBA or law degree, so you can earn more for life. A mortgage helps you buy a stable home for your family. But often, it will leave you feeling overwhelmed and unable to reach your financial goals.

Too much debt can be a crushing burden. Balances pile up on high interest credit cards. A second mortgage means you’re underwater on your house. With too many payments, all your money goes out for debt and there’s not enough to live on. A debt management plan can help you learn how to use debt the right way.

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