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Allowances: Do’s and Don’ts

So many of the parents I speak with are looking for ways to educate their children about finances. My favorite way to get the family talking about money is to create chores tied to allowances. Giving your child an allowance allows you to determine the flow of cash in your household. It is a very powerful tool – so I encourage you to use it, but use it wisely.
Tip: If chores are done well, then give the allowance, even if your child misbehaved in another way. Deal with the behavior issue with a separate response or punishment.

For more on chores check out this video

http://maryandmoney.com/videos/kids-and-money-structuring-chores/

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Feeling Desperate? Stop and Read This

Recently I received an email from a woman who feels boxed into a corner in life. She cannot get work and has no idea how she will pay for tomorrow. I wished Mandy’s email was unique but I’m afraid I hear the same story from people all over the country every day. This is what she wrote.

I have two areas. The first one is in my retirement area the second in daily spending & savings plan.

To help you better help me. I was married for 26 years, now divorced. My husband did all the retirement planning etc. So now I have, 1/2 of what he planned. If I don’t speak spanish and he did-frankly I am unsure of what I do have. So after my divorce in 2004, I actually received the 401k etc. in 2007 since then I have Charles Swabb handling some of it, and I have a 401k from a company he used to work for, I have one with a company I know longer work for. So what do I do with it, how can I understand it . Then how do I understand what I do have so I have a baseline to know what I need to achieve for the future.

I am out of work and applying for jobs. I moved from out of state into my parents house, in a very rural community. My mother just passed away and father is in a nursing home. So I have no expenses except for the telephone/internet, car expenses, personal care, food. If I need to leave here to gain employment, I won’t have any savings to help me live and pay rent. The jobs would be at least 60 miles to 120 mile away one way. So starting with nothing how do I get something built up, and where to put it as I
build. I will be receiving real-estate, and money from my parents estate. I would like to know how to handle a good chunk of money in a short period of time, to be put to use towards my best interest. So I feel I need to work on both of these areas.

Thank you for your time and efforts. I am truly grateful.


Sandra,
The number one thing you need to do is figure out what you have and what you have access to. How close are you to being able to receive social security?

Once you have figured out what financial assets you have- figure out your talent assets.
What can you do? How can those skills be put to use to make money. There are so many home based ways to make money today that I suggest you look into that as an option as soon as possible.
You may also qualify for food assistance from both the government and your community food bank.
Finally – see what you can do now for the house and other assets your parents plan to leave you- to make the estate transfer go smoothly. If you do not have internet at your house – get to a library once a week to tackle these questions. I want to see you in charge of your next chapter. That will require some leg work but ultimately it will be rewarding.
I will leave you with this quote that motivates me when I think the challenge ahead is tough.
“We must all suffer one of two things: the pain of discipline or the pain of regret or disappointment.” -Jim Rohn


Work hard to get the answers to these questions and appoint yourself the CEO of your life. The best is yet to come.
Mary
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Passport to Prosperity

What is it you want? When it comes to money the easy answer is win the lottery- get a windfall of cash. But when we really hold ourself accountable and ask what is it I really want financially… The answer is usually something a little simpler and in our power to achieve.

So where do you start… How about the end?
Starting with your destination has its advantages. There are no limits- you decide. Plus it’s easier to craft a roadmap when you
Know where you want to go. So take a minute and come up win your goals. Write them down and tuck them away.

Now that you know where you want to go, rewind. Take stock on where you are now. Knowing where are you now and where do you want to go gives you two points on your map. You know the start and the finish. It is time to connect the dots in between.

This is where the real reward comes in. Developing a plan to get to your destination. I know, I know it is also the hard part.
I have written this before,but it is worth restating, your plan should start with small, achievable steps. Set yourself up to succeed. That is what Sonja did.

Sonja’s credit score was a disaster. She hated paying bills because it reminded her of how little she had. She made things worse because she paid those bills late, skipped others and before you know it- yikes! Her credit score was so bad she feared it would hurt her ability to get a better job.

Sonja took my advice and started small. Read the rest of this entry »

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