When it comes to saving money, most of us didn’t get any help growing up because our parents shielded us from financial stress. They didn’t want us to have to do adult things; they simply wanted us to “be kids.”
It’s also wrong.
By including your kids in your family budget and showing them that it is important it is to YOU that your family saves regularly, you will give them financial strength that could do more for them over their lifetime than a college education.
Because they will save regularly and they will learn to invest regularly. That will help them lift THEIR family up by the roots and help them build wealth.
You’ve heard it all your life: Slow and steady wins the race.
Self-education is the key. You cannot allow yourself to be overwhelmed by the idea of saving for retirement because you are in charge of what happens in your life. Some people may think the government will bail you out, but that’s not the way to bet.
You are not a major corporation.
If you have a paycheck today, you should be saving 20% of your after tax income. We know very well that the world of marketing and business wants you to focus on your credit score. Credit is everything, right?
That’s not correct.
While you shouldn’t do anything to destroy your credit score, but your focus should be on the basic fact of life that is timeless: CASH IS KING.
Cash – not credit – is the key to family financial safety.
And you should begin with building your emergency savings fund. You don’t need high dollar financial “people” to tell you how to do this. You can do it by setting some specific goals for yourself and working to increase the percentage of your after tax income that you are able to save over time.
You can give yourself a head-start by reading our past blogs about what we call the “1% Savings Plan” and other tactics you can take with your bills and especially credit card companies. In addition to this, you can see more of this information and read HOW TO SURVIVE ANY FINANCIAL CRISIS at http://www.MiddleClassMoney.com.
We believe you should build an emergency savings fund that includes 15 to 18 months of your expenses in money market savings and certificates of deposit. It won’t happen it all at once, but if you save regularly….you will get there.
In addition to this, you and your family should brainstorm on how to earn additional income outside your day job specifically for investing in mutual funds for long-term wealth growth.
Breaking patterns of not saving are important.
Starting patterns where you FIND MONEY to save because it is a priority is important.
Investing (or as we like to say “building an Asset Train”) is important.
Don’t concentrate on how much money you are saving; concentrate on how much of your after tax income – by percentage – you are saving.
And remember this: You can do this. Many people just like you have built wealth over time, and you can do it, too.
If you do this with your kids, they will be wealthier than you!
HELPING YOUR KIDS GET AHEAD
If you think I was born saving money, you are wrong. My own family didn’t believe in saving. They don’t believe in having a 401k. They have had “emergencies” all their lives. These emergencies always get in the way of saving money regularly. I was not brought up to save and invest regularly and I have made every mistake you can think about when it comes to money. My parents thought they were shielding me from the realities of bills and worry. In fact, they were isolating me. I learned nothing until I had made many of the mistakes they made. I have had to learn the absolute hard way how to get savings on track and make it a part of your life without killing your lifestyle. I have had to learn the hard way how companies mislead with marketing. It is my mission to share what I have learned about regularly saving with my own children and also share it with you. That’s why we have a lot of “free” (blogs like http://www.boostmywealth.wordpress.com and http://www.stickyasset.com/blog and groups on Facebook like “Coupons & Coupon Codes”)!
In this country we don’t do enough to teach our children about money, managing money, saving regularly (and automatically), compound interest and steady investing for a long-term future. As a parent, we are always concerned that they get a good education and go to a good college so they can make a lot of money or have a valued career path. The truth is that we could do our children the biggest favor and one of the best things by sharing with them sound saving and investing principles.
You can join our free Facebook group (or have your children do it, too) by searching in the Facebook bar on your “wall” for “Live The Lifestyle Your Family Deserves.” Click on “become a fan.” It’s free and it ties our free blogs into that group.
If you want to give your children the same information we are giving ours, you can purchase the only thing we sell on any of our blogs or groups. It’s called “How To Survive Any Financial Crisis” and you can get it for only $4.95 at http://www.middleclassmoney.com.
Thank you for reading our blog and good luck!
Connect with us on Facebook with these free groups:
“Coupons & Coupon Codes”
“Live The Lifestyle Your Family Deserves”
“The Money Store”
All on Facebook – join. It’s free.