Quick Tips | Week of November 14th | Child money education
Welcome to this weeks quick tips of the week. Use these ideas to improve your financial situation. Reach out to me to dig deeper into these topics.
Child Money Education
Consider getting your kids a debit card to hold their chore or good behavior money. Pay them once a month as if it were an earned paycheck. This will teach them to budget their money to buy the things they want. Take it another step further and give them small loans with simple interest so they learn the danger of borrowing. The better the parent handles this exercise the better the relationship your kids will have with money as they grow up.
Divorcee
IF works with divorcees and found they are in great need of budgeting help. The emotional toll that a divorce takes on a person is devastating and money typically goes on the back-burner. We try to encourage taking your money as a new hobby and learn how to form a better relationship with your financial wellbeing. Don’t try to figure this out on your own though. It’s a mighty undertaking so don’t overwhelm yourself.
Millennials and Wealth
Millennials are set to inherit a large amount of wealth from the baby boomer generation. Estimates are between $30 and 84 trillion. Our generation will go from having only 5% of the wealth in this country to over half of the wealth. This wealth will be a big relief to person debt and short-term goals for millennials but could prove to be a big long-term issue if managed responsibly. The need for a financial planner has never been greater. I am in the process of creating a guide for millennials and what they can do to prepare.
Fiduciary Mission
At Integritas Financial, we are committed to providing fee-only, fiduciary financial planning services that are tailored to the unique needs of young professionals, particularly millennials. Our experienced planners work with you to develop customized financial plans that address key areas such as estate planning, trusts and wills, retirement, workplace benefits, education funding, student debt, and buying a house.
We believe in transparent, client-focused service that puts your financial goals at the center of everything we do. As a fiduciary firm, we are dedicated to acting in your best interests, and we never sell products that charge commissions to clients.
Our goal is to help you achieve a stable and prosperous financial future by providing comprehensive financial planning services that are tailored to your individual needs. Whether you're just starting out in your career or you're already well-established, we can help you navigate the complexities of financial planning and create a roadmap for success.