Investment Tips & Tricks That Your Family Should Consider

Continue reading to discover the importance of having a serious conversation about finances before marriage and some investment tips your family should consider.


0
1 share

Money is an element that is necessary for life but is also known to create confusion, arguments, and even divorce. However, many couples do not have a financial plan before marriage. Once children come into play, it becomes even harder to budget, balance, much less have some leftovers for enjoyment. Continue reading to discover the importance of having a serious conversation about finances before marriage and some investment tips and tricks that your family should consider.

Growing up in a family with unlimited access to money may leave an individual susceptible to not understanding someone who plans and budgets how to spend their money. That is why discussions about spending as a couple are essential before saying “I do.” Some of the things to discuss should be:

  • Making decisions on big purchases.
  • Joint and individual accounts.
  • Bill paying schedules.
  • Five-year investment plans and goals.
  • How savings account will be used.

The items listed above are only a few of the topics couples should discuss to ensure that they are on the same page and have the same attitude towards money. Each person must be honest about their wants and needs so that finances don’t become an issue in your marriage. Some investments tips that the whole family can benefit from are:

  1. 1 Teach Your Kids About Money Young


    Ensuring that your children understand money is about more than making sure they get the right amount of change when shopping. It also teaches the difference between needs and wants and ways to hold off on purchasing their wants for special occasions. Kids also benefit from this if you make learning about money fun. Play games using actual circumstances but with fake money. Also, start a bank at home so that your children are inspired by watching it get complete.

  2. 2 Understand the Perks and Benefits of Investing


    As with everything else you do, understanding the perks and benefits of investing is vital to your growth and success. Some of those benefits are:

    • There is an excellent potential for long-term return.
    • You can change how you invest to meet your family's needs.
    • Your investments could provide additional income.
    • Your investments can outperform inflation.
  3. 3 Do Not Wait For A Certain Time to Begin Investing


    Human nature causes us to wait for the ideal time to do everything. We tell ourselves that we have to be a certain age to start a business, have a certain amount of money to start looking for a new home, Must have perfect skin to post a photo online. Sadly, all that waiting can cause life to pass us unfulfilled. The same goes for investing. Do not wait until you have saved $100 thousand or even 50 thousand dollars. You can begin investing with as little as 50 dollars and work from there. There will always be things that come up if you choose to wait to invest.

  4. 4 Don't Ignore Property When Investing


    Deciding as a family what to invest in can get challenging when everybody has different ideas about what is hot or will earn interest. However, one thing that is always a given and necessary is property. Investing in property can start with looking for 1031 exchange listings and understanding how property allows for more diversification of your portfolio and can potentially give you monthly cash distributions.

  5. 5 Plan To Save 20% and Invest Some of That


    Making a plan with your spouse or partner to save at least 20% of your monthly income will provide you with a good cushion at the end of a year. Interjecting that 20% into your monthly expenses the same way you would other payments like your mortgage or utilities payments are an easy way to set the 20% aside.

  6. 6 Take Some Risks


    Although no one knows what the future will bring, time is a gift that others may not have for younger investors. That means that if they take losses on their investment, they have time to play catch up. Therefore, younger people have a little more leeway to take risks when investing. However, risks should be discussed as a couple and the decisions should be made together.

Conclusion

As you have read above, investing does not need to be stiff, boring, or information that you keep away from your children. Involving the entire family can make investing and saving fun.

Advertisements

Like it? Share with your friends!

0
1 share

What's Your Reaction?

Love It Love It
0
Love It
Hate It Hate It
0
Hate It
Wow Wow
0
Wow
Sad Sad
0
Sad
agree agree
0
agree
disagree disagree
0
disagree
confused confused
0
confused
lol lol
0
lol
omg omg
0
omg

0 Comments

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Choose A Format
Story
Formatted Text with Embeds and Visuals
Audio
Soundcloud or Mixcloud Embeds
Video
Youtube and Vimeo Embeds
Poll
Voting to make decisions or determine opinions
List
The Classic Internet Listicles
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Image
Photo or GIF
Meme
Upload your own images to make custom memes