{"id":2070,"date":"2018-08-10T03:00:12","date_gmt":"2018-08-10T08:00:12","guid":{"rendered":"http:\/\/kerryaclark.com\/blog\/?p=2070"},"modified":"2018-08-09T18:21:05","modified_gmt":"2018-08-09T23:21:05","slug":"finances-for-my-children","status":"publish","type":"post","link":"https:\/\/www.kerryaclark.com\/blog\/finances-for-my-children\/","title":{"rendered":"What\u2019s In My Finances for My Children?"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">The Art of An Investment Plan &#8211; Part 6<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">What will your child learn from how you handle your money? \u00a0\u00a0<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">STOP! \u00a0You need to give this some serious thought. \u00a0Regardless of what you may think, your children will imitate your money habits and principles. \u00a0So, I will ask again what are you teaching your children about money? This question and how I answered it is one of the major reasons Pamela and I created a <\/span><a href=\"http:\/\/kerryaclark.com\/blog\/product\/the-family-plan\/\"><span style=\"font-weight: 400;\">Family Plan<\/span><\/a><span style=\"font-weight: 400;\">. \u00a0We wanted to learn how to improve our finances so that Tamia, our daughter, could avoid the money traps that once trapped us. \u00a0<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Constantly improving.<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">It\u2019s easy to see that we\u2019ve picked up some very bad money habits. \u00a0For anyone who runs out of money before the month-ends (next paycheck), you\u2019ve learned some bad money habits from somewhere. \u00a0Let me name one good habit I picked up from my dad. My dad can save for anything. He has a discipline unlike anyone else when it comes to saving money. \u00a0On the flip side, he also gave me a bad habit of not spending money&#8230; even when I should. My dad had\/has no clue that he gave me either of those habits which isn\u2019t ideal. The point is this, we need to pay attention to what habits we pass down because it\u2019s these habits we are handing to our children. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In our <\/span><a href=\"http:\/\/kerryaclark.com\/blog\/product\/the-family-plan\/\"><span style=\"font-weight: 400;\">Family Plan<\/span><\/a><span style=\"font-weight: 400;\">, Pamela and I review our \u201cmoney handling\u201d habits each year so that we can find ways to improve upon how we did the previous year so that the next year we do it even better.<\/span><span style=\"font-weight: 400;\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-2072 alignright\" src=\"https:\/\/i0.wp.com\/kerryaclark.com\/blog\/wp-content\/uploads\/2018\/08\/20180810-TIF-SM-What%E2%80%99s-In-My-Finances-for-My-Children_-400x400.png?resize=400%2C400\" alt=\"\" width=\"400\" height=\"400\" srcset=\"https:\/\/i0.wp.com\/www.kerryaclark.com\/blog\/wp-content\/uploads\/2018\/08\/20180810-TIF-SM-What%E2%80%99s-In-My-Finances-for-My-Children_.png?resize=400%2C400&amp;ssl=1 400w, https:\/\/i0.wp.com\/www.kerryaclark.com\/blog\/wp-content\/uploads\/2018\/08\/20180810-TIF-SM-What%E2%80%99s-In-My-Finances-for-My-Children_.png?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/www.kerryaclark.com\/blog\/wp-content\/uploads\/2018\/08\/20180810-TIF-SM-What%E2%80%99s-In-My-Finances-for-My-Children_.png?resize=768%2C768&amp;ssl=1 768w, https:\/\/i0.wp.com\/www.kerryaclark.com\/blog\/wp-content\/uploads\/2018\/08\/20180810-TIF-SM-What%E2%80%99s-In-My-Finances-for-My-Children_.png?resize=300%2C300&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.kerryaclark.com\/blog\/wp-content\/uploads\/2018\/08\/20180810-TIF-SM-What%E2%80%99s-In-My-Finances-for-My-Children_.png?resize=600%2C600&amp;ssl=1 600w, https:\/\/i0.wp.com\/www.kerryaclark.com\/blog\/wp-content\/uploads\/2018\/08\/20180810-TIF-SM-What%E2%80%99s-In-My-Finances-for-My-Children_.png?resize=100%2C100&amp;ssl=1 100w, https:\/\/i0.wp.com\/www.kerryaclark.com\/blog\/wp-content\/uploads\/2018\/08\/20180810-TIF-SM-What%E2%80%99s-In-My-Finances-for-My-Children_.png?w=800&amp;ssl=1 800w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Allow me to give you a few areas that are at the top of this list so that we model the best practices possible for Tamia:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Savings.<\/b><span style=\"font-weight: 400;\"> \u00a0We can not spend all that we have. \u00a0That\u2019s just not wise thinking. We recently asked her this question. \u00a0Tamia, \u201cwhat do you do when you run out of money?\u201d Response, I ask my parents. \u00a0And what happens when we run out of money? Response, you don\u2019t. In other words, we don\u2019t have the option of running out of money and so we are teaching her how to not have this option either. \u00a0What savings options are you giving your child?<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Spending. <\/b><span style=\"font-weight: 400;\">\u00a0Everyone knows how to spend money, but do we know how to spend well. \u00a0You\u2019ve heard it said, everyone has 24 hours, but not everyone uses the 24 hours in the same way.\u201d Some of us wish we had more time like we wish we had more money. The key to time and the key to your money are the same. \u00a0You must have a plan for both. You must set priorities for both. For Tamia, we give her, her own money, but when she spends her own she puts more thought into it. She will many times change her mind on making a purchase because she\u2019d rather maintain her balance. What are you teaching your child with how you spend?<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Cost\/Value. <\/b><span style=\"font-weight: 400;\">\u00a0This will be the last item I\u2019ll discuss, but it\u2019s an important one. \u00a0We\u2019re teaching Tamia how to assess value in order to place a cost on things. \u00a0For example, let\u2019s say she needed $200 for a school function. We help her see or know how many hours we must work to get that figure. \u00a0This way she knows the value of it. As she gets older, I\u2019ll be able to share with her that money has little value as it compares to your time. \u00a0Your time is worth far more than any dollar figure you can earn. Now, that\u2019s a lesson for another day. The point is be aware of the cost and value of your purchases. \u00a0What are you teaching your children as it relates to value?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Today is Friday!<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">When you allow love to be at the center of your relationships, it will help you shape and even improve how you handle your resources for the sake of another, your children. \u00a0\u00a0Handling your money and passing down good principles is an expression of love. It says I love you enough to help your avoid the problems I\u2019ve faced so that you never will. What are you teaching your children? \u00a0Should today be the day you at least take notice. Start with a simple plan. Because your life is your business.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><div class=\"su-note\"  style=\"border-color:#c7ced4;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#E1E8EE;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note\"  style=\"border-color:#e5e5e5;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFFFF;border-color:#ffffff;color:#000000;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><a href=\"https:\/\/www.kerryaclark.com\/blog\/familyplan\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Family Plan Binder<\/a><a href=\"https:\/\/www.kerryaclark.com\/blog\/familyplan\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-1025\" src=\"https:\/\/i0.wp.com\/kerryaclark.com\/blog\/wp-content\/uploads\/2017\/04\/Family-Plan-Cover-e1493399146525.png?resize=115%2C149\" alt=\"\" width=\"115\" height=\"149\" \/><\/a> is available now! <p><\/p>\nOur team has worked very hard putting it together. We designed it to help you and your family move the needle forward in making your life your business. \nFind out more about the Family plan <a href=\"https:\/\/www.kerryaclark.com\/blog\/familyplan\/\" target=\"_blank\" rel=\"noopener noreferrer\">here.<\/a><\/div><\/div><\/div><\/div><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Art of An Investment Plan &#8211; Part 6 What will your child learn from how you handle your money? \u00a0\u00a0 STOP! \u00a0You need to give this some serious thought. \u00a0Regardless of what you may think, your children will imitate your money habits and principles. \u00a0So, I will ask again what are you teaching your [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2071,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,57],"tags":[],"class_list":{"0":"post-2070","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-accounting","8":"category-investment-plan","9":"entry"},"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.kerryaclark.com\/blog\/wp-content\/uploads\/2018\/08\/20180810-TIF-Blog-What%E2%80%99s-In-My-Finances-for-My-Children_.png?fit=760%2C360&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4jb7V-xo","_links":{"self":[{"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/posts\/2070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/comments?post=2070"}],"version-history":[{"count":7,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/posts\/2070\/revisions"}],"predecessor-version":[{"id":2080,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/posts\/2070\/revisions\/2080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/media\/2071"}],"wp:attachment":[{"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/media?parent=2070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/categories?post=2070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/tags?post=2070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}