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You are here:Columns »Financial Focus

Financial Focus (7)

Thursday, May 10 2012 1:09pm

Think long-term this Mother’s Day

If you’re a mother, you’ll probably get some nice cards and flowers on Mother’s Day. But of course, your greatest gifts are your children themselves. And since you want to see them Gary Coonhappy and financially secure, perhaps you can use this Mother’s Day as an opportunity to consider ways to help your children at various stages of their lives.
So, let’s take a look at steps you can take:

Gary CoonValentine’s Day is almost upon us.  To celebrate, you may want to present your loved ones with chocolates, flowers or any number of other traditional gifts. But if your valentine also happens to be your spouse or your life partner, you also might want to show your love in another way  — by making sure you have adequate insurance.
Just consider some of the things that life insurance can do for you and your family:

It’s Thanksgiving week. And if you’re fortunate, you can look around your Thanksgiving table and see several generations of your family. Of course, as you know, many types of cohesiveness are involved in knitting a family together. But one connection that Gary Coonfrequently gets ignored, at least in terms of family dialogue, is the financial linkage between parents and their children on one hand, and these same parents and their parents on the other. So if you find yourself in this “sandwich” group, it may be worth considering your financial position.
If your children are very young, you might want to start by emphasizing the importance of three separate concepts: saving, spending and sharing. If you give them an allowance, or if you pay them to do some minor tasks around the household, you can encourage them to put the money in three separate containers. The “spending” jar is for them to use as they choose, the “saving” jar is to be put in some type of savings or investment account and the “sharing” jar is to be used for contributions to charitable causes. You can extend the spending, saving and sharing themes by encouraging your kids to spend wisely, watch how their savings grow and feel pride in the work done by the charitable groups their dollars support.