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Are you paying your kids for good behaviour? You’re not alone

Are you paying your kids for good behaviour? You’re not alone | money management | Scoop.it
Experts say the real question is not whether you dangle the occasional monetary reward in front of your kids but how you use it as fodder for a teachable moment (Are you paying your kids for good behaviour?
Moneyseeker's insight:

I would always joke about 'bribery and corruption' to get my teenage daughter to do what I wanted her to do.  

 

But I never got into the area of 'paying' (rewarding) her for exam results, it just didn't feel right to me, despite the fact that some of her friends were rewarded for passing.

 

There is a fine line between 'reward' and 'bribery' that line will be different for every family depending on your on beliefs and upbringing.

 

Where do you stand in the debate?

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Why So Many Seniors Are Launching Businesses - US News

Why So Many Seniors Are Launching Businesses - US News | money management | Scoop.it

If 50 is the ne Many baby boomers are redefining retirement with entrepreneurial ventures.

Moneyseeker's insight:

If 50 is the new 40, it isn't surprising that baby boomers don't want to stop working and go and play golf.

 

Whether it is a case of needing to continue to generate an income, or because you want to try something new, there is a wealth of experience and knowledge that can be tapped into to get a second career underway.

 

So why not start your own business and boost your retirement fund ready for the time you do decide you want to play golf (or whatever activity it may be).

 

I know plenty of 60 plus people who are still active in their business, looking for new opportunities and have no intention of slowing down.

 

 

 

 

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PERSONAL FINANCE: Should you buy pet insurance? - Shelton Herald

PERSONAL FINANCE: Should you buy pet insurance? - Shelton Herald | money management | Scoop.it
PERSONAL FINANCE: Should you buy pet insurance?
Shelton Herald
One topic I've learned to avoid with new acquaintances until I know them better (along with politics and religion) is where they stand on the treatment of pets.
Moneyseeker's insight:

As a pet lover and owner of two cats and three dogs (one a 14yr old now blind and deaf poodle).l  I find this debate really quite interesting.

 

We don't have pet insurance in place and just bite the bullet every time we have to take our pets to the vet.

 

We have been fortunate so far where we haven't had to look at major surgery for any of our pets, and to be honest, I don't know how I would respond if we found ourselves in that situation where we had to make the call about cost.

 

I know some friends who have spent $1,000's on hip replacements and other major surgery for their pets.  It is easy to say we would never do that but in that situation would we?

 

What do you think?  Do you think we should insure our pets the same as we do our cars?  

 

 

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Doctors Struggle to Save for Retirement Despite High Salaries - NBC News

Doctors Struggle to Save for Retirement Despite High Salaries - NBC News | money management | Scoop.it
What’s up, doc? A new report says that despite high average salaries, physicians aren’t saving enough for a comfortable retirement.New research from Fidelity...
Moneyseeker's insight:

In my experience as a money mentor it is not only Doctors in this position but other professionals as well.

 

Coming out of university laden with student debt, followed by more training quite often on a low salary means that by the time they have 'made it', they want to spend it!

 

There is pressure to look successful, live in the right area, drive the right car and have the overseas trips.

 

Saving for retirement is well down the list of priorities.  What is also a concern is the number of professionals who don't adequately protect their income should anything happen to their ability to earn.

 

The house,  the holiday home and car is insured but quite often the professional isn't adequately insured.

 

My advice to professionals I work with, is get a good advisor,  plan now for your future, start sooner rather than later and it won't feel like you are sacrificing your hard earned lifestyle. 

 

 

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Conversations About Personal Finance More Difficult Than Religion and Politics ... - Business Wire (press release)

Conversations About Personal Finance More Difficult Than Religion and Politics ... - Business Wire (press release) | money management | Scoop.it
Conversations About Personal Finance More Difficult Than Religion and Politics ...
Moneyseeker's insight:

Back in 1913 Sigmund Freud said this "Money questions will be treated by cultured people in the same manner as sexual matter, with the same inconsistency, prudishness and hypocrisy ."

 

This study seems to confirm that nothing has really changed, talking about money is really difficult, and part of the problem is who do you talk to?

 

An interesting finding in this study is that 1 in 4 respondents would pay a personal trainer rather than a financial advisor. 

So, we are more willing to pay to get physically fit than financially.

 

What about our bank manager, probably not high on the list either. Particularly for those who don't have a business as thye probably don't have a personal relationship with a banker.  

But do you really want your bank manager to know that you aren't great a managing your money?

 

What about other professional advisors like accountants and lawyers?  The feedback I hear (and this is a generalisation, there are some amazing accountants and lawyers out there) is that clients don't understand the advice they are given, and like financial advisors, they just don't want to pay.

 

So who are we left with?  Friends, family, your partner?  Apparently not; about 1/3rd of those survey find it hard to talk to their partner about money.  Only 1/3rd of parents talk to their children about money and how to save.

 

This is looking pretty dire.  

 

But help is at hand.  There are people like me who are trained money mentors.  I understand the numbers (coming from a background as an accountant), and I know how to get inside your head having also studied psychology.

 

So if you do you need to talk to someone about your finances, and don't know where else to go.  Drop me an email.

 

 

 

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7 Tips for Women to Have a More Secure Retirement 

7 Tips for Women to Have a More Secure Retirement  | money management | Scoop.it
Despite facing unique obstacles, women can still create financially-secure golden years.
Moneyseeker's insight:

It isn't only women who should be concerned about retirement but men as well.  

 

But we do have to accept the fact that men and women view money differently and unfortunately us girls aren't that great at planning for our retirement, it seems to be low on the priority list.

 

We have to address it, we need to be more stringent about our retirement planning and saving for it even if that means taking a bit more risk than we are used to

 

So, what is stopping you?  Start planning now.

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Living in retirement: Seven things I wish I could tell my 35-year-old self

Living in retirement: Seven things I wish I could tell my 35-year-old self | money management | Scoop.it
The overwhelming factor is longevity - not just protecting your physical health and emotional well-being so that you’re able to fully enjoy retirement, but understanding how crucial longevity is to just about every aspect of your life.
Moneyseeker's insight:

Hindsight is a wonderful thing isn't it.  It doesn't matter what age we are, we can all look back at some period of our live and think 'if only I had done this or listened to someone things would be different'.

 

Thinking about retirement let alone saving for it, is hard to do in our 30's.  Retirement is so far away, we are busy settling into careers, relationships and raising families, there are other priorities in life.

 

Our brains don't help either.  We love having things now, saving for retirement is a long time to wait to get the reward of taking action now. 

 

But it is hugely important, none of us want to be broke in our old age and struggling to make ends meet.

 

So do somehting about it now.  Start a retirement plan, whatever method you use if fine, just do it.  Make a good decision once, set it and forget it and let compound interest help it grow.

 

 

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How To Manage Lifestyle Inflation

How To Manage Lifestyle Inflation | money management | Scoop.it
Learn how to manage your finances so that making extra money actually equates to getting ahead.
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Christmas debt will last all year for UK's low paid workers - shocking survey reveals

Christmas debt will last all year for UK's low paid workers - shocking survey reveals | money management | Scoop.it
The research, conducted by Unison to mark Debt Awareness Week, revealed that 67% of the 1,000 members polled had already cut back on food and drink (Christmas debt will last all year for UK's low paid workers - shocking survey reveals:
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Financial blunders to avoid in a marriage - The Economic Times

Financial blunders to avoid in a marriage - The Economic Times | money management | Scoop.it
Mostly, in India, people begin any serious investments such as gold or property only after marriage.
Moneyseeker's insight:

Anyone considering entering a serious relationship needs to have the money conversation early in the relationship, don't wait until you get married.  When the toothbrush starts moving or you are planning more than just dinner dates that is the time to have the money conversation to make sure you are on the same page and have understood each others money beliefs and how you are going to manage your finances moving forward

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Unlike losing weight, saving money in 2014 can be painless

Unlike losing weight, saving money in 2014 can be painless | money management | Scoop.it
By setting up a regular transfer into a separate savings account, the act of saving becomes automatic (Do you want to become a better saver this year? This article from @globeandmail may help!
Moneyseeker's insight:

Making a good decision once to set up an automatic deduction to a savings plan is a great idea.  Set it and forget it and let the power of compound interest take over.

Oh, if it was only so easy to lose those extra few kilos!

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Luigi Cappel's curator insight, January 11, 2014 2:56 PM

How about tying it into a blog, how much money have you put towards that special goal. What else do you need to achieve it.

 

When I was a teenager I had an envvelope in a cash box, marked with each item I was saving for. When I got my pay packet from my holiday jobs and paper runs, I would put a little into each envelope and got excited about the progress I was making towards things like a new guitar, a walkman etc ansd when I got enough for the thing I was wanting it was exciting, I had a real sense of personal achievement.

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Saving vs. Spending: The Shift in Personal Finances - Fox Business

Saving vs. Spending: The Shift in Personal Finances - Fox Business | money management | Scoop.it
Saving vs. Spending: The Shift in Personal Finances
Fox Business
The economy's nose dive in 2008 did more than spur more Americans to save up for a rainy day: it shifted their financial priorities.
Moneyseeker's insight:

An interesting survey. It is good to see the shift from spending to saving at an individual level.

As the article points out, there has to be a balance somewhere between the needs of the individual to save, and the ecomony in general that needs spending to be maintained.

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10 Personal Finance Tips From Hip-Hop Lyrics

10 Personal Finance Tips From Hip-Hop Lyrics | money management | Scoop.it
Though popping bottles and brandishing Bugattis may not be thoughtful investments, beyond sonic displays of reckless spending hip-hop can be a surprising source of sound financial advice.
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Real estate or stocks – which will make you richer?

Real estate or stocks – which will make you richer? | money management | Scoop.it
If potential home owners can take their long view to the stock market, they will see bigger returns there than in real estate (Real estate or stocks – which will make you richer?
Moneyseeker's insight:

A very interesting discussion around the question of buying a home or investing in stocks and bonds.  Whilst this is a Canadian article, I think we Kiwis have the same attachment to owning our own home rather than renting.

 

As with most money questions, it isn't quite as black and white as return on investment, the emotions also play a huge part in the decision making process.

 

The numbers may show that the stock market over time gives a better return, there is still the pull of having your own property that you can put your pictures on the wall and make your own rather than being at the mercy of a landlord.

 

Gen Y may look at the equation differently as supposedly home ownership gets further out of reach.  

 

 

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PERSONAL FINANCE: Why do we need a budget? - MPNnow.com

PERSONAL FINANCE: Why do we need a budget? - MPNnow.com | money management | Scoop.it
PERSONAL FINANCE: Why do we need a budget?
Moneyseeker's insight:

The word budget to many is a dirty word, and something to be avoided unless you really have to cut back expenses.

 

It shouldn't be seen that way. Having a budget gives us choice, we know where our money is going, we can see where we can be more effective or where the 'slippage' is, we have more control over our spending.

 

We live in a society that allows us to buy now and worry about paying for it later, and if we can't pay for it later we pay the price in high interest rates to credit card and finance company's which puts even more pressure on our income and spending ability.

 

So you can either continue to drift along and hope there is enough in the bank each month to pay the bills or have a budget and have some certainty about where you are going financially.

 

Which would you rather have?  The choice is yours.

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No Joke: Jay Leno Teaches Us a Valuable Lesson About Personal Finance - DailyFinance

No Joke: Jay Leno Teaches Us a Valuable Lesson About Personal Finance - DailyFinance | money management | Scoop.it
No Joke: Jay Leno Teaches Us a Valuable Lesson About Personal Finance DailyFinance The Tonight Show with Jay Leno - Season 21 NBCU Photo Bank via Getty Images Earlier this month, Jay Leno officially retired from "The Tonight Show," capping a more...
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Bottom Line: Understanding the phases of personal finance - Indianapolis Star

Bottom Line: Understanding the phases of personal finance - Indianapolis Star | money management | Scoop.it
Bottom Line: Understanding the phases of personal finance
Indianapolis Star
The financial services industry communicates with its customers via constant data communication through monthly and annual statements.
Moneyseeker's insight:

This may sound really obvious, but as we mature our attitude towards money (as well as other areas of our life) changes as our circumstances and needs change.

 

So, it is really important to know what phase you are in.  Are you fattening the calf, ie saving hard to grow your business, or perhaps buy a home.  Or are you milking the cow?  You have done the hard yards and can now enjoy the fruits of your labour.  If you are trying to do both at the same time, you could well come unstuck!

 

Once you know what phase you are in, you need to make sure that the advisors you use also understand which phase you are in to enable them to give you the most effective advice.

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I Live With My Parents…Will You Still Date Me?

I Live With My Parents…Will You Still Date Me? | money management | Scoop.it
It turns out living with mom and dad won’t cramp your dating life. (Living at home with mom and dad used to be a relationship deal breaker among young adults. Now?
Moneyseeker's insight:

I hadn't really considered the possibility that having your 20 something child still living at home would present an issue for them in the dating world.

 

Maybe that is because our millennial living at home was our 24 year old daughter.  

 

Surely there are other more important issues around having a millennial living at home than are you cramping their dating.  

 

For example the issue of them paying their own way and contributing towards household expenses, particularly those who are working.   This can be a really difficult issue, there are real costs involved like food and power.  Apparently we should be honoured that they are living with us (our daughter tried this one on us).  

 

What about the additional housework that arises from having an extra person in the house?  It is quite different asking a 24 year old to pick up after themselves than a 12 year old.

 

Then of course there is the big question that if they do start dating can he or she stay over, or do we as parents even get consulted about it.  

 

We sat down with our daughter and worked out a few simple guidelines that worked really well for us all. It will be different for each family what works and what doesn't. Make sure you do have the conversation fairly early on, as you can never be quite sure how long they are going to stay and what starts out as a small issue can escalate.

 

Our daughter has left the nest once again, so life for us is back to normal, just us and the three dogs, two cats.......... 

 

 

 

 

 

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Don't fall for Valentine's Day scams - ScoopSanDiego.com

Don't fall for Valentine's Day scams - ScoopSanDiego.com | money management | Scoop.it
Don't fall for Valentine's Day scams
ScoopSanDiego.com
Chances are you'll load a virus or malware onto your computer, dooming you to receive endless spam or even endangering your personal and financial information.
Moneyseeker's insight:

What does it say about our society when on a day that is all about love there are articles warning about scammers trying to capitalise on unsuspecting lovers.

 

Personally we don't celebrate valentines day, and this article is enough to put me off attempting to do anything online even if we did.

 

The other pertinent point in the article is don't let your emotions run away with you when buying for your loved one just because it is Valentines Day.

 

Whilst I totally agree with the sentiment, the same applies to all of your buying decisions not only on special occassions.

 

Our emotions kick in about 10 seconds before logic does, so if you feel an impulse to purchase coming on, stop and count to 10 before pulling out the wallet (or purse) and buying.

 

If you are an online shopper, have the credit card out of reach so you have to get up from the computer (tablet or phone) to get the card, that simple action of moving can be enough to trigger a change of mind and not go ahead with the purchase.

 

Maybe this year try something different, bake a cake, make a card and deliver it yourself to the person you admire..... just a thought.

 

Happy Valentines Day.

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Luigi Cappel's comment, February 5, 2014 3:09 PM
Whenever a deal seems too good to be true it probably is.
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Hard Times: Queen down to her last £1m - Independent.ie

Hard Times: Queen down to her last £1m - Independent.ie | money management | Scoop.it
The Queen's household finances were at a “historic low” with just £1m left in reserve, MPs said. (Hard Times: Queen down to her last £1m: The Queen's household finances were at a “historic low” with just £1m ...
Moneyseeker's insight:

It doesn't matter who you are or what you earn.

We all need to learn to live within our means and be accountable.

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Luigi Cappel's comment, February 5, 2014 3:12 PM
Wonder what I would do if I was down to my last million.... Joking aside, I suspect that these figurehead folks are generally pretty frugal, most of the extravagance is just for show.
Luigi Cappel's comment, February 5, 2014 3:12 PM
Wonder what I would do if I was down to my last million.... Joking aside, I suspect that these figurehead folks are generally pretty frugal, most of the extravagance is just for show.
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Retirement delayed: Build wealth by investing in your health

Retirement delayed: Build wealth by investing in your health | money management | Scoop.it
It's the trend to watch in an era of longer lifespans, but Canadians need to temper their expectations of working longer – and stay fit (How investing in your health is the key to a financially secure retirement.
Moneyseeker's insight:

This is a really interesting article looking at the reality of your health letting you work longer to give your income a boost in retirement.

Not only do we need to set ourselves up financially but we also need to look after ourselves physically and mentally to make sure we can work if we need to or have great health to enjoy our retirement.

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Luigi Cappel's comment, February 5, 2014 3:15 PM
I have these discussions regularly. Take insurances for example. My wife regularly argues that we could have bought a second house for the money I spent on income protection throughout my career and never once claimed on. How many of us are going to enjoy anything like the lifestyle we have when working, when we retire. Not much of a reward unless you have prepared for it for a long time.
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Crack on with a financial review - Royal Gazette

Crack on with a financial review - Royal Gazette | money management | Scoop.it
Crack on with a financial review
Royal Gazette
Debts: mortgages, personal loans, what do you owe, who do you owe, are last year's records correct, do you know if your principal is being reduced monthly and accordingly?
Moneyseeker's insight:

Why wait until a New Year to review your personal finances?

Just as you do in your business, you should review your personal finances at least quarterly to make sure you are heading in the direction you want to go.

This of course implies that you do have a plan.  If you don't then you need to start at the beginning. What do I own, what do I owe and where is my money going?

As with any plan, it is all about reviewing, monitoring and updating, if you aren't getting the results that you want, waiting a year to find out, in my opinion is too long.

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Parents play important role in personal finance education

Parents play important role in personal finance education | money management | Scoop.it
In the pasta aisle of the grocery store, Maile Diaz surveyed her options. In the 6-year-old's hands was a shopping list she wrote out before she and her father left home.

 

Read more


Via The New Media Moguls
Moneyseeker's insight:

Some excellent points raised about parents educating their children about personal finance.

But, the other issue is, there are a lot of parents out there who are struggling to manage money themselves, so it makes it very difficult for them to teach their children good habits.

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Gregory Williams's curator insight, January 16, 2014 4:21 PM

More will be caught by them than taught by you.  Keep on being a role model parents!

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Time on your side: Longer lifespans should mean less financial stress

Time on your side: Longer lifespans should mean less financial stress | money management | Scoop.it
Living longer definitely requires us to save and plan more aggressively – but it also gives us more time to reach life’s financial milestones (Time on your side: Longer lifespans should mean less financial stress http://t.co/txhiQeBckS)...
Moneyseeker's insight:

I think it will depend where you are in terms of your own financial security in relation to your current age as to whether or not you see a longer lifespan as an advantage or not. 

Certainly those in their 20's have more time to think about the future and the timing of buying a house and saving for retirement.

For people in their 50's who haven't structured their finances and saved for their retirement, the thought of living to 90 may not be such an exciting prospect, particularly if the money is going to run out at 85!!

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Personal finance: Money can be a bullying weapon - Fresno Bee

Personal finance: Money can be a bullying weapon - Fresno Bee | money management | Scoop.it
Personal finance: Money can be a bullying weapon
Fresno Bee
One in 10 respondents say their spouse or partner is a financial bully, according to a recent survey by CreditKarma.com, a personal finance website based in San Francisco.
Moneyseeker's insight:

I am not surprised at the number of respondents who say they are bullied financially.  I see it in relationships that have ended and the couple are trying to sort out who gets what, cutting off the funds is one way to bring things to a head and settle the relationship property.

 

If this is happening in your current relationship then it is not healthy and it needs to be dealt with.  

Communication is the key.  You need to understanding each others roles and contribution to the family, set some boundaries for household spending and most  importantly realise that we each have our own personal beliefs arround money and they may not be the same as our partners, so compromise is required.

 

But as with any other type of bullying asking for help is always the hardest step to take.

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