As with most things in life children model their behaviour based on what examples are provided for them. That being the case, what example do most of us provide to assist with the development of the financial literacy of our own children?
How do you model sound financial habits to your children, if managing your own financial affairs is often a struggle?
I believe the “cashless” nature of most contemporary financial transactions is one of the greatest challenges parents face in helping their children to develop an understanding of the real value of money, and where money comes from in the first place.
The “cashless” nature of contemporary financial transactions often leads to adults having their own struggle to manage the monthly household budget. I have witnessed countless examples of people who struggle to pay the outstanding balance in full on their own credit card/s each month.
If that is the case, how do you model good money management to your own children?
For example, modern technologies like tap and go payment systems are great for convenience, and reduce the need to carry sums of cash, but on the other hand reduce the opportunity for children to see and understand how much money needed to be earned to fund that transaction.
To make an obligation free appointment contact Leigh today on 0407 439 827, or firstname.lastname@example.org
Also see www.empowermm.com.au
How many of us live out our day to day lives compromised by what we can afford to do, as opposed to doing what we really want to?
How many times have you heard a friend (or even yourself) dream out aloud how they would live if they won tattslotto? – Dreaming about a tattslotto win is NOT an effective strategy.
I’ve spent over thirty years working in the finance industry, and in my experience what most frequently compromises a person’s capacity to live the lifestyle they really want comes down to an inability to budget well, and an over reliance on debt.
The ability to craft a sustainable budget, along with the ability to understand and control the effective use of debt will go a very long way to creating a lifestyle that allows you to do more of the things you really want to.
To illustrate my point, think of it like this;
Let’s imagine Mr & Mrs Bloggs
In the fictional example above Mr & Mrs Bloggs need to pay out a minimum of $2425 per month just to keep up with the minimum payments on their existing financial commitments.
In addition to debt servicing costs, Mr & Mrs Bloggs also need to make allowances for ongoing cost of living expenses such as education costs, groceries costs, insurance costs and utilities costs.
This is BEFORE they can commit to spending any money on lifestyle wants. The level and structure of their existing debt is then compromising how they may really want to spend their lives, and potentially adding a source of anxiety to their day to day lives.
At Empower Money Management I specialise in assisting people to craft sustainable monthly budgets, and I coach people to understand and control their effective use of loan facilities.
In my experience people who are in control of and understand their own financial affairs will generally lead a less stressed quality of life.
I would love to help more people gain a greater understanding and control of their own financial affairs – to learn more or to make an appointment contact email@example.com or see www.empowermm.com.au
The biggest challenge for any new business is in “getting the word out” as to what it actually is that you do, and why people should buy your goods and/or services.
Getting the word out there is an even bigger challenge when the service you are offering is a new one, and furthermore it deals with something as personal as your own financial wellbeing.
Many studies have shown that consumers look for the WIIFM (What’s In It For Me) when they make a decision to buy goods or services.
I have established my service because the WIIFM I am offering people is a greater level of financial peace of mind and control that can be obtained from a better understanding and management of your day to day finances.
Since launching Empower Money Management in late 2016 I’ve had plenty of positive feedback (and Facebook likes), and I am beginning to build a base of satisfied and empowered clients. Each of these clients now has a much greater understanding of their financial affairs, and significantly improved financial peace of mind.
I would love to continue to build my base of satisfied clients. Thank you to everyone who has taken the time to read and like my posts – To help me to further build my business please also take the time to share my posts with your own Facebook friends.
See more at www.empowermm.com.au