Grieving and Growing: Dealing With the Death of a Parent

You never imagined this day would come, when your parents left you behind to go to heaven. Dealing with grief at this point in your life was not something you were prepared for and you need a few moments to think about how to deal with it all. You have been so busy trying to raise your own family that you never prepared yourself for something like this. You want to teach your kids about life and death, but you’re not sure how to go about it. You understand how important it is to grieve the loss of a close family member and then move on with your life. The time has now come to start the process and come to terms with the devastation in your family at this time.

The Practicalities

Before you can start to grieve properly, there are so many practicalities to take care of. You will need to organise a funeral, take care of legal matters and even hire local undertakers. You can easily get swept up in all of the logistical steps that you forget how to be upset. You have to put on a brave face and get all of these jobs done, otherwise it simply won’t happen. It’s fine to be on a mission to get everything sorted, but then you need to take a step back and start the grieving process.

The Grieving Process

There is no right or wrong way to grieve the death of a parent or loss of a close family member; everybody deals with this in very different ways. Whether you spend a few days being upset or you throw yourself back into work and push it aside for a while, there will always be a way that works for you. What you mustn’t do is keep your feelings bottled up inside as you will inevitable explode at some point. Speak to somebody you trust or go to a therapist to talk about your feelings in a non judgmental environment. Once you have come to terms with all of your emotions you will gradually be able to move on and start living your life to the fullest again.

Grieving and Growing: Dealing With the Death of a Parent - holding hands image

Image

The Conversations

Talking to your children about death can be incredibly difficult, but it has to be done no matter how old they are. Your little ones are going to have questions about where their grandparent has gone, so make sure you explain it in an age appropriate way for them to comprehend. There are many children’s books out there that help you to explain the process of life and death with your little ones, so this might help too.

The Normal Routine

At some point you will need to get back into the normal routine of life, without feeling guilty about smiling again. Once that day comes you will be able to look back on fond memories without feeling sad and upset about the passing of your parent.

Dealing with the death of a parent is incredibly difficult, but if you can learn to grieve and grow in the right way for you, you will soon be able to process it and move on.

Smart Parents Teach Their Kids These 6 Things About Money

One of our main jobs as a parent is to impart enough knowledge and wisdom to our children so they can not only survive in the world but thrive as well. Of course, in modern society, this means educating them on money and finances as well. A topic you can read more about below.

Spending more than you have is always a bad idea.

While our whole society seems to be built on the idea of borrowing money to pay for things that we could not afford to buy outright, educating your kids that spending more than you have on a consistent basis is a bad idea is crucial. This is because if you don’t, not only does it mean that they will get used to a lifestyle that is way beyond their means, but it also sets them on the slippery slope towards unmanageable debt.

Of course, this makes it an essential lesson that you kids need to learn about money. Luckily, it is possible to instill this wisdom in them from an early age by providing them with an allowance, and then encouraging them to save at least a portion of this each month.

Also, you may wish to encourage children to work and save for items they want, as opposed to buying everything for them. The reason being that this can also help them to get into the habit of raising the money before they spend it.  

Smart Parents Teach Their Kids These 6 Things About Money - lemonade stand image

Installing a good work ethic in your kids early on can be a game changer.

Picture source

The is usually a way out of a financial jam no matter how tight it is.

Another valuable lesson that you need to impart to your kids is that there is nearly always a way out of a financial jam, no matter how serious it is. For example, there are many debt relief agencies out there that can help consolidate debts, something that means it’s much easier to pay them off at a reasonable price each month, which is knowledge that it is essential for your kids to know about, but not plan to rely on.  

Alternatively, there are also loans were someone else vouches for you and promises to cover the debt if you default. This can be hugely helpful if someone is in a financial fix, but their credit is poor. Of course, you will also need to remind your kids to shop around for the best apr guarantor loans and other financial products as well, as some will offer a lower interest rate and other benefits. Something that can make all the difference when it comes to being able to pay them back, and so could help your children have a better quality of life as well as get out of financial trouble if the need arises.

Saving is good, but investing is better.

Parents also need to emphasize the importance of not just saving money, but also investing it as well. In fact, it is hugely important to teach your kids about investing because no other action can allow them to increase their net worth in such a drastic way.

 

Sadly, even now the investment market has become much more accessible to the everyday person because of apps, and low management fees, few people realize the long-term benefits of this activity. Therefore It’s crucial to make your kids not only aware of all the investment options that are available to them including property, cryptocurrency, and futures but also educate them on how these platforms work.

Also don’t forget that as a rule investment is a cumulative process, and that means the sooner your children can begin on this path, the easier their financial future will be. Therefore be sure to explain and emphasizes the value of investing during their mid to late teens so they can get a jump on the competition.

Money doesn’t make you happy, but it can help.

It is also hugely important that as a parent you help your children to understand that money in and of itself isn’t what makes people happy. In fact, it’s the lifestyles, health care, and reduced stress that those with good finances enjoy that is the key.

What this means is that it’s crucial to delineated the quest for becoming rich and yet not spending any of this in ways that enrich life, and doing the opposite. Therefore, be sure to listen to your children’s opinion on what they want to do in their lives, in term of their career, and their goals, as well as who they want to be and adapt your financial education to this.

After all, just recommending that all you kids go into high paying finance positions is a one size fits all solution that is unlikely to work for most people. In fact, at worst it can land your kids in a career that is unfulfiling, even cause them to resent you for pushing them in that direction in the first place.

Monitoring spending is a task that needs to be done regularly.

It’s likely that as a patient you will make an effort to teach your kids that they need to wash up after they have cooked and eaten a meal and that the need to change their socks and underwear each day. However, it can be all too easy to forget to teach them that monitoring what has been spent each day should be a regular task as well.

Smart Parents Teach Their Kids These 6 Things About Money - calculator image

Picture source

In fact, by establishing this as a part of their daily routine, you give your kids the tools to much better monitor what is happening with their finances. This can help them make improved buying decisions, avoiding impulse buys, and stay out of debt. All things that mean this small daily task can have a considerable effect on their financial well-being through the entirety of their life.

Finances don’t have to be confusing.

Lastly, it’s incredibly important that you teach your kids that correctly managing their money and budgeting doesn’t have to be complicated or confusing. In fact, sometimes the simple systems can work much better not only because they are clearer to follow and stick to, but also because they make dealing with financial matters a lot less intimidating. Thus making this final lesson one that is also crucial to impart to your children.

 

6 Smart Ways To Invest For Your Children’s Future

Regardless of how untroubled about future some people are, it all changes once they become parents. The moment the baby arrives everything changes, especially our nonchalance toward money and savings. Only, this time is not just about rainy days that may come, but also the bright, shiny days when our kids are no longer drooling toddlers, but almost adults with their big dreams and life goals that they plan to achieve. Aside from unconditional love and proper upbringing, it is the parent’s main responsibility to make sure that their kids will have a good starting point in life once they leave the nest.  Saving money and investing in their future is a long-term project, so read on to find out more about it.

investing for your children's future - family finance image

 

Take care of yourself first

Although this may seem absurd, rest assured that it is one clever way to ensure a brighter future for your kids. Before starting to make plans about investments and children’s saving accounts, make sure to start saving for your retirement.  In addition to that, consider getting a term life insurance, as it doesn’t cost a fortune, yet it does leave you at ease. Also, filing a will is a smart move, even if it seems too early. All of these measures are nothing else but caring for your little ones as you wish to release them of responsibility to financially take care of you in your old age.

Saving accounts

Saving money this way is traditional and perhaps the safest way to put away some serious money for your kids. Even though interest rates are low and taxed as income, keep in mind that bank saving accounts, unlike some of the investments, are completely risk-free. There is plenty of ways to set up a children saving account as well as saving options for children. For instance, in the UK, you can set up a saving account on behalf of children, and when they turn seven, they can start managing their account. Great lesson in money handling as well as adopting saving habits.

Investing in steady growth

Considering low rates, having a saving account may not be the best opportunity out there. There are plenty of financial products and saving plans that will allow you to achieve your goals with much higher interest and substantial return over time. It is a combination of investment strategies and savings that fits your planning horizon and risk tolerance. For instance, couples in Singapore save money for children’s future by investing in unit trusts and education endowments, which are quite flexible and risk managed option, as well as great opportunities for long-term growth. However, these types of investments do require a reliable financial advisor.

A specific education savings plan

Having a well-educated kid costs arm and leg, so start putting money aside timely. There are saving plans that ensure that all the money, including interest, is directed to cover qualified education expenses. These are tax efficient and relatively safe saving plans that hold parents as account owners and children as beneficiaries. In Canada, this is RESP (Registered Education Savings Plan) and in the US is 529 plan (or College plan). Still, aside from the investment risk, there is a possibility that your child will not wish to go to college. In that case, you can change the beneficiary and still spend money on education. Spending money on unqualified expenses will result in penalties.

Try investing in commodities

Investing in commodities is a smart way to make money for the future, but not every commodity can stand the test of time and fluctuation on the market. Instead of investing your money in energy or agriculture, stick to the rarest and most valuable commodity of all – diamonds. It is not for the rich people only, since you probably have one already, on your engagement ring. Safe investing in diamonds involves learning the basics on how to properly diversify your investment portfolio. Also, monitoring the diamond market can be of great use, since lately, there is a big demand for naturally colored diamonds.  Look for rare pieces and rest assured that their value will increase over time.

More ways to save money

Find the way to create passive income, or in other words, way to make money while you do other things. For example, if you have additional space, rent it out via AirBnB. Also, keep in mind that all of your current possessions are frozen money at the moment, so sell things that you don’t need and earn. You can sell outgrown clothes and old toys, cribs, strollers, sports gear, etc.

Conclusion

The world is an expensive place and future is costly. Still, with some planning and logic, it is possible to ensure a good life for your little ones.

A Few Benefits of Teaching Your Children about Finance at an Early Age

A Few Benefits of Teaching Your Children about Finance at an Early Age - money tree image

Image via Pixabay

Teaching their kids about financial management and financial concepts isn’t really a priority for many parents. In fact, it often doesn’t figure in any meaningful way at all, beyond perhaps issuing an allowance and giving the child a piggy bank to proudly store their savings in.

Of course, The Financial Fairy Tales are based around the premise that there is real value in introducing your children to the world of finance at a young age, while also acknowledging that the best way to teach children is frequently through metaphor and story, such as by weaving financial messages into a fairytale structure that everyone can understand on an intuitive level.

Unfortunately, however, some people believe that teaching their children about finances will have a detrimental on them in some way or another. Perhaps by making them more cynical, greedy, or less imaginative.

Here are a just a few benefits of teaching your children about finance at a young age, to offset any such potential concerns.

It can open their eyes to financial opportunities down the line

There are a lot of ways in which someone can make their fortune through interacting with the world of finance, but the vast majority of these avenues remain closed to those who haven’t been trained to spot them, and who aren’t armed with the confidence and basic know-how required to get involved.

Forex trading is one of the most potentially lucrative and rewarding financial fields to get involved in, but it requires a good degree of confidence and financial understanding to participate in fruitfully.

Getting your child comfortable with financial thinking, and getting them to consider the financial dimensions of things from an early age, can increase the odds that they will be able to successfully navigate realms such as Forex one day, with the help of tools such as those found at FX-List.

It can help them to avoid developing a fear or dislike of financial thinking

Many people have a somewhat pathological fear, or dislike, of financial thinking or financial management, well into adulthood. This often stems both from a sense of insecurity and also from a sense that there is something inherently uncouth or threatening about dealing with financial topics.

Yet whatever we do in life, financial considerations must be given their due. By getting your child comfortable with financial thinking at an early age, you help to ensure that they practice better money-management down the line, and are more responsible in their financial dealings.

It can help them to develop an entrepreneurial mindset from an early age

Children tend to be naturally enthusiastic about the world, and if something is presented to them as a game or a challenge, they will typically be keen to get involved.

When your child is introduced to financial concepts at an early age, it is more likely that they will seek to apply those concepts. In the short term, this may start as “investing” pocket money. Over time, however, it can develop into a genuine entrepreneurial streak, of the sort that can transform their destinies for the better.

The importance of teaching children hard work and determination

There are lots of different things to be thinking about when it comes to parenting and teaching our children. But one of the things that we need to make sure that we instill in our children from an early age, is the importance of hard work. Experts have found that when we teach our children the value of work and the importance of it and that of determination, it helps to improve self-esteem, as well as helping emotional development. So there are plenty of reasons why it is a good thing to do. This is never more important than raising children in this day and age.

We can get so used to things being available at the touch of a button, that it can be hard to wait for things. Which is why more than ever, teaching our children the importance of waiting for things and determination, will help them in so many ways. So here are some of the ways that you can encourage your children to stay on track and show them that hard work really does pay off.

Teaching children hard work and determination- child homework image

image

Praise Effort

There is a reason in school that report cards often have an attainment score, as well as an effort score. That is because in some areas our children may struggle, but if they are putting in plenty of effort into it, then you can’t ask for more. So praise the effort that they put into things, and they will learn that effort (or hard work) is an important thing.

Don’t Help Them Too Much

It can be really hard to not help our children when they need a little help. But often, when we do too much for them, it doesn’t help them to learn or grow. So placing them in some difficult situations, but ones that are not impossible, is going to help in a big way. They will learn what works, and even when things don’t go well, they can learn to keep trying and learn that precious skill of determination.

Encourage Work

As our children grow, then there can be things that they can do around the house to earn pocket money. And this is important to start from fairly early on (though it could be for whatever reward you see fit). When the time comes for them to be able to earn money for themselves, then you should encourage them to do so (for a small number of hours). You could even look at things like apprenticeships for 16 year olds, so that they can learn a skill, as well as a small income. It can give them a confidence boost, and get them used to working hard.

Be a Role Model

It can be so hard as parents to teach your children to work hard, if you are not doing that yourselves. Which is why you have to practice what you preach, in all areas, when it comes to your children. So show them what working hard looks like, and they will have some stellar examples to follow.