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How To Secure a Financial Future For Your Children

There are many ways that we can ensure that the future of our children is bright. We can teach them right from wrong, push them to pursue their passions and wants in life, and also make sure that they’ve got everything that they need to be the best version of themselves. While reaching these goals can take various forms, there’s one thing that can help more than most: securing their financial future. A solid financial footing in the world is one of the best gifts that a parent can give their child. But how do you do this? We take a look at a few tried and tested methods below.

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Get Wise 

Children pick up so much more from their parents than they (the parents) think that they do. You might tell your kids not to get angry and shouty, but if you’re an angry and shouty person, then the chances are that they will be too. The same can be applied to issues related to money, too. If you’re good at managing your money, then you’ll be setting a good example for your kids. So if you want your children to handle their money wisely, then first take a look at your own money habits. This will also prevent you from making the types of financial mistakes that can cause problems and derail your family’s future. 

Put Money Away

We know, we know: times can be tough, and it can sometimes feel like there’s just not as much money in the bank account as you’d like. It really is worthwhile finding some extra money to put away in a savings account for your children, however. Life is becoming increasingly harder for young people, and a lump sum of cash can really go a long way. If you start putting a little away each month now, then you’ll have a large amount to give them when they’re a young adult. They will be able to use this money to support themselves during an internship or take a trip, or whatever else they need to become the best version of themselves. 

Teaching Habits

You can’t expect schools to teach your children everything. You will need to fill in the blanks that the schools miss out. While the education system should educate children about financial matters, they don’t. Money is one of those things that, for various reasons, just isn’t discussed all that much in England, and this is a shame because we could probably prevent many people from making financial mistakes if we did. So talk to your kids about money. You don’t need to go into the ins and outs of your finances (unless you want to); it’s just about giving the basics of money management before they’re out there in the world on their own. 

One way to do this is to give them pocket money. They’ll have a certain amount of cash to last them the week or month, and once it has gone, it has gone. They’ll quickly learn the value in holding back on spending their cash on useless junk. They should also know about the help that is available to help them maximise their financial situation. This could involve teaching them about things like probate solicitors or personal injury attorneys, both of which are there to represent the person’s interests. The more they understand about the financial world and how it works, the more they’ll be protected from it. 

Securing the Future

You’re the one that’s in charge of your children’s financial future. And if everything stays as it currently is, then there might be no problem whatsoever. But where is written that everything will stay the same? Things are always in flux. As such, it’s important that you think about what they would do should something happen to you — this, of course, is not nice to think about it, but can push you to think about getting your affairs in order. You’ll also want to take a look at your insurance policies to ensure that it covers serious injury. If you’re unable to work, then the financial future of your children will look a lot less bright. Additionally, you’ll find that there’s a lot of value in setting up a pot of cash that’s to be used as a safety net. 

Conclusion

It really is worthwhile taking the time to make sure your children’s financial future is bright. It’ll give them a boost in a hyper competitive world, in which money and resources is king. 

A Strong Financial Future Requires Logic And Creativity

Quite often you can split humans into two camps, the logical thinker, and the creative thinker. These two sets of people go about their lives and decisions in very different ways. You will usually see the logical thinker enjoying a well-rounded life. With all their financial affairs in order and a stable, if not a little safe, future ahead. Whereas the creative thinker is someone who always seems to be on a rollercoaster, either riding high or low. It is more usual to see a creative thinker at the head of a large business, although they will have learned a lot of logic on the way.

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Logical thinkers and creative thinkers are often in turmoil with one another, if you are in a relationship where your partner cannot understand your create reasoning, you could find yourself in between lots of arguments. If you are creative, you may believe that you are an optimist and your logical partner is more a pessimist. However, this isn’t true. Usually, creative people are late, very optimistic and refuse to give up even when failure looks sure. A logical person finds these traits OTT and believes that their optimism is simple denial.

When both these sets of thinker come together, though, that is when the magic happens.

One of you will be pushing forward, showing the other that failure can lead to successes and should not always be avoided, the other will be taking on the safety net tasks and highlighting any possible issues, monitoring your assets and ensuring your cashflow is working. When logic and creativity combine there are very few things that can stand in their way.

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If you are a single person and lie in one of these camps, then you need to start learning about the other side of things. Being creative is something that comes naturally to others. However, that doesn’t mean you can’t learn the skill. You simply have to look outside the box a little bit and take yourself out of your comfort zone. Learning to be more logical is also not impossible. It is as simple as asking yourself the question, does the risk outweigh the reward. To think more logically you need to step back inside the box, momentarily!

To have a stable financial future and to build an incredible legacy for your children, you need to get creative and reasoned. Push the boundaries a little, fuelled by your research. Take a systematic risk on investment. If you are creative then why not build yourself a safety egg, make some money out of an investment and put it in your personal savings account.

When we find the balance between logic and creativity that is when all the magic starts to happen, it is where millionaires are made; it is how companies become global, take Apple for a good example, it is how names go down in history. So, look into your world and ask yourself, do you need to push a few more boundaries, or take a couple of steps back?