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Money and Finance

3 Questions to Start a Family-Run Business

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family business

Ready to start a family-run business? There are a few points to consider before you jump in. First, what would be the best business for your family? Second, what kind of funding will you need to get started? Third, how operating the business impact your family life?

Choose Wisely

According to Brad Sugars, online writer, you shouldn’t choose a business because its what you already know. Just because you were trained as a hairdresser, you don’t have to open a salon. Also, you shouldn’t pick a business just because you have a passion for it. You may really love shoveling snow, but if you live in southern California, snow shoveling is not a very profitable service. You should make sure that it is a product or service that customers will come back for again and again. It makes more sense to sell to returning customers than it does to spend time, energy and money on getting new customers.

Also, make sure there is a high profit margin. Plenty of businesses promise the cheapest prices and undercut their profit margin. If you chose a product or service that makes a very small profit margin, you’ll be working very hard to keep your business profitable. FInally, build a strong support team because having a great idea without a means of implementing that idea will not make a successful business. If you don’t have the knowledge or ability, find someone who does. [Read more…] about 3 Questions to Start a Family-Run Business

Originally posted on February 28, 2015 @ 2:25 pm

Is Your Child’s Financial Future Secure?

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As a parent it is normal to want the best for your kids. You work hard and try to give them the finest that life has to offer. When it comes to ensuring the security of their financial future, it is easy for a parent to be left wondering what approach to take. You already contribute to your child’s Roth IRA, building small pockets of wealth for their future when possible. You have even started looking into creating extra passive income with rental properties or flipping distressed properties.

saving for your child's financial future

Investing and padding the nest egg for your child’s future is certainly a nice gesture. It is unfortunate that none of these actions will ensure that their financial state will continue to remain solid long after you are gone. On the contrary, doing all this work for your child may have the opposite effect. Children who have everything handed to them in life tend to not understand how to do things for themselves. This is why it is important to educate your kids in the intricacies of how to earn and save money. Such insights will ultimately prepare them with the skills they need, ensuring that they will have a solid financial future. [Read more…] about Is Your Child’s Financial Future Secure?

Originally posted on December 11, 2014 @ 6:11 am

Tips to Teaching Children About Money

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Teaching children about money is an important step in a parents life. How you teach your children about money will stay with them into adulthood and could mean the difference between them be riddled with debt or having a happy future.

There are two basic things that people can do with money, once they have it. They can spend it and they can save it. This lesson is broken into those two categories. Start off by teaching your child how money is made, through work. Then, go on to what they’ll be doing with their hard earned money.

teaching kids to save

Teaching About Spending

Spending money isn’t just about shopping. It’s important that children learn that bills and responsibilities come first, before fun and frivolous spending. This is where you will teach you child about having a checking account, writing checks, and about budgeting. A checking account gives them a place where they can put their money in order to use it. [Read more…] about Tips to Teaching Children About Money

Originally posted on March 26, 2015 @ 12:11 pm

The High Cost of Raising a Baby

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Raising a child today is no joke. It’s a huge challenge that takes patience, knowledge and a lot of preparation particularly on the monetary side. Not many couples realize how expensive a new baby can be until they’re in the actual situation of raising their child after birth.

happy-couple-and-baby

It’s a fact that having a new baby these days can cost so much the reason why couples bent on having their own child need to know what they’re potential expenses would be right from the start. From conceiving the child and that includes pre-natal care to hospitalization and birth, a couple is bound to spend thousands of dollars ranging from $1,500 to $5,000.

Take note, however, that this estimated cost is only for a healthy childbirth and short stay in the hospital. The expenses can still go up in other situations such as when the baby is born premature, the mother goes through caesarean section or when the mother quits her job. [Read more…] about The High Cost of Raising a Baby

Originally posted on May 3, 2014 @ 12:49 am

Teach Your Kids to Give Back by Setting an Example

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Being able to share the things we have with the less fortunate people, no matter how small, is always an admirable trait. Giving often results in a feeling of joy and appreciation to both the giver and the receiver. For many people, the sincere smile alone or simple thank you that they get from the receiver is enough to give them joy in their hearts that can last for a lifetime.

child-charity

As parents, it is just fitting to start teaching kids to give back and help other people early in their life. And the best way to do this is by being a role model.

Kids easily pick up what they see their parents do and when they see you share things or give some money to those who have less in life, they absorb that. I say this from my own personal experience.

As a mom, I give coins to beggars I pass by on the sidewalks when I go downtown. This act, I’m glad, my 8-year-old daughter has picked up. Every time we stroll to the malls or go to church, she would be the first to tell me of the presence of a beggar or blind person within the vicinity. She would even remind me to prepare some coins and then I would let her give the coins to the person.

In their school, my daughter is also made aware of their responsibility to share what they have. Each year during Christmas time, they are encouraged to share their old clothes, books and toys to the underprivileged children including the orphans and victims of calamities.

Some important points you can teach kids about helping others are that one doesn’t need to have so much in order to give and share his things, that one does need to have or buy many things including the latest devices to be happy in life and that one need not throw his old stuff in the garbage because there are always other people in need.

Photo via cnn

Originally posted on February 7, 2013 @ 3:15 am

Is it Possible to be a Mom and Entrepreneur at the Same Time?

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mom-home-business

Being a mom already entails a lot of work that takes long years to fulfill. You have your hands full raising a kid or two and maintaining a comfortable home for your family. Plus not to mention, you also have to take care of your man at the same time.

For many women, motherhood alone is already enough to keep them preoccupied. For the others, however, it’s just one aspect of their lives. The enterprising ones seek ways to start a business even at home and earn extra income. Although the financial aspect is important, running a business is also about doing what you love. It may not be easy at the start but eventually when you get the hang of it, you’ll find yourself enjoying it.

Keep in mind that the first thing you’ll have to consider when starting a business is to determine what you like to do. Do you want to sell stuff online? If so, what kind? Decide on specific products that people need. You can even create your own personalized items if you have the time.
[Read more…] about Is it Possible to be a Mom and Entrepreneur at the Same Time?

Originally posted on January 5, 2013 @ 5:48 am

Tips For Parents: Personal Loan vs. Credit Card

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Parenting is hard. Aside from raising young’uns and teaching them important life lessons like saving money, parents also need to manage a household, provide for the family’s needs, and save for their children’s education and future. And to do this, they sometimes need to get into debt, either through a loan or by using a credit card. But which of these two are the better option for parents? Here are a few tips on when to use either.

When to get a personal loan

  • Temporary cash difficultiesIf you’re short on cash, you can use your credit card but this could cause problems, particularly when paying your debt. Every cent counts so you might not be too pleased with your credit card’s higher interest rate. A personal loan would be the better choice during temporary cash difficulties because you’ll be able to get a larger amount for a lower interest rate. [Read more…] about Tips For Parents: Personal Loan vs. Credit Card

Originally posted on October 15, 2012 @ 5:14 am

Taking Out Insurance From Your Bank

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Did you know that aside from credit cards, checking accounts and a variety of loans, you can also purchase insurance products from your bank? The concept is called “bancassurance”, where instead of having an insurance agent sell you insurance, you deal directly with the bank.

What’s great about this arrangement is that your insurance dealings are now included in your own banking transactions, and that you won’t have to look separately for such products. Here are some of the types of insurance products that you can take out from your bank. [Read more…] about Taking Out Insurance From Your Bank

Originally posted on December 1, 2012 @ 4:35 am