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HCS Week 12

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Established in 1929

Health City Sun

50¢

The

www.healthcitysun.com

March 24, 2023

New Mexico’s Legal & Financial Weekly

Vol. 10.103 No. 12

FORECLOSURE SALES: 0 PROBATE: 34 AUCTIONS: 17 NOTICE OF SUITS: 6 OTHER: 27 SPANISH NOTICES: 0

TALKING FINANCIAL LITERACY AND MONEY MANAGEMENT WITH YOUR CHILDREN

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T

eaching children about money is one of the greatest gifts you can give them. Start when they’re young with simple lessons like saving up to buy a toy. You can build upon those lessons as they get older and become responsible for things like buying their own car or preparing their finances for college. Talking about money isn’t always easy, especially if you don’t trust your own money management skills. A CERTIFIED FINANCIAL PLANNER™ professional can boost your selfconfidence and help you create a plan that supports your family members in understanding their finances. Little Kids When your kids are very young, stick to the basics. Explain three things you can do with money: Spend it, save it or give it away. Show them how to divide money they get from gifts or an allowance by putting a portion into savings or donating to a charity, and then allow them to spend the rest. Also, share how you make money decisions for the family when you shop, cook and pay bills.

Adult Children

With adult children, the type of money conversations you have will depend on whether they’re living on their own or with you. If your child still lives When teenagers get their first job, they get hands-on experience with with you, strike a balance between helping them and protecting your own budgeting. They learn to allocate money they earn to buy what they need, financial well-being, perhaps even drawing up a move-in agreement to such as gas for their car. It’s also the perfect time to teach them about taxes. keep everyone on the same page. Go over their first paycheck and point out payroll deductions, explaining Regardless of where they live, speak to your children about your estate how the system works. plan. Explain who you’ve designated to serve as your estate executor (the And when your teen is ready, introduce them to the magic of compound person responsible for distributing your estate and paying any remaining debts). interest and the basics of investing. Teens

Make your children aware of the option of working with a CERTIFIED FINANCIAL PLANNER™ professional to build a more successful and Once your child reaches college age, engage in more straightforward financially secure future. To find a CFP® professional near you, visit money conversations. Discuss spending and cost-saving strategies. Go LetsMakeAPlan.org. over student loan and credit card debt, making sure they understand their -(NewsUSA) statements, interest rates, loan terms and repayment options. College Students


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HCS Week 12 by Dave Rivord - Issuu