What is your life telling your children about money? Never underestimate the strength, good or bad, of your example, of your courage to demonstrate what life can be when you make wise financial decisions and live within your means. Just as an inheritance is a financial legacy, so , too, is your example. No matter where they go or what they do in life, your children and grandchildren will carry this legacy forward.
If you are like me, you have made plenty of promises to yourself that you haven’t kept. Here are five tips to help make it easier for you to keep your financial promises to yourself.
When the time comes, will they find you prepared — or will those you love suffer the consequences of your mismanagement and procrastination? Your opportunity to seek professional help is now. Don’t let it pass you by.
Charitable giving makes a difference in your life and in the lives of those who benefit from your generosity. No matter your financial situation, you can participate. Charitable giving is not only limited to giving money. A contribution of time can be equally important and meaningful.
It’s your money. Why not make the most of it?
What if you could use the magic of compound interest for decades (i.e., a child policy), yet never pay taxes above basis because you take distributions as a loan?
It is not deemed as income, is not subject to required minimum distributions, and will not affect taxation on social security if in a life insurance policy. Death benefits are tax-free as well.
As a parent or grandparent, you can leave a legacy by using the magic of compound interest.
