Tony Robbins 7 Simple Steps to Financial Freedom - Lewis Howes

In this video, Lewis Howes interviews the incredible Tony Robbins about 7 Simple Steps to Financial Freedom

Financial Advisor Told Me To Invest Instead Of Paying Debt

That's a big question - is it better to invest my money and pay of my debts with my returns, or should I get my debt cleared first?

You'll get different advice from different people - so who's right?

Check out this great video that should answer this very question for you!

Bullet Proof Nest-Egg Advice From Tony Robbins and Ray Dalio | Forbes

Are your financial nest eggs bulletproof? Check out this awesome advice from some of the most wealthy people in the world

The Best Financial Advice for Getting Rich - Grant Cardone

Have you seen inside Grant Cardone's millionaire booklet? Want a sneak peak?

Check out this short video!

How to Stay Out of Debt: Warren Buffett - Financial Future of American Y...

Warren Buffett is not only one of the richest men on the planet, he's also one of the wisest and most balanced in his outlook (though he admits he doesn't understand cryptocurrencies!)

If he's dishing out advice on staying out of debt, it's probably worth paying attention to!

Financial Skills - Opening a Bank Account

I was surprised when I asked parents to tell me the life skills they wish their kids knew, and there was a resounding request for kids to learn how to open a bank account.

Similarly, there was a huge call out for:

• How to budget & balance accounts
• How to write checks and pay bills
• And how to start saving for retirement

It seems some of the things we take for granted are, as a result, missing from what we teach kids.

This article is the first article in the four-part series and will discuss the best and simplest way to get started with opening a bank account.

It seems easy, but there are several questions many people never think of that we'll address in this article:

1. Which bank?
2. Checking or savings account?
3. Are there fees or minimum balances?
4. Should I get a Debit Card too?
5. Should I have my name on the account with my kid?

1. Choosing a Bank

When you choose a bank, there are a few criteria you'll want to look at:

1. Location
2. Number of branches
3. Ease of access

The location should be convenient to your home, but also have enough branches so that - in the case of an emergency - you can get to your bank.

I opened an account with Elevations Credit Union when I was attending CU Boulder. It was convenient and credit unions are really great to bank with. However, after I graduated and moved, there were no branches around me, which made things very inconvenient. I ended up opening an account with US Bank since they are in about every King Soopers, where I do my grocery shopping.

This is especially important with kids because you don't want them to have to drive too far just to bank.

Similarly, ease of access into the branch is important. I remember having a Norwest (now Wells Fargo) account, and getting in and out of the bank's parking lot was terrible. I had several near-miss car accidents and dreaded even going to the bank.

2. Checking or Savings Account

As you'll learn in the future article about saving and budgeting, there should be an account that is used for saving and investing.

That means it's important to have BOTH a checking and savings account.

The reason a checking account is important, is so that kids can learn how to write checks, and have a designated spending account aside from a designated savings account.

Checking accounts are important for paying bills (be it online or via mail) and will give kids the opportunity to learn how to write checks. Even if check writing isn't as prevalent as it once was, it's still important.

I was shopping one day and realized I forgot my wallet, which had my credit cards and cash. I started to panic because I needed some food. Fortunately, I keep a couple of checks in the car and was able to save myself by writing a check... they still come in handy!

3. Fees & Minimum Balances

Some banks have fees to have an account and others don't. Obviously get the one that doesn't since your kid shouldn't have a huge account. Likewise make sure there isn't a minimum balance or a very small ($10 or less) minimum balance.

Just as important is how overdrafts are handled!

When I was in college, it never failed: my peers (who hadn't learned how to balance an account) would routinely trigger their overdraft protection and the hefty fees that went along with it.

They would look at their balance online and it would show $10. Then they'd check it again a few days later and it was at $30.

It was the magical growing bank account; and they never wondered where the extra money came from. Until the end of the month when they had over $200 in overdraft protection fees!

I would suggest NOT getting overdraft protection and instead making darn sure they can balance their account (which we'll cover in a future article).

4. What About a Debit Card?

Here's my thoughts on kids having debit cards: it makes it much, much harder to balance the bank account while making it much easier to overspend and run into trouble.

Are ATM machines convenient? Yes, but I have never once used one in my entire life. Part of teaching kids life skills is to teach them to be prepared. I keep an extra $10 in cash plus a few checks in my car. It wouldn't bother me if it got stolen.

If you're determined that your kid gets a debit card, wait at least six months after opening their account so they can learn "the old fashioned way" and understand how the debit card affects their account when they actually start using it.

5. Should I Be On The Account Too?

I think it's a very good idea for you to be on your kid's first account so you can monitor their spending and make sure they don't cause a train wreck.

It's good to get statements so that you can use that as a learning experience to go over them with your kid and teach them how to properly dispose of them (in a shredder) so that they decrease their risk of identity theft.

Come up with a time frame or benchmarks until you pull yourself off the account and let your kid take on the responsibility of an individual account.

Opening a bank account is a huge step into a new world for kids and it should be a great experience. Walk your kids through the setup and look for the learning opportunities along the way.

Arm your kids with financial skills and hacks...

Check out the article about getting financial aid for college!

How to Get Financial Aid

Article Source: https://EzineArticles.com/expert/Stu_Schaefer/2447706

Article Source: http://EzineArticles.com/9772248

How to become a Successful Financial Advisor

Have you ever considered becoming a financial advisor? Are they any good any way?

Maybe you just want to learn so you can be better at managing your own investments... this video is for you!

Credit Ratings - The Money Advice Service

Do you know what your credit rating says about you? Do you understand why it's important and what effect it can have on your life? Almost a million people have watched this great video by the Money Advice Service explaining just that!

Did this video help you understand your credit rating better?

Keep Track of Your Total Net Worth

Business and professional practice owners know they cannot effectively run their company without understanding its financial position. In the same way, when it comes to making a comprehensive wealth plan, they also need a framework to assess their overall financial status.

A "Life Balance Sheet"[1] provides a complete view of the owner's assets, liabilities and net-worth. Though similar to the more traditional balance sheet used to monitor their company, the Life Balance Sheet includes both real and implied assets and liabilities.

The left side of the sheet lists the owner's assets and includes the traditional financial assets (cash, stocks, bonds, alternative assets, etc.) and other tangible assets (real estate, precious metals, art collections, etc.). It also includes implied but expected assets.

Implied assets are non-liquid assets that are often non-tradable yet have value. In a previous article, this was referred to as, "Human Capital." Though often overlooked, Human Capital represents the present value of the owner's expected earnings.

Liabilities, on the right side of the sheet, should be viewed in the same manner. Mortgages, business loans and other debt secured by property are explicit liabilities. Additionally, business and practice owners should include their succession goals as an implied liability and career professionals and non-business owners will include the estimated costs of their retirement.

For example, if you want to maintain a certain standard of living after leaving your business or retiring from your career you are creating an implied liability that must be funded by the assets on the left side of the Life Balance Sheet. Aspirations to purchase a vacation home, start another business or fulfill a charitable commitment represent implied liabilities as well.

Think about a Balance Sheet with Assets Listed on the left side and Liabilities on the right. The combined assets include a house, retirement plans, and the family business. Taken together, these are worth $2,000,000. To this we are going to add $800,000, the amount of money the owner expects to earn as income from the business. This increases the value of the Total Assets to $2,800.000/

Under Liabilities we will list three common assets including a mortgage, college expenses and estimated retirement costs. These total $1,800,000. This leaves $1,000,000 as Discretioinary Wealth; an amount the person can use as he/she desires, but that will make a signiticant impact on their net worth, their retirement, even their legacy.

Using the Life Balance Sheet helps owners, professionals and others place a value (present value) on their implied assets (their projected earnings) as well as their implied liabilities (retirement and other costs). This information should cause owners to review all their tangible and real assets - including the value of their business - to make certain they are on track to meet their long-term goals.

[1] Wilcox, Jarrod, Jeffrey E. Horvitz and Dan diBartolomeo, 2006. Investment Management for Taxable Private Investors, Charlottsville, VA: Research Foundation of CFA Institute.

Article Source: https://EzineArticles.com/expert/Paul_Brown/2461119

Article Source: http://EzineArticles.com/9789399

All The Financial Advice You’ll Ever Need Fits On A Single Index Card

Some people think being successful at managing their finances like the super rich is super complicated and beyond their reach, but that simply isn't true - as you'll find out in this video, all the financial advice you'll ever need fit onto a postcard!

Do you follow these principals for financial success?