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Countless parents pay a lot of money to assist their children acquire the best professional training but forget to forfeit the little essential to help them acquire the skills of managing their education paybacks- salaries.

Financial decisions are almost attached to every aspect of our lives and this is what makes financial literacy very important to both parents and their children as they grow up.

Why teach your kids about money

There are several benefits a child can gather from being wise on money matters, some of which my include the following.

Children can administer their own incomes that parents provide now by spending on necessities while avoiding extravagance.

A child will value savings and investment decisions. Money matters education along with parent’s intervention on the child’s financial use enables him or her to think and take action about tomorrow.

A child becomes independent when still young. How many parents have brought up grown-ups who remain parasites even when it is obvious that they should be out of the nest and facing the world on their own?

Children who grow up understanding that earning money requires handwork, determination and smart spending and saving decisions, can be said to be self-sufficient.

Becoming an entrepreneur is thought out to be inborn for some people while others are made.

Your child could later become his or her own boss in a business and if they will be financial literate then, it will make them strategic business and money planners.

Simple ways a parent can use to train kids personal finance

Soon after he/she learns counting, introduce them to money. To do this, parents need to be patient with the kids as they take these lessons. Normally they understand fast by observing a repeated money lesson.

Open up your own money values, saving it, growing it, and most notably spending it and this means as a parent you need to consider how well you master your own finances.

Assist them in making distinctions between needs, wants and luxuries. Not understanding these ends up in overspending and really bad debts even to the adults.

Emphasize on setting spending goals every time kids request for money, or items, to discourage impulse buying; in other words, let them learn the process of budgeting.

Initiate the principle of savings against spending and demonstrate how swift money grows.

This will begin if you showed them how to list their needs in order of priorities and emphasize on spending based on urgency not luxury, when cash is limited. Involving them in shopping will sharpen spending skills more.

Allow them to participate in opening their own bank saving plan by letting them accompany you there.

Some parents open many of such plans on behalf of their kids and say nothing until a time to join college comes.

One way of raising a completely responsible child is by leaving them to be vulnerable on financial issues, and without you around, they will find a solution to the problem.

Let them participate to such easy tasks as opening bank accounts, applying for credit cards, collage loans, and the like, only come in if they need any clarifications.

Keep your distance and allow your children make their financial decisions on their own, whether good or poor.

The bad ones motivate them to be careful with money tomorrow while good ones mean they are progressively getting on track on their own.

One way you can enhance this process is by all means training them how to keep track of the money they have spent, invested or saved by maintaining good records.

Paying a personal finance management course for your collage going child or talk them into paying if they are already done and independent is the best decision a parent may never regret why they made it.

All businesses have a focal point where everything focuses around and this is their budgets. Without them, businesses can not go very far. Planning ahead and having complete control on their finances is vital for their survivals.

Why in families is it different? Of course families are not financial institutions but without a basic financial knowledge and a basic budget as businesses families can also go burst with even worse consequences than businesses.

What is a Budget?

A budget is a sum of money designated to cover a particular purpose. It is a list of expenditures and income for a period of time. It is nothing more than a plan on how you are going to spend the money you earn in an organized and smart way.

Why budget?

The main reason to have a family budget is to avoid financial disorganization which leads to serious money problems. Being organized with money will allow you have more fun and enjoy life more. Other reasons for budgeting are to:

· Be prepared to avoid surprises

· Save money to buy something

· Get out of debts

· Get out of the vicious cycle of spend now and pay later

· Rediscover that having fun can be FREE

· Be financially comfortable

How to budget?

The first thing you need to do is develop a deep awareness about how you deal with money and to see it in a crystal clear way is to write down on paper all the money you bring home (income) and all the money you pay out (expenses).

Make a list of all your income as a family then make a list of all your expenses. It might take sometime until you finish your list and the reason why is that we always have a lot more expenses that we can remember. So don’t think you are going to do it in 15 minutes. Keep the list open for a whole month and keep entering your expenses as it happens. Try to keep records of everything: coffees, tips, drinks and every little expense you make each month.

After the month has ended add up all your expenses and all your family income to have a clear idea how and why your money is going so quickly. Now you have to start making the cuts in your expenses if you are not happy with the results.

This is a really simple strategy to start to get you and your family out of debt. You have to be persistent and have the will power to continue until you get the results you want.

Consequences of denial

If you always avoid facing and managing your finances properly you will regret it later on. Some of the consequences are:

· Live constantly in debts and under constant stress

· Bankruptcy

· Serious conflicts in your family

· Repossession

· Cause grief to your children

When performing a credit card review, the realization dawns that the competition between credit card companies and issuers has rarely been fiercer. Deals favoring the consumer abound and there is a willingness to negotiate better rates in order to lure competitor’s cardholders away. If you do a review on some of the top issuers, it is clear that they are generally very eager to expand their market share and focused on retaining their existing clients by continually enhancing the products and services they deliver.

But just how far are they willing to go? This particular review on the platinum credit card deals offered by Discover, American Express and Chase, tells the story.

Credit Card Review on Discover ® More
Discover does not offer the widest variety of credit cards, but was selected by Keynote Systems as the #1 ranked site in terms of customer experience for account prospects. The Discover More review found their platinum package competitive in terms of the initial interest rate charged:
” 0% introductory APR for 12 months;
” 0% on balance transfers;
” 10.99% upwards on purchases;
” 20.99% on cash advances;
” 28.99% on default.

As a part of the overall review, we also looked at the rewards offered with the Discover ® More credit cards:
” The credit card cash back rewards amount to 5% on items like travel, apparel, home, gas, restaurants, movies and so forth;
” There are 5% to 20% cash back rewards at specific online merchants and an additional 1% on all other purchases made.

This review found the fact that there is no expiry date on the rewards, that the rewards are generous and that there is no ceiling imposed on the value of the rewards, very appealing features.

Credit Card Review on American Express Optima ® Platinum Card ®
American Express has been in existence since 1850, making it the second oldest company covered by this review. It operates in 130 countries worldwide. Their platinum deal offers the following:
” 0% introductory APR for 6 months;
” 8.9% on balance transfers, then 6% for purchases thereafter;
” 6 % upwards on purchases;
” 23.24 % on cash advances;
” 21.24 to 31.24% on default.

As a part of the review, we also looked at the rewards offered with the American Express Optima ® Platinum Card ®credit card:
” Allows you to accumulate points – 1 point to the dollar – for all purchases charged to the card;
” Points earned can be redeemed as entertainment, retail, and travel rewards.

This review found the interest rates very attractive and the rewards scheme offered quite flexible. The rewards scheme leaves the redemption of the points to the card holder’s discretion. As with all American Express credit offerings, only applicants with good a credit report will be likely to qualify.

Banking has evolved with time. The entire infrastructure and concept of traditional piled files and documents has given away to a much more sophisticated and sleek outlook. Moreover with technology growing with a rapid pace the time consuming factor has been replaced with doorstep banking methods which permits you to carry on with your banking 24/7 without having to pay the bank any visit. Money orders and transfers have taken a backseat for Online Money transfers, Card and mobile banking.

When Banking started of for Independent India, you had Nationalized and regional banks handling the country’s finances. As the years progressed you had more branches opening up. The 80s and 90s saw a whole lot of Global Banks like Standard Chartered, Barclays, Grindlays opening their banks up in India. Still banking didn’t seem to be convenient. The modus of transaction was pretty gloomy and boring with people having to wait their turns to visit the teller’s counter to complete their transactions. With technology coupled with the internet coming into play banking solutions have become more custom made for the average consumer. Online Banking ensures that a person is tuned completely with his finances at any given point from any part of the world. Ditto for mobile banking. The last couple of decades also saw numerous Indians migrate abroad on a bid to pursue their lives and carrier. Getting monetary transactions wasn’t easy then. Postal services and courier faux passes weren’t that convincing. Now with banks offering many solutions NRI Banking has also been made easier.

Various facilities for NRI Banking consist of NRI Savings account, NRI Term Deposits and provision to remit money to India. Mobile Banking and Online Banking also offer Mobile bill payment and online bill payments respectively. Typical business banking ensures commercial as well as retail banking services. In Commercial Banking, various corporate entities and major industrial houses are liable to be offered loans to proceed with their business and financial commitments. This kind of banking is generally profitable as it includes a large amount of money. Incase of retail banking services which is basically mass marketing business transactions, direct transaction with individuals which includes loans, various accounts and deposits, and locker facilities banks look to improve their consumer base. Establishing good customer relationship strengthens your financial base as with every major deal that you incorporate via your customers adds to your treasury. As of now the Retail section is undergoing a strain courtesy the recession. The failure to repay debts has seen the fall of global financial houses. So it is very important that a thorough examination is done to ensure know your customer (KYC) norms prior to issuing major loans.

Banks also provide special facilities to their HNI (High net individual) worth customers. These people generally have a huge amount invested with the financial house and indulge in hefty transactions. They are provided with world class banking facilities termed as Priority Banking and Premier Banking, both words justifying their meaning. Savings account for the average investor has also been made easier where you no longer need a referral to open an account or minimum balance to save in your account (* condition applies in both cases). Currently the major Global players in the Indian Finance Sector include Standard and Chartered, HSBC and Barclays. Banks of Indian origin that have gradually made waves include ICICI, HDFC, SBI and Axis Bank. All in all modern day banking has every element that ensures Wealth Management Services for the longer run.

Most people are truly unaware of the various misnomers, misunderstandings and myths being propagated in regard to home loan modifications. At the Loan Modification Help Center, we have put together a list of common myths people tend to believe about loan modifications. This is so you can see the truth and make an informed decision about your current financial situation without having to go on false information and lies.

Myth – Your bank or lender wants you out of your home and wants to own your home. This is an unfortunate myth that people believe far too often. To put it bluntly, your bank wants your money, not your home. They earn more money if you can make payments than they do if the home goes into foreclosure. Foreclosures not only cost the bank money from your lack of payment, but there are attorney fees, agent commissions, potential landscaping costs, home rehabbing and more when doing a foreclosure. All of that is good news because it means negotiating a loan modification makes them more money than sending your home into foreclosure.

Myth – Your terrible credit score will keep you from qualifying for a loan modification. To be quite honest, nothing could be further from the truth. Unlike the option of refinancing your way out of trouble, a loan modification simply adjusts the terms and perhaps reduces the balance of the loan you already have. In fact, a loan modification could potentially improve your credit score over time, especially if it prevents you from ending up in foreclosure or bankruptcy.

Myth – You are not able to qualify for a loan modification because you are not behind on your mortgage payments. In the past, this may have been true, the truth today however is that the eligibility requirements are constantly changing and differ among lenders. Plus, with new legislation handed down from President Obama, new doors have opened on this front. Many lenders are now working out loan modifications with borrowers who are up do date on their payments. A qualified California home loan modification attorney can help you recognize what your options are with different lenders.

Myth – You would be better off walking away from your home or declaring bankruptcy than getting a California loan modification. You certainly could walk away from your home or file for bankruptcy, but they are not the best options when you are facing a foreclosure situation. If you walk away from your home, the lender is unlikely to pursue legal action against you, but in some jurisdictions the lender can pursue financial options to collect the remaining money owed. Filing for bankruptcy may be better than just walking away from your home, but a bankruptcy will leave major blemishes on your credit report for a decade.

A California home loan modification attorney can walk you through the entire loan modification process and help navigate the myths from the realities. If you are interested in a California home loan modification, contact an attorney who can be of service and who can tell you the truths about the industry, the market and what your options are.