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Get Ready for Baby!
6 Financial Tips for Parents
By Joe Cooke, CPA, MT, JD
Kids crave love and attention more than toys and doodads. The more debt you have, the more you will work and worry and the less time and attention you will have for your children.
3. Savings and Charity
Pay yourself first. Take 10 percent right off the top of your gross monthly income and set it aside for investing in income-producing property. Set another 10 percent aside for charity. Flow is established by circulation, not by stinginess. For a brief review of this principle, read A Christmas Carol by Charles Dickens. 4. Investing
There are two major categories of investing: (1) stocks and bonds and (2) real estate. Robert Kiyosaki, world-renowned millionaire and author of Rich Dad, Poor Dad (Warner Business Books, 2000), predicts that we will see another great stock market crash within the next 10 to 15 years as retiring baby boomers begin to rapidly draw out what is left of their 401(k) investments. Although investors are still stinging from the aftermath of September 11 and corporate shakedowns like Enron, the recent stock market slump is not unprecedented, nor will it be the last. Investing in securities requires expertise and wisdom, even when you are investing in mutual funds. Investing in income-producing real estate is investing in hard assets, and although most people consider it more risky and complicated than investing in the stock market, that is more myth than reality. In his book Multiple Streams of Income (Wiley, 2004), Robert Allen suggests a diversified approach to investing, including real estate, stocks and even business ventures and royalties.
5. Wills and Living Trusts
During the past 20 years, there has been a movement away from wills and toward living trusts. A will is subject to probate by the courts, whereas the terms of a living trust are established during your life. That means that you have more control over how your estate is managed even after your death. In addition, living trusts have some tax advantages. Want to see more?
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