Ways to teach your child about finance

What conversations are we having with our children; about the birds and the trees and to stay away from drugs? Very smart! Let’s add finances and how to be financially responsible while you’re at it.

The most common question among parents is at what age to introduce the topic of money to young children. The answer is always as soon as they can learn to count. Think about it; every adult was once a child and whatever values that were instilled in us as children are the ones we are going to hold on to for rest of our lives. They do not call them formative years for anything.

The role of schools is very crucial however different from that of parents. Most will agree that some changes are overdue in the education system to accommodate and reflect the changes in today’s world but that would take years of research and red tape before it passes and is applied in schools. More practically, what do children need to learn about finance from their parent?

  1. Honest and hard work is the only way to earn a living. Install the virtue of legal and hard work (not child labor) in them by giving them chores around the house and rewarding them
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3 Tips to Get the Most Cash Out Of Your Junk Car

Tip 1: Understand the value of your car

Before disposing of your junk car, check how much the car is worth. The following factors will give you a clue;

  • The number of pre-owners
  • Its depreciation over the period of time it has been in use or rather how long in terms of years the car has been running.
  • Its mileage-and this means miles  the car has covered
  • And finally the condition of the car considering how well the vehicle has been serviced.

A quick fact which many people don’t know is that the depreciation of your car isn’t entirely 100% dependent on the condition you leave the car in. The moment you leave the car dealership, your car loses its market value which is around 8-11% of the initial price. So don’t expect much if the car has serviced you for more than 5 years as then it’ll have depreciated by around 32-38% of the original price. But you can still get good cash if the parts and body are in good conditions.

Tip 2: Shop around for different buyers/ junkyards

Just like in all businesses, prices vary from junk yard to junkyard. Some car removal operators offer a higher price than others. So if you want to get the … Read the rest