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What I Want My Kids to Know About Money

Many parents don’t talk to their kids about money. As a financial planner, I’m an exception to that norm. My kids would be quick to tell you I talk to them about money a lot.

Here are a few of the things I want my kids to know about money.

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Teach Kids About Money With “Intentional Wealth”

When it comes to children and money, it’s my experience that parents from a variety of backgrounds and income levels want the same thing: for their kids to be successful and happy. While families might have different definitions of “success,” the underlying aim is very similar.
A useful resource for helping children build empowered relationships with money is a book called Intentional Wealth, by Courtney Pullen.

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First Asset Protection Strategy: Overcome Your Own Beliefs

Besides helping you build wealth, your financial planner should also offer ways to help you protect it. Yet one aspect of comprehensive financial planning that doesn’t always get a lot of attention is asset protection.

The most common ways to lose assets are divorce, bankruptcy, and judgments filed against property as the result of a lawsuit. Putting assets beyond reach of a judgment resulting from a frivolous lawsuit is a basic asset protection strategy. It includes owning assets in trusts, LLCs, or corporations that are located in multiple jurisdictions.

Yet when I suggest asset protection strategies to clients, they often respond with ambivalence or reluctance.

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With Low Interest Rates, Consider Mortgage Refinancing

Five years ago the government was injecting trillions of dollars into the US economy. Conventional wisdom suggested that rising interest rates were soon to follow. Some even predicted the collapse of the dollar and hyper-inflation. Instead, inflation is down, the dollar is the strongest it’s been in a decade, and interest rates are falling to the lowest rates we’ve seen in decades.

Now would be a great time to dig out your mortgage loan paperwork and consider refinancing. Here’s how to find out whether it’s a good option:

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