Money Minded Families

Teach your children to make sound financial decisions. Prepare them to use their money wisely and with a purpose

Money issues challenge every family, no matter their background. Thats why Money Minded Families: How to Raise Financially Well Children offers advice on how every adult and child can be "financially well."  The book explores how we can align our individual values with finances, while planning for a more secure financial future. It looks at how we can save, spend, share, and invest with a purpose. The author supplies financial basics for families and direction on creating a family mission statement, in order to help drive mindful financial choices.

With the help of this books holistic financial guidance, families can take steps to live their best financial lives, rather than simply getting by. Readers will find advice on:

• Practicing financial mindfulness
• Understanding the current financial landscape
• Spending with a focus on personal values
• Understanding key financial concepts
• Engaging in healthy financial socialization
• Becoming financially independent

Todays financial environment sets up unique challenges, including concerns over Social Security, sky-high college costs, and debt. Kids are more likely to make their buying decisions online rather than in stores. Its important that childrens knowledge about money begins in the home. When parents actively teach their kids about money, it can contribute to their chances of future financial success.

WithinMoney Minded Families, parents will find tools for evaluating and improving their own financial wellness. They can also teach their children about positive financial health using the books activities, which are organized by age.

STEPHANIE W. MACKARA is the owner of Charleston Investment Advisors, LLC, a financial planning and investment management firm that helps families and businesses secure strong financial futures. Stephanie has over two decades of experience in financial services and an academic background in both psychology and law. She is an expert contributor to several national magazines and newspapers and speaks at financial conferences across the United States.

Acknowledgments ix

Introduction xi

1 Background: A Little Bit of Retirement History1

2 The Current State of Retirement5

3 Financial Socialization: Creating Spending, Budgeting, and Saving Habits11

4 Our Money Personalities17

5 Gaining a Healthy Perspective on Money27

6 Your Baseline Values and Goals33

7 Principles of Money Management: Save45

How to Save 50

Saving for College 53

Student Loan DebtGood or Bad? 56

8 Principles of Money Management: Spend61

The Ins and Outs of Budgeting 63

Cars 70

Buying a House 72

How Long? 72

What Can I Afford? 72

Renting a House 73

What Can I Afford? 73

Skin in the Game 75

Earning Money 78

Taxes 79

9 Principles of Money Management: Share81

10 Principles of Money Management: Invest89

How the Stock Market Came to Be 94

Stock Market Basics 94

Reading Your Investment Account Statements 95

TimeInthe Market,NotMarket Timing 100

The Planning Process 100

Why Am I Investing? 101

How Much Do I Need to Invest? 101

How Much Risk Should I Take? 102

What Should I Invest In? 102

The Psychology of Investing 103

Insurance 106

11 The Bucket Approach: Putting It All Together111

Buckets 112

12 What Does a Good Financial Advisor Do?117

13 Last Thoughts121

14 Family Mission Statement125

Conclusion 128

15 Lets Recap131

Additional Resources 133

Books 133

Toy Learning 134

Apps 134

Index 137