Tuesday, January 15, 2019

Three Tips for Building Wealth as a Family

In this current political climate, it's clear that you can't rely on the government for everything. It's so important to set yourself up financially for the future. Because of the government shutdown, over 800,000 government workers are without a paycheck. This directly impacts their ability to pay their bills, feed their families and more. You also don't want to look at your social security check as a plan for the future. 
In order to build wealth and maintain a comfortable lifestyle as a family, consider the following tips. 
1. Find ways to get discounts. While it's always cheaper to cook and eat at home, it's nice to take a break from cooking once a week. However, when a family of five goes to the local fast food restaurant, the bill can easily equal over $50. Instead, it's a good idea to find online coupons and deals that allow you and your family to enjoy a night out without paying tons of money. The key is to plan the night in advance. 

2. Save money. It's also important to actively save money. Whether it's a nickel or a few dollar bills, teach your family the importance and value found in saving money. A great way to do this involves keeping a coin bank for kids in a visible spot in the house.. Whenever anyone finds extra money around the house, they can race to put the money inside. This develops a tradition of saving for a rainy day. This is an incredibly important trait to develop within your financial regimen. It's also important to pass this skill down to your children. 

3. Actively invest money. Invest your money wisely. Get the children involved in the process as well. One of the great ways to do this involves purchasing rental properties and investing in the stock market. If you are cleaning up a rental property, take your children with you. Allow them to see you in the midst of the process so that they can see what goes into owning rental properties. Teach them the stock market tips and tricks on their level. These lessons will really serve them well in the long run. 

I hope some of these tips help.  Thanks for stopping by today!

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