There is little doubt that lack of sufficient money constitutes a major stress and contributes to bodily ills. Our attitudes toward money undergird much of our lives, impacting our lifestyle and sense of well-being. Yet many of us ignore the task of managing our finances, often with dire consequences.
I've found that the summer months are the perfect time for a mid-year check-up on my finances, when I can adjust my financial goals based on my needs for the summer and throughout the year. Based on my experiences, here are a few tips for parents to consider as they talk to their teens about the value of saving money this summer (while still having a little fun!).
Living as a married couple, saving for kids, buying a house, helping aging parents. Sound familiar? Many of our staff here at Betterment HQ are also Betterment customers trying to meet all these financial goals. And like you, they care about keeping costs low and doing the smart thing with their money for better peace of mind.
In a recent TD Bank Financial Education survey, we learned that nearly 70 percent of Millennials (ages 18-34) have never received formal financial education. Moreover, 76 percent of Millennials reported that they are seeking financial advice, from basic information about checking and savings accounts to more complicated topics, such as mortgages and starting a small business.
According to this article from Dave Ramsey's website, "the majority of American workers, 69 percent, have less than $50,000 saved for retirement -- 36 percent have less than $1,000."
Money for nothing doesn't exist, but something does come close: generating money through compound interest. One of the most common ways investors generate compound interest is by investing in a diversified portfolio of ingredients from the financial markets: stocks, bonds, real estate, and commodities.
Ongoing droughts have bumped up prices for produce and produced a trickle-down effect on meat, since feeding cattle has become costlier. At the same time, a virus has been plaguing pigs across the nation, spiking prices on pork. It's not a pretty picture just as barbecue season goes into full swing. But you can still find ways to grocery shop on a budget, especially if you know where to expect the hikes.