Finance & Investment, Watch Out Parents
Most parents feel uncertain about the right way to save for their kids. With so many savings plans, loans and mutual funds to choose from, some parents just avoid the conundrum of finances and keep their money stuck in a savings account for years. But you already know that keeping your money in a low-interest account is not your best option. So where do you begin with creating a better financial plan? Read on for some common mistakes that parents make with finances:
1. You put your retirement on hold and save only for your child's college.
There are plenty of loans and scholarships available for college, but there is none available for retirement. In your haste to take care of your offspring, don't forget to take care of yourself first. By the time your child is ready to enter college, he/she will be able to apply for all sorts of financial aid. She might even get a full scholarship somewhere, especially if she knows she has to. Saving for her own college is an excellent way for her to learn about the real world.
2. You only know about 5% of the scholarships out there.
Here are thousands of untapped scholarships, private and public. If your child knows he won't have his college paid for, he will work that much harder to get good grades, scholarships, and grants. Who knows, your child may even decide that college is unnecessary for his career. If he wants to become a carpenter, it's not necessary to attend college. Same thing for farmers, technicians, and computer programmers. There are many worthy careers that do not require a college education.
3. You let your spouse manage the finances.
Although this concept traditionally applied to women relying on their husbands, today it goes both ways. In general, couples avoid talking about money. It is one of the prime sources of arguments and marital strife, so it is avoided. But in this avoidance, couples may be missing the chance to create a unified financial vision, both for themselves and for their child's future.
4. You don't understand your bank's systems.
Banks usually offer educational courses for parents who want to save. These courses may or may not be a sales pitch, so beware. The bank courses teach everything from how to save, to how to invest, to understanding complex banking processes like the business rule engine , and how banks process loan applications through automated decisioning, a software system that determines an applicant's financial health. The good thing about these courses is that they are geared towards lay people, and presented in a simple manner.
4. You don't invest.
Should you go to a financial planner? Should you ask your bank for advice? How do you start investing? Remember that most financial planners are salespeople, not finance experts. When you begin shopping around for where to put your money, keep a wary eye on who is truly experienced and has a track record of making money, and who is just likeable. There are several books on the market that break down investing into simple steps. I like Suze Orman, although she is just one of many helpful financial experts.
About the Author: Amy Brevard is a Freelance Writer working with Innuity. For additional information regarding the business rule engine or automated decisioning , go to Zootweb.
Related Tags: business rule engine, automated decisioning
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