Hope for your financial life and beyond

How Much We Pay Our Kids For Chores

If you’ve ever wondered how much to pay kids for chores you are not alone. It’s a question my wife and I have wrestled with again and again. I’ve mentioned before why we don’t give our kids allowances. I’m not giving them money just for existing. It seems like that is what an allowance implies. Kids need to feel the burden of work so they can experience the joy of its rewards.

how much to pay kids for choresIn addition to earning some money, doing chores around the house is teaching them responsibility. The home is where they should begin to learn basic life skills. When I was in school, I knew some college freshman who couldn’t do their own laundry. All four of my children have been doing their laundry since they were nine.

Over the years my wife and I have adjusted how much we pay our kids for chores. The amounts started out small and increased as they got older. And then when we started having teenagers, specifically when they turned 16, we made another radical turn. Before I get to that though, here is some background information that helped us decide on how much to pay kids for chores.

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3 Reasons A Good Name Is Better Than Riches (Proverbs 22:1)

“A good name is to be chosen rather than great riches, Loving favor rather than silver and gold.” – Proverbs 22:1

Have you ever thought about the status of your name? Would you say it is good? Do you even care how those around you view your name?

a good name is better than richesJust to clear up any confusion, I’m not talking about your actual name. Mine is Brian. There is nothing fancy or unique about that as over 1.2 million people in the U.S. share it. It’s statistically the 29th most popular first name.

I’m talking about what your name implies. When people hear your name mentioned, what do they immediately think of you?

In this context, a “good name” really speaks to your integrity. It’s about your reputation and the character you possess inside. It identifies who you are from a moral and ethical standpoint. Essentially it is what you are all about.

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13 Encouraging Bible Verses for Men

Let’s face it – men need encouragement. We try to act tough like we can handle everything on our own. But if we are honest, we need to be lifted up just like anyone else. So it’s a good thing there are many encouraging Bible verses for men from which we can draw inspiration.

encouraging bible verses for menThe Bible is full of encouragement to all people. There are so many stories and verses that give us inspiration, strength and comfort in our time of need.

But are there verses that speak a little more directly to men and our issues? I think so. Men have challenges that women don’t face on the same scale or level of intensity. There is nothing wrong with that as we are all made differently. And some Bible verses may mean more to one person over another or one gender over another based on what we struggle with.

So today I’d like to highlight a few encouraging Bible verses for men that stand out to me and share a little about why they do.

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The Best Way to Send Money to People

Many people think that a traditional bank is the only safe and convenient way to send money overseas. It is true that banks have best reputation of securing wire transfers all over the globe. Unfortunately, sometimes their services come at a steep price. Additionally, banks are notorious for lower exchange rates, higher processing fees, and fewer options to send or receive cash.

Thankfully, since the revolution of the internet, there are now many other alternatives when it comes to how we can send money to recipients who are far from us. How we send the money and how it is received depends on the delivery mode. Because of this, it can take from minutes to several business days to access those funds.

But, if you know this, its easy to get the money to where it needs to go when it needs to be there. You just have to plan ahead a little bit.

Here are the best ways to send money to people for whatever purpose it may serve.

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20 Flexible Part Time Jobs For College Students

Every fall about this time, parents are gearing up to send their kids back to school. In some cases, that means sending them to college. It’s an expensive proposition putting a child through college. But there are so many part time jobs for college students that can help bring in some extra spending money.

part time jobs for college studentsMore than likely, students have figured out how to finance college tuition, student fees and room and board. However, there are so many hidden costs of college for which students don’t prepare. These little incidental items can certainly add up. So, unless an endless stream of cash is flowing from mom and dad, students will need to secure some extra spending money.

The big question though is, what part time jobs can reasonably be done by college students? Yes, you could work a full-time job and attend classes but that’s not what most students are looking for. The average student just wants enough spending money to go to parties, put gas in the car and pay for their books.

With that in mind, here is a list of 20 part-time jobs and activities that could earn a college student a little bit of extra spending money.

Part Time Jobs for College Students: On Campus

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Is Gold a Good Investment for an Average Person?

There are many people who believe that investing in gold bars could be the best decision you would ever make. But, equally as many people have faced indecision between investing in gold bullion or stocks and bonds as a way of securing their future. Which is the best option to capitalize on?

The truth is you can capitalize on both of them. Both have upside potential.

So, is gold investing a venture the average person should entertain? For those who answer “Yes”, here are the four main reasons they site.

Why to Invest in Gold

1. The Unpredictability of the Dollar

Although the dollar is believed to be one of the world’s strongest currencies, it becomes hard to figure out when its value is likely to drop. An excellent example of such times was from 1998 and 2008 when gold prices hit $18,000 per ounce.

During this period, the dollar was relatively weak due to the trade deficit and increased money supply into the economy. Individuals who had stored their worth in currencies moved to the security of gold to redeem their portfolios. As a result, the value of gold nearly tripled. Investors who had a gold ira rollover made a large profit out of it.

This is why an average person looking for a long term investment strategy shouldn’t overlook the benefits of storing their savings in gold. You never know when fluctuation of the current currency would strike. Luckily, when such a time comes and you had saved your wealth wisely, you might end up opting for an early retirement because you have gained so much.

2. Supply Constraints

As a general rule of the demand and supply chain, when the demand for commodities goes up, the likelihood of their supply goes down. As a result, this leads to an increase in how much you would have to part with to get the same item. The less their is of an item, the more it is going to cost.

The same principle applies in the gold market. Between the year 2000 and 2007, annual new gold production fell from 2,573 to 2,444 metric tons, according to bullion vaults of the global central banks.

During times like this, those with precious stones are reluctant to sell them. For those who are willing, they end up asking for lots of money. As a result of the decline in the availability of gold, if you had made a move and bought your fair share of the metal, you would be making handsome profits from their sale.

3. Portfolio Diversification

You can never tell when one form of the securities would be outdone by the other. It may sound more lucrative to invest in bonds and stocks. But as an average person, it would come in handy if you diversified your portfolio with some precious metals.

Related Content: The Ultimate Beginner’s Guide to Investing Money the Right Way

4. Geopolitical Uncertainty

Trust in global trade unions keep on experiencing crises. This was most recently seen in the recent case of the European Union, where some countries wanted to walk out of the coalition. Similarly, when nations are against each other, the geopolitical tensions rise. This makes the currency in those particular countries deflate.

Business can become hard to conduct, resulting in global economic burden. The value of the currencies goes down and investors start hoarding cash. At those times, many see the safest place to invest is with precious metals.

Eventually, gold becomes hard to buy due to the shooting up of its demand. For individuals to have their investment in gold, it’s a great time to take profits.

Conclusion

Gold is one of the ways for an average person to diversify their portfolio. With the economic shifts becoming hard to predict, you never know when your money will lose some of its value. Similarly, precious metals are the right way of investing with less risk compared to stocks, which sometimes end up not yielding the much-anticipated returns. Ultimately, gold has been known to be a hedge against inflation, making it an investment strategy you might want to consider.

Questions for Discussion: Have you ever invested in gold? What was your experience like? Do you think their is more risk in investing in gold, stocks or bonds? 

What is a Line of Credit and How Does it Work?

From time to time, you might find yourself in need of additional money to fund a project, pay a medical bill or cover for an emergency. It can be hard determining where to get access to the cash you need. It may be that a line of credit is just the thing to get you by.

A line of credit (LOC) is an agreement between a bank and an individual that is geared towards establishing the maximum amount of money a customer can borrow. Once agreed upon, the customer is allowed to access the borrowed funds from the financial institution through their bank accounts. They are then required to make repayments on the loans per the terms established with the bank.

Here is how a line of credit works.

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Start a Side Hustle While Still Working Full-Time With These 4 Tips

Side hustles are quite common among Americans in today. You’ll find that many people will have an additional job that they do on top of their full-time job. They do these gigs for many reasons – out of passion, as a hobby, out of necessity or to make their budget work. Still others have hope that their side hustle it will one day become their new full-time job.

Side hustles offer many unique opportunities. However, not many can take one on and quit their day job at the same time. Quite often, the side job comes while the person is still working full-time.

Don’t let that shy you away from the challenge though. Holding down a side hustle can be done. Here is how.

Four Tips for Starting a Side Hustle

If you’re interested in a side hustle, we have four tips to help you out if you’re still working full-time.

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How to Manage Your Side Hustle and Family Life So You Don’t Go Insane

There may come a time in your life where you want to or need to create a side hustle to earn extra income. It can be many things depending on your skills and the depth of your need. Regardless of what you choose, it will be something you do on the side (apart from your day job) to bring in additional money to the family budget.

Side hustles can be a financial blessing. They can help you build up your savings account or pay off debt or meet any a number of financial goals you might have.

side hustle IIIHowever, while the additional income of a side hustle is welcome, there is a dark side that many are unprepared for. Side hustles, done improperly, can be a curse on family life.

It’s one thing to have a side hustle if you are single. I remember talking with a blogging friend who told me how he’d work his 9 to 5, take a 30-minute dinner (maybe) and then work till past midnight writing and networking. I’m not saying that’s necessarily an easy schedule but it’s not like you have anyone else to account for. It’s just you.

When a spouse and/or kids are in the picture side hustles take on a whole different dimension.

There is a tension that immediately surfaces the minute one member of the family begins a side hustle. What was a normal life is no longer normal.

You know the side hustle must be done to improve your financial life. But you also know family life matters. How can you manage it all and not go insane?

Here are a few strategies I’ve used over the years as I’ve managed a career, side hustles (my blogs) and family life.

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What is the Dow and Why is it Important?

The words Dow or Dow Jones may not be completely unfamiliar terms. You may know what they refer to, but you may not know exactly how it works. So, this article will help set the record straight and give you the basics about the Dow Jones Industrial Average.

What is the Dow Jones? For starters, it would be correct to say that it is the most quoted financial instrument in the world. That is why it sounds familiar. No doubt, you have heard financial market reports about this on the news every day.

The Dow Jones Industrial Average is a stock index. It was created in 1896 by two financial reporters, Charles Dow and Edward Jones. They were looking for a way to give the public a snapshot of how stocks generally preformed in any given day. To do so, they took the 12 largest companies at the time, added up their prices and divided by 12. That gave the average market price of that basket of companies.

Today, the Dow consists of 30 companies. The Dow Jones today represents the most significant areas of the U.S. economy, namely, financials, technology, utilities, industrials, and transportation. It includes companies like Apple, Caterpillar, Coca-Cola, Exxon Mobil, General Electric, Goldman Sachs, Home Depot, Microsoft, Nike, Proctor and Gamble and Walmart.

Because the Dow consists of only 30 companies, it may lead you into thinking that it does not carry much value. That is not the case. As you noticed, these companies are the heavyweights – the most influential companies in the U.S. As the Dow average goes, so usually goes the rest of the market.

Are there Limitations to the Dow Jones?

Just like most market indexes, Dow Jones has several limitations.

The first issue is that it does contain only 30 stocks. Today there are over 3,000 publicly traded companies which you could invest in. So the Dow may not give an accurate portrayal of what is going on in the rest of the stock market.

Secondly, the Dow’s calculation does tend to favor the more expensive stocks. The index is weighted based on price. So the more expensive a stock is, the more an up or down movement in that stock influences the overall index. The less expensive stocks will not have as much influence on the average.

What are the Benefits of the Dow?

1. The Dow serves as a historical marker

In order to predict or forecast the future of the markets, historical trends need to be observed. Analysts study the past stock market trends to help them reach conclusions about what the future may hold for stocks. This is where Dow Jones comes in.

By virtue of its long history, it offers a valuable information for the comparison of today’s markets and those throughout history.

2. The Dow helps investors make decisions

In the early days of stock trading, there was little information about stocks that was available to the general public. You invested in stocks with the phrase caveat emptor (“let the buyer beware”) in the back of your mind. You were at great risk due to lack of company transparency and information.

This is not so today. There are new rules set forth by the Securities and Exchange Commission (SEC) that guard investors from being defrauded by companies. Additionally, news about the Dow and the rest of the markets is widely available through media outlets. It is not difficult for an investor to find the information they need. Knowing the price movement of stocks (for which the Dow is the standard), will help investors know when to invest.

Related Content: The Ultimate Beginners Guide to Investing Money the Right Way

3. The Dow provides a broad view of the economy

As aforementioned, Dow Jones is an umbrella of U.S. most capitalized and influential companies. Because the 30 Dow stocks are spread over different industries, they help create a comprehensive view of the U.S. economy. As those companies perform well, they will contribute positively to economic growth within the U.S. And as the economy goes, so goes the stock market.

If the economy is doing well, the stocks in the Dow will rise. If the economy is doing poorly, the Dow will at best be stagnant but most likely decline.

The Dow Jones continues to be one of the most resilient indices in the world. It has stood the test of time and continues to be the standard for financial markets around the world.

Make a Comment: Do you monitor the Dow on a daily basis? On what do you base your investing decisions?   

Kids, Money and High School Graduation Day

 

In a few hours, my firstborn child will walk across a stage and receive her high school diploma. It’s been 18 years in the making and now we are here. One of the milestone days any parent looks forward to.

It seems like only yesterday.

You hear people say this phrase all the time, “It seems like only yesterday.” Well, it’s true. Mom and dad are really feeling that today. I was just talking with a friend this morning about how quickly time passes. And I can vividly remember the day my daughter Kelly came into this world.

What a joy it’s been to raise this child. She’s been obedient…kind to her siblings…dependable and reliable…driven…generous…sweet.

And I’ll tell you something else she has been…costly. (Hey, this is a personal finance blog…what did you expect me to talk about.)

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