MoneyPrep Blog

I recently had a discussion with a friend about the world moving toward a completely digital monetary system. We talked about how there is already a huge reliance on plastic with credit and debit cards. We discussed how the last few years have introduced even more technology based payment options like paying with your phone. How long will it be before we don’t need (or want) cash anymore???To me, we lose alot when we lose

I have seen many scenarios of “lead by example” when it comes to money and kids. Here are a few…Lead by example number 1: My 8 year old son had a friend over for a playdate. The two boys were playing with a kite outside when a gust of wind ripped the string right out of their hands and carried it up, up and away. The boys came in with sad faces and my son’s

44% of Americans do not have an emergency fund of $400*56% of Americans have less than $10,000 for retirement savings**69% of students take out a student loan, with the average loan being $29,800***There are many obvious reasons why kids need a financial education. The most glaring being the lack of readiness for an emergency, little retirement preparation and the rising debt load for students.These numbers are a wake up call. In order to have bright

“Financial literacy” is one of those phrases that keeps popping up. We hear about it in schools, in the media and we read about it in newspapers and blogs. It is a hot topic in educator boardrooms and at kitchen tables around the globe. Research shows that kids need to learn money skills… and early!CNBC published an interview with Warren Buffet that yields some of the best advice…What do you think is the biggest mistake

Are allowances the right thing to do with kids? And if so, how much?There is alot of opinion on the matter. Here is some food for thought on both sides of the coin…On the one hand, kids need to learn about money somehow.How are they supposed to learn about money if they don’t have any? So for many, allowances are the chosen way to start their children’s money learning journey.Usually, allowance ties to a list

Money Lesson Alert: Keep Looking!My son recently asked for a very expensive birthday gift. He wanted a super high end art marker set. 36 colored art markers for over $200.I told him to keep looking.He searched the internet and art store flyers. He watched all kinds of art shows on Youtube demonstrating different sets.After about an hour, he came back with another set he liked. 36 colored art markers for $60. And he also had

Who has seen or lived this scenario? … Multiple kids in multiple sports, running to arenas and fields and studios every night of the week. Kids who want to try everything and put in tons of effort and endeavor into anything they try? But… when it comes to mowing the grass or walking the dog, you get the “I’m too tired” excuse. The struggle is real. Teach your kids to put the same amount of

When we give anything, it feels good. Time, money, a helping hand… That feel-good rush is important and in fact, an essential part of learning about money handling and social responsibility. We need to give in order to understand value and reach.Just think about the charity campaigns that spell it out for us… a recent example I’ve seen is “Feed someone in need for a $2 per meal”. That is a wonderful way to understand

What do you prefer? Heinz Ketchup, Kleenex tissues, Campbell’s soup, Nike shoes, Pampers diapers? We all have our favourites. Would you abandon them for a sale priced item? Have you ever thought of brand loyalty in terms of banking? No matter what financial institution or company you deal with, the more loyal you are to it, the better they can treat you. Better rates if you have all your lending with them, private banking if

The best advice my kids have ever received was from our neighbour. He is a professional man, very successful in the business world. He is always busy pulling in and out of his garage going to and from work. Always dressed in a tailored business suit and always carrying his leather briefcase. Rarely do we get more than a nod, simply because he is either on the phone or looking at files. Often my kids

Spending is how your kids learn! Saving is very important too… But greater lessons come from spending.I know, I know… It is sometimes hard to watch them make a poor purchase. Either they are spending too much on something you know they will lose interest in… or they are spending good money on something you know is going to break in ten minutes once you get home.That is part of the journey. Kids need to

Talk to them about the importance of planning ahead (not for a pandemic, but for an emergency). Talk to them about saving for a 3 month runway. You never know when you will need it. Raising financially savvy children starts with education. They don’t learn about money handling skills out of thin air. They learn it through practice. The more knowledge you give your children, the better they will be at managing money responsibly and

1. Talk openly about money, jobs, the economy & current events.2. Don’t give them money, teach them how to earn it.3. Discuss the cost of things (groceries, everyday items)4. Guide their money choices, don’t make choices for them.5. Explain the term “value” (what is something worth to you?)6. Encourage them to spend. It’s the best way to learn.7. Teach them the art of negotiation.8. Explain taxes (how much and what are they for?)9. Explain that

Today, more than ever in this current economic climate, we are realizing the need for budgeting. I heard some startling stats the other day… almost half of the population in my area is $200 away from insolvency each month. Each month! Job losses, lay offs and uncertain business futures add to that stress. Many are just doing what they can to get by right now… this is certainly not a time for extras. We have