Personal Finance

What is financial resilience? Financial resilience refers to the ability of an individual to withstand financial shocks and maintain a stable financial situation despite unexpected events. And there are several great ways that you can work to build financial resiliency. Financial resilience encompasses factors such as having an emergency fund, diversifying investments, reducing debt, and having a solid financial plan. Financial resilience allows individuals and organizations to weather financial storms, bounce back quickly from financial setbacks, and confidently pursue long-term financial goals. An individual can gain financial resilience by taking the following steps: Building an Emergency Fund Building an emergency fund provides financial resilience by creating a safety net for unexpected events. An emergency fund can help individuals handle unexpected … Read more

Being a student is an expensive undertaking. From tuition and fees to books and supplies, there are a lot of costs associated with getting an education, and that’s not even taking into account the cost of living. It’s no wonder that so many students find themselves in debt. However, it doesn’t have to be that way. Here are five student-saving tips to help you get started with your financial goals. 1. Identify Your Goal Whether it’s a down payment on a house, paying your student loan, or a cushion of savings to fall back on, knowing what you’re working towards will help keep you motivated. Once you’ve identified your goal, break it down into smaller, achievable milestones. For example, if … Read more

The following is a guest post by Paige Cornetet, author of “My Dad’s Class – An intentional Structure for Teaching Kids About Money and Life“. If you’d like to submit a guest post to Money Q&A, be sure to check out our guest posting guidelines. Here’s the thing about kids and money: children don’t intuitively understand how money works. It sounds strange but consider the concept for a minute. When a young child needs food, we feed them. When they’re thirsty, we give them a drink. Clothes? We buy them, they wear them; we wash them, and they wear them again. Eventually, of course, children come to understand that there’s some sort of trade involved, that we exchange money for … Read more

When your children understand the ins and outs of finances, it teaches them how to manage money and other life skills they can take with them into adulthood. For instance, learning how to save can teach your kids discipline. Showing them how to spend responsibly can lead to solid decision-making skills. And teaching them how to invest can help them learn to deny themselves instant gratification. Good financial health can do many wonderful things for your children. But they need your help to learn what that actually is. Here’s how to help your children take some practical steps toward building up their own financial health. Have Age-Appropriate Money Conversations Teaching your children how to make good decisions with their own … Read more

The following is a guest post by Michael J. Garry, CFP®, JD/MBA, the author of two books, The Smart Person’s Guide to Financial Planning & Investments: A Simple and Straightforward Approach to Understanding Your Personal Finances and Independent Financial Planning: Your Ultimate Guide to Finding and Choosing the Right Financial Planner. If you’d like to submit a guest post to Money Q&A, be sure to check out our Guest Posting Guidelines. There are as many different kinds of financial advice as there are financial advisors, and choosing the right person to help you reach your financial goals can be a daunting process. One rule of thumb I think it’s always a good idea to keep in mind:  follow the money. … Read more

The following is a guest post by Adrian Johansen, a writer specializing in business and technology topics. Follow her on Twitter @AdrianJohanse18. If you’d like to submit a guest post to Money Q&A, be sure to check out the site’s Guest Posting Guidelines. As your kids grow up, you should take any chance you can to teach them about money and finances because those lessons will be essential as they grow into adulthood. While you’ll have many opportunities to do so, one of the best times to teach them about financial responsibility is when they show interest in buying their first car. This is a great time to educate the kids on the various expected and unexpected costs of vehicle … Read more