Locus of Control

Do you know what your Locus of Control is? Locus of control is a concept that was developed in the mid-1950s by Julian B. Rotter and referred to the extent a person believes they have internal control over events affecting them or external influences have …

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Financial Literacy for Millennials

Millennials have a lot going for them; better education, access to information and groundbreaking technological innovations, and more economic participation to mention but a few. However, at the same time, they have to deal with greater financial difficulties than their predecessors did.

For generations, young adults have been welcomed into the real world by the harsh realities including the hassles of finding a job, paying bills and the need to make major purchases such as a home or a car. In additions to these financial pressures of youth, millennials have to deal with inflated student debts in an uncertain economic climate. The unemployment rates are higher than ever but even for those lucky enough to have full-time professional jobs, budgeting and saving for a house or retirement seems like a far-off dream.

I recently came across an article titled “credit concerns” where an exasperated mother was expressing her bewilderment at her bank’s dubious services that destroyed her unemployed student daughter’s credit. Despite not having a savings history, the bank sent the girl a credit card on her 18th birthday and a few years down the line she was deep in debt with no way to climb out since she was unemployed. The bank knew that the girl, at her young age was predisposed to lavish spending and lacked the financial acumen to manage her personal finances. This is just an example of how such banks and other predatory entities are setting up millennials to fail.

Millennials have been described as spoiled, materialistic and saddled with a sense of entitlement but in truth, many odds have been stacked against them. According to new research conducted by George Washington University, millennials are highly engaged in their financial lives, at least on paper. Majority of them are banked, about 51% have a retirement account, 40% are homeowners and a fourth have invested in bonds, stocks or mutual funds. On the flip side, a majority of millennials are heavily indebted. They could be facing one of the bleakest financial futures in generations. The only way to survive and thrive against these odds is through financial literacy. (#FLM2018)

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Mo Money, No Problems


I once read something online that I assume was meant to be somewhat of a joke, even if true: Over 60% of parents would rather talk to their kids about sex instead of money, but 100% of kids would rather their parents speak to them …

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Important Money Lessons to Teach Your Kids

Parenting is all about giving tips to children and watching them implement those tips. A good parent is one who awakens the inner person in the child without being invasive. Kids don’t want their privacy invaded.

Most parents, however, fail in this. They don’t consider kids as individuals. When teaching something to somebody, one needs to make sure the tutee has the ability to internalize the lessons. Kids have this ability better than adults.

Hence, don’t underestimate them, and deliver them the following money-related lessons:

Wait before buying

One should never act impatiently in money-matters. The urge to purchase something is too tempting to resist. Parents need to teach kids why it’s important to wait.

Kids often demand their parents to buy them toys and other stuff. While some parents immediately give in to such demands, others don’t. Both are in the extremes and bad for kids. Parents should give their kids what they demand, but not immediately.

Children are intelligent. They can connect the dots and discover a causal relationship between two incidents. If parents buy kids what they want, not immediately but after a bit of delay, then kids will learn the importance of patience. Later when they’ll grow up, this will prevent them from acting hastily in financial matters.

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Financial Literacy Matchmaking

We are about a week away from kicking off the 16/17 school year for our three children. We typically start after Labor Day. This will also mark my third year as a committee member with my local school district, with the goal of championing financial literacy.

It has been an interesting two years. I have learned a lot about the inner working of a large school district. As you can imagine with any public institution there is a lot of red tape or events that can occur that can throw you off course to reaching your goals.

A great reminder of this was during the final months of the 15/16 school year I had pitched the idea of a screening of the documentary of Broke, Busted, and Disgusted, followed by a presentation on financial education. Unfortunately, due to a scheduling crunch it could not be accommodated and was postponed.

Luckily my voice has been heard over the last two years and it seems as if this will be the year multiple initiatives will be put in place to help increase the level of financial literacy within our district, and directly help students.  An incredible reward for volunteering a few hours of my time.

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College ROI: How To Calculate If It Is Worth It

Last month in a post titled “Education Cost” I ask the questions should a metric like ROI be used when picking a career path, well the folks over at PayScale have helped answer that question with their recently released College ROI report. In order to …

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