Category Archives: Children

When it is relevant for a client, PWR financial plans include a section on personal finance for children.  We compile information from a few sources including Money as You Grow. Here are some age appropriate activities I started doing with my 3 1/2 year old. 1)  Identify what costs money versus what is free.  For example, we pay money when we go to the local pool.  We don’t pay money when we go to the library, park or the beach.  Those are free activities. 2)  Explain thatRead More

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With this next post, I wanted to share an issue I have seen a couple times within the last few months. Parents have called asking how to postpone their child from receiving a UTMA account at age 18. The answer is, you cannot postpone the inevitable. Minor children cannot legally hold mutual funds, stocks, bonds and life insurance policies. If parents want to transfer these to their children, they have the option to set up a UTMA (or UGMA) accountRead More

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I came across something interesting while reading Thinking Fast & Slow by Daniel Kahneman. He talks about an experiment conducted among 4-year-old children. They were given one Oreo. They could eat the Oreo now, or wait 15 minutes before eating it, and they would get a second Oreo. While waiting, they had to remain alone in a room without any distractions (books, puzzles, video games, etc.) About half of the children managed to wait. These “resisters”, 10-15 years later, wereRead More

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It can be very easy to get overwhelmed with a new baby coming.  Everyone is excited to offer advice on what you “need” to have.  And after one trip to Babies “R” Us, you realize that baby supplies (while small and cute) aren’t cheap.  Here are some tips to keep the first year costs from ruining your budget. Register for gifts before the baby. I was hesitant to do this for our wedding, as well as for our baby.  IRead More

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