Tips, advice, and the latest news from the savings world.
Money management and raising children are very similar. Money requires TLC just like the kids. And if you have children, you know they grow in what seems to be like lightening speed (your money can do that too). So if you begin to manage our money with a fraction of the time you spend raising your kids, first off you might be more inclined to take better care of it. Secondly, your little "clams" will stretch further than you think and grow faster than you'd ever expected. If you were to scrutinize your "money parenting", would you find yourself neglectful? Have you deprived and ignored those sweet little clams? Let's face it, money isn't everything. But, managing it well will allow you to spend it when you want, give it when you want and of course it provides financial security. It will give you freedom and peace of mind. That's all. Learning how to manage your money better takes a little education. Paying off your debt, establishing an emergency fund and saving for big expenses or even retirement takes dedication. The good news is, it's all simple math.
“We are disappointed but not surprised to learn that the economic recession took a far greater toll on the wealth of minorities than whites. The Pew Research Center’s report found that about a third of black and Hispanic households had zero or negative net worth in 2009, compared with only 15 percent of white households. These results only reaffirm that creating a culture of savings in America needs to be a top priority – especially among low-income earners. We need to continue to work diligently to encourage people to save or the wealth gap will only widen.