Tips for Teaching Kids And Teens Good Money Habits
Teaching kids and teens good money habits is essential for their future financial well-being. Below are some practical tips we can’t ignore. If we don’t follow some basic positive money…
Encourage teens to explore part-time jobs, chores, or other ways to earn money.
(Photo by Joe Raedle/Getty Images)Teaching kids and teens good money habits is essential for their future financial well-being. Below are some practical tips we can't ignore. If we don't follow some basic positive money management skills our kids might blow the inheritance. As soon as the kids can count, relate financial concepts to everyday situations. For example, when shopping, explain the choices you make based on budget constraints or the importance of comparing prices.
Couponing might be one of the lessons we teach our kids because kids observe our spending habits. Demonstrate responsible financial behavior, such as budgeting, saving, and avoiding unnecessary debt. As soon as your child is born open a savings account for them and possibly take out a whole life insurance policy. Depending on the terms of the policy you'll be able to use some of those funds on college tuition.
Discuss the concept of earning interest and the benefits of long-term saving.
If you give your kids a weekly allowance, have them start there with their saving and spending plans. As our kids transition into the teen year creating a budget is crucial. Discuss income, expenses, and the importance of living within one's means. Emphasize the need to prioritize needs over wants. Summer jobs and paid internships are where our teens will understand the value of hard work and money earned. If you're the type of parent who stretches every paycheck, consider learning as a family how to invest and grow your money. Introduce the idea of investments as a team. Discuss the concepts of stocks, bonds, and other investment options in an age-appropriate manner. And since we're a materialistic society please enjoy your things, but when the house is cluttered so will be your thought patterns. Individuals with a scarcity mindset often believe that there is a limited amount of money available, leading to feelings of fear and anxiety about financial security. This mindset may result in hoarding money, avoiding risks, and being overly frugal. Lastly, don't take the advice of one financial guru, always cross-reference information from multiple sources to ensure a well-rounded understanding of personal finance concepts. There is a website called Breadwise.com to scrub financial advice and options from.
This Is Where The Money Is – The Richest Cities And Towns In North Carolina
What are the richest cities and towns in North Carolina? There is a lot of money in the state between the major cities, the mountains, the coast, and in between. The financial experts at Forbes recently conducted an analysis to determine the richest places in the state of North Carolina. To do this they looked at over 400 cities aka census-designated places in NC. Cities were ranked on four metrics including median household income, mean household income, median home value, and median property taxes paid.
So which cities made the cut? There are several cities that are around a major lake. As well as some on the coast and the mountains in the top 5. Below you'll find detailed info about each of the top 5 cities and towns that are the richest places in North Carolina in 2023 according to Forbes. You'll also find info on the other cities that made the top 50 list that are in the vicinity of Charlotte.
If you live in any of these cities and towns and have some extra cash to share just let me know! Looking for more detailed information? You can get that directly from Forbes and can read more here.
Curious about the richest cities in South Carolina? You can find those here (hint it's a lot of coastal towns)
40. Huntersville
Total Household: 22,351
Median Household Income: $102,335
Mean Household Income: $129,418
I'm actually a little surprised Huntersville didn't rank higher on this list. The town on the southern end of Lake Norman is home to shopping areas like Birkdale Village and is growing rapidly.
37. Lake Norman of Catawba
Total Households: 3,459
Median Household Income: $89,004
Mean Household Income: $135,356
The Catawba side of Lake Norman is the second location on this list to be situated at "the lake". Lake Norman of Catawba is on the western side of the lake just north of Denver.
32. Cornelius
Total Household: 12,913
Median Household Income: $95,147
Mean Household Income: $147,864
Staying at the lake this time the charming town of Cornelius. You'll find it just north of Huntersville right off I-77.
31. Harrisburg
Total Household: 5,171
Median Household Income: $124,716
Mean Household Income: $130,724
Harrisburg is located in Cabarrus County North Carolina right on the border with Mecklenburg. The town is celebrating its 50th anniversary this fall.
29. Wesley Chapel
Total Household: 2,707
Median Household Income: $124,716
Mean Household Income: $145,122
Wesley Chapel is a village located in Union County, NC.
24. Waxhaw
Total Household: 5,930
Median Household Income: $123,370
Mean Household Income: $142,610
Staying in Union County next on this list is Waxhaw. Downtown is quaint and full of restaurants you're sure to love.
10. Davidson
Total Household: 5,292
Median Household Income: $141,845
Mean Household Income: $183,102
The town of of Davidson is a small college town about 20 miles north of Charlotte.
8. Weddington
Total Households: 4,179
Median Household Income: $152,377
Mean Household Income: $194,027
Union County is no stranger to this list, and Weddington makes the top 10 but it's not the highest ranking town from the county.
6. Lake Norman of Iredell
Total Household: 4,248
Median Household Income: $162,143
Mean Household Income: $224,096
Now we hop to the other side of Lake Norman to Iredell County. Guess there is a little more money on the northeast side.
5. Bald Head Island
Total Households: 89
Median Household Income: $121,458
Mean Household Income: $205,078
Bald Head Island only has 89 year-round residents, but it still ranks 5th on the list.
4. Marvin
Total Households: 1,815
Median Household Income: $221,350
Mean Household Income: $255, 494
The highest ranking Union County town is Marvin. Marvin is a village that is recognized as a Community Wildlife Habitat.
3. Governors Club
Total Households: 858
Median Household Income: $195,682
Mean Household Income: $274,104
Governor's Club is a neighborhood in Chapel Hill with panoramic views of the lake & golf course.
2. Grandfather Village
Total Household: 36
Median Household Income: $173,750
Mean Household Income: $329,828
Grandfather is a village in Avery County named after Grandfather Mountain. It's a fully gated community within Grandfather Golf and Country Club.
1. Biltmore Forest
Total Household:
Median Household Income:
Mean Household Income:
