A great guide to personal finance for all age groups
Posted
Jan 28 2008, 06:47 PM
by
Karen Datko
Rating:
A group of personal-finance bloggers joined forces to produce a collection of valuable posts about managing money from infancy to the grave. You can find a synopsis of their work and links to each post by clicking here. From getting baby's first piggy bank to making retirement savings last, the excellent information contained in these posts addresses common questions -- both basic and beyond -- about money management.
Madison at My Dollar Plan is first out of the gate with a guide for parents of infants. The first thing you must do, she says, is get your baby a Social Security number. She advises how to set up a 529 plan to save for your child's college education, and how relatives can do the same and get a tax break. This comprehensive post also covers topics like wills, taxes and insurance.
In the second post in the series, paidtwice at I've Paid For This Twice Already writes about teaching her 3-year-old the value of a dollar. "I want my children to understand at a young age that money is something we need to take care of and use wisely, and that it isn't the best idea to spend everything as soon as we get it," she says.
Lynnae at Being Frugal credits Mary Hunt for inspiring her approach to educating her children about money. They each get an allowance, and then tithe 10%. The remaining money is divided into thirds: one amount for long-term savings, one for short-term savings, and one to spend as each child likes. Her oldest child is about to move from an allowance to a "salary."
Gather Little By Little and Debtfree-Revolution provide advice for teaching teenagers to be responsible with money. (Ana at Debtfree-Revolution is instructing her son to start an emergency fund.) Mrs. Micah writes about the college years, Remodeling This Life and Cash Money Life tackle the 20s, and Moolanomy and My Two Dollars offer wisdom for the 30s.
Credit Withdrawal writes about "The 40-year-olds' wake-up call." Millionaire Money Habits urges those in their 50s to "wake up and start saving," and Credit Withdrawal advises them about retirement objectives. For the 60s and beyond, read Rocket Finance, Chance Favors and Quest For Four Pillars. From Great Britain, Plonkee Money offers "Retirement in the UK."
