When it comes to teaching kids about money, the earlier you teach them the better.
Fun has no price tag and cannot simply be ordered online plus $3.99 shipping and handling. It’s true that money can enable experience but it cannot replace it. There is an art to having fun and it needs to be taught.
Often times I wouldn’t buy for myself what my parents thought was needed. Items my parents thought were essential for me to own were purchased by them.
Although sock drawers might be able to protect wealth from physical thieves, inflation is the dastardly villain who will raid it. As a child, I did not know of such economic forces let alone that they had an influence on my humble stash.
One reason that many people buy things that they could have done without is “functional fixedness.” Teach children to prevent unnecessary purchases by making efforts to help them see other possible uses of owned objects.
My dad taught me the opportunity cost of a Barbie airplane, or what alternative opportunities I would be giving up when I bought it, like buying twelve Barbies.
For cheap or limited edition items, desire needs to undergo a trial other than the test of time and the Wait a Week principle should be modified.
Multifamily offices and private banks see an increasing need for self-defense programs that help protect their wealthy clients.
“With more adult children relying on their parents amid the economic uncertainty – or moving back home – well-laid financial plans could get trampled.”
If my parents had been in control of the purse strings, I would not have learned the value of money. To a child, “My Money” is valuable where “Your Money” is worthless.
What makes Catan particularly interesting is that just producing the most resources is not sufficient to win the game. Knowing what mix of resources you need to meet your objectives is critical.
David Marotta and Megan Marotta were featured on October 11, 2011 on radio 1070 WINA’s Schilling Show discussing the importance of teaching your children about money and giving them a “rich” mindset.
With money in my pocket and impulse in my veins, I used to cherish our weekly trips to Toys ‘R’ Us. However, it was on the Barbie aisle under my parents’ guidance that I became a money-savvy kid with the millionaire mindset.
When it comes to teaching financial lessons, setting a good parental example is important, but actually giving the child some experience making wise financial decision is essential.
Children of the rich and famous are not immune to the temptations and foolish behavior that sometimes plague the rest of this generation’s youth.
Parents with disabled children must have an estate plan to provide without disqualifying them from receiving public assistance.
I love strategy games. Many people dismiss games as a waste of time. But at their best they teach principles of cause and effect that we can use as paradigms for real life.
David John Marotta may just be an economic columnist or financial planner to you, but to me he is an amazing father and best friend. I’d like to take this opportunity to show you why he was and is so awesome.
Played at the age of 16 at a social gathering with theoretical physicist Edward Teller on 1977-07-09.
Played at the age of 16 at a social gathering with theoretical physicist Edward Teller on 1977-07-09.
Father George Marotta and son David John Marotta were featured in an article in Financial Planning magazine.
“Small changes over a long period of time make all the difference.” Learn how to teach financial wisdom to your children with Megan Marotta’s series, “Rich Dad, Rich Daughter.”
David John Marotta was featured on radio 1070 WINA’s Rob Schilling show on September 13, 2011. The topic was the CNBC million-dollar portfolio challenge, and how it does not emulate a good real-life investing strategy.
CNBC’s million-dollar portfolio challenge begins next week. Participants can trade a fictional account of stocks and currency. Prizes are given over each of the 10 weeks, and then a grand prize winner is awarded a million.
Some first-time workers are not worth minimum wage. But without being hired, they can’t learn job-related skills.
Capitalizing on tax savings can allow you to be even more generous in years to come.
Here we offer some sound advice on how to put the money you’ve saved to work for you.
If you’re like most of today’s college graduates, you may find yourself ill prepared for the real world of financial responsibility. You never saw how your parents lived when they were first married and struggling. Consequently, you may be basing your after-school expectations on an upper-middle-class lifestyle. Here is my financial advice for those of you learning to live on your own.
To meet your goals you don’t need to beat the investment returns of everyone else. Instead, you want a decent return in order to retire comfortably and to ensure a cash flow which will support your standard of living.