This week, I’m sharing with you 5 things I’m going to teach my kids about money. Today’s money lesson for my kids is perhaps one of the most important lessons you could ever teach your children about money - regardless of life’s circumstances and social class, and that is: money is earned, it’s not a birthright. 

Many children today don't grow up learning the dignity of work and earning money. Everything from basic needs to clothes, new shoes, toys, bikes, phones, etc is purchased for them 100%. When we give our children these things without giving them an opportunity to learn the value of working for these possessions, and when we deprive them of the pride that comes with purchasing and caring for those things, we do them a tremendous disservice. 

Instead, by expecting children to work for pay and purchase many of their own things they are taught to be responsible, to be grateful for what they do have, and are less likely to fall victim to one of the worst vices plaguing many Americans today - materialism. 

In practice, this translates to several parenting choices: 

1. Children must work and do age appropriate chores around the house to earn their weekly allowance, which if you heard my earlier tip this week, it’s a whopping $1/week for my 5 year old, but that will grow with time as her responsibilities around the house grow and she takes on more. 
2. If my 5 year old wants to buy something at the store when we go shopping, she needs to bring her own money and pick out something to buy herself that she can afford. I will occasionally buy my kids a treat when we’re at the store, but that’s an exception, rather than the rule. This has already paid tremendous dividends, because my kids never whine about something that they want when we are out shopping and it saves me a lot of aggravation. 
3. And 3rd, outside of special occasions like birthdays and holidays, I rarely buy my kids new toys and new stuff. So they aren’t conditioned to expect new things all the time, and when they want something, especially something big like a bike, they know they have to wait until their birthday to get a bike. 

If you still have kids at home, teaching them through your actions and parenting choices that money is earned, and it’s not a birthright is one of the most valuable life lessons you can teach them. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m sharing with you 5 things I’m going to teach my kids about money. Today’s money lesson for my kids is a twist on one of the most annoying lessons that almost all of us hear as kids. If you’ve ever asked your mom or dad to buy you something they couldn’t afford, you’ve mostly heard them bark back - “don’t you know that money doesn’t grow on trees!” 

What I’m planning to teach my kids is a slightly less annoying lesson with the same underlying principle: Money used in one way prevents it from being used for something else. 

Money is a limited resource, so when we use it in one way it prevents it for being used for something else. If I spend $5 every day on a latte and $500 eating out every month, I may not be able to afford to take a vacation this year. The daily latte and frequent restaurant visits isn’t inherently wrong, but I better make those decisions to spend my money in that way, because I get more satisfaction from spending my money in that way vs. sitting on a beach in Hawaii for a week. 

With the guiding principle in understanding that money is a limited resource, and when you use it in one way, it prevents it for using something else, something else that could potentially be more important. 

Spending decisions (even the seemingly inconsequential daily spending decisions on a little something here and there) should be subject to the scrutiny of this understanding of what am I missing out on or is there a higher or better use for my money that what I’m choosing to spend it on. 

Learning this principle will also reinforce one of the most important life lessons that any child can learn - delayed gratification. If my kids learn to discern whether or not a current use is more valuable than a future use, they’ll be able to apply the value of delayed gratification. 

Money is a powerful tool for teaching delayed gratification, and understanding money as a limited resource that doesn’t grow on trees and something that must be used wisely, will establish a foundation for your children for making smart, well thought out decisions in everything from money to relationships to their health.

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m sharing with you 5 things I’m going to teach my kids about money. I have 2 young children and a 3rd on the way, so there are some things I need to wait until later to teach my kids, but one of the first things you can begin to teach your kids, even when they’re toddlers, is today’s lesson: Give and save before you spend. 

More specifically, I am teaching my kids about how to allocate their piggy bank funds into 3 categories - giving, saving, & spending. My daughter receives a whopping $1/week in allowance, and she receives that allowance in dimes. We’ve taught her to allocate 10% to giving, 10% to saving, and the rest she can split as she chooses. 

To help keep this visual and easier to understand for young kids, there are a lot of compartmentalized piggy banks that will allow your kids to separate the funds on their own. It’s important to me that my kids prioritize giving and saving, rather than just hoarding all their money for themselves. If you have older kids, there are a lot of apps and tools out there to let them create the same buckets in their bank account or online wallet separate their funds in the same way. 

Allocating their allowance builds a foundation for kids to be generous in serving the poor, delaying gratification and saving up for larger purchases, as well as establishing ratios for saving and giving that will be important for them to continue into adulthood. 

On top of that, research shows that being generous makes you happier, and I see that in action as my daughter lights up when she gets to contribute her giving funds to the collection basket at church or when she gets to help me buy a toy for a needy child at Christmas. She is so happy that that little boy or girl had a more joyful Christmas because of her generosity, and she already has a big heart for the poor even though she isn’t in Kindergarten and can’t yet read. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

Welcome to a new week and a new theme here on the One Minute Retirement Tip! 

This week I’m talking about 5 things I’m going to teach my kids about money. I have a 5 ½ year old, a 2 ½ year old, and a 3rd on the way, arriving in September.  If you still have kids at home or even if you have grandkids, hopefully you’ve taught them a few principles about money through your words and your actions. 

Too many young adults are released into adulthood with no clue how to handle money the right way. Few parents and few schools teach the next generation this critical life skill, and yet the world is eager to create materialistic, debt-loving consumers. So instilling the right money values are vitally important from both a practical and a moral standpoint. 

Now I have to warn you, my views on money are somewhat counter-cultural, so you’ll hear a different perspective than your typical advice for teaching kids about money. My views on money are also highly influenced by my faith, so you’ll see biblical principles threaded through these tips as well. As a side note, if you are a Christian yourself, I highly recommend that you read the book Money, Possessions, and Eternity, by Randy Alcorn. This book serves as the most comprehensive guide I’ve ever read about what the bible says about money. This book changed my life, and has had a massive influence on the principles that guide our family’s decisions about: Lifestyle, Income, & Work, Giving, Wealth & Estate Transfer, and the topic of this week’s tips - what I plan to teach my kids about money. 

What I plan to teach my kids about money places the highest priority on teaching gratitude, responsibility, delayed gratification, incentives, investing, saving, and giving, and I’ll be addressing all of these principles in this week’s tips. Money is a powerful tool for teaching young people about so many important life lessons and values that will serve them well throughout life, so if you have kids still at home or even grandkids, I hope you’ll benefit from the tips and ideas that I’ll be sharing this week. 

That’s it for today, but before you go...If you haven’t already left a review for the One Minute Retirement Tip, please consider leaving an honest review in Amazon or iTunes. I read them all, so feel free to leave any feedback or topic suggestions there too. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about some of the best and most unique financial planning opportunities available during this coronavirus crisis. There are several tried-and-true opportunities that present themselves in nearly every crisis and market downturn, but there are also several that are unique to this current crisis.

Today I’m talking about one of those unique opportunities that has presented itself during this current crisis. If you have kids in college, who have received tuition refunds because they’re not in school right now, you can actually re-invest those refunds back into a 529 plan. If you receive a refund for funds paid from a 529 plan, you have 60 days to roll those funds back into a 529 plan. 

The advantage of doing this is that you could reinvest those funds at lower values because the stock market has dropped or if you’re going to take the funds back out within a few months, even just putting the money into short-term bonds to earn some interest while you wait and see when they’ll be able to return to school is a good plan, because any earnings and growth will be tax free. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about some of the best and most unique financial planning opportunities available during this coronavirus crisis. There are several tried-and-true opportunities that present themselves in nearly every crisis and market downturn, but there are also several that are unique to this current crisis.

Today I’m talking about perhaps the most tried-and-true opportunities that exist in every stock market and economic downturn - the opportunity to invest while the market is low and while bargains abound. 

But how do you actually go about doing that? Well, first of all you have to have the funds to do it. So if you have excess funds in cash or in your bank account that aren’t earmarked for emergencies or what’s needed for a small cash stockpile, what are you waiting for? It’s time to get that cash to work! 

You could also rotate already invested money out of bonds and other investments and into stocks if it makes sense in your situation. 

But when you have cash to invest we want to get that invested. There are 2 ways to go about that. You could throw a dart and hope that the market doesn’t get worse from here and invest it all at once. Or and especially if you have a lot of cash on the sidelines, it’s prudent to invest gradually over a period of 3-6 months. That way if the market drops further you sidestepped some losses, but still got that cash to work while the stock market was going through it’s bottoming process. You could invest gradually over a longer period than 3-6 months, but that of course is up to you. 

The key is that you put a plan in place to get that cash to work that doesn’t include the losing strategy of waiting until things look better before you invest. If you wait until you see blue skies, the stock market is likely to be much higher by then and you’ll have missed a massive opportunity. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about some of the best and most unique financial planning opportunities available during this coronavirus crisis. There are several tried-and-true opportunities that present themselves in nearly every crisis and market downturn, but there are also several that are unique to this current crisis.

One thing about a global pandemic is that it gets us to think about our own mortality and what would happen if we or a loved one became sick, hospitalized, or died during this time. 

Rather than fretting and wasting time worrying about things we can’t control, a renewed focus on your own health and mortality is an excellent opportunity to revisit your health care directives. And while you’re at it you might consider updating your estate plan as well. Most of us have woefully outdated wills, or worse nothing at all in place. And it’s a real possibility that your health care directives don’t even match with what you want your family to do if you are no longer able to make healthcare decisions for yourself. 

So save you and your family the heartache and uncertainty down the road of not having up to date directives and estate plan documents, and get those in place now. If God-forbid you become sick or die from this virus, you’ll be glad you took action now. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about some of the best and most unique financial planning opportunities available during this coronavirus crisis. There are several tried-and-true opportunities that present themselves in nearly every crisis and market downturn, but there are also several that are unique to this current crisis.

Today I’m talking about an opportunity that fits both the tried and true criteria, as well as something that’s completely unique to this current crisis: 

Slashing your expenses. 

This is an opportunity that requires some legwork and resourcefulness on your part, but if you can take advantage of it, it can be a big help during this economic crisis. 

When times are good, we often don’t get loose with our finances, spend more and don’t keep close tabs on our spending. But in times of crisis, especially if your income has dropped or you’re laid off, you’re forced to cut back. Slashing your expenses can be as simple as looking at your budget and the money that goes out the door every month to get rid of some of the unnecessary luxuries and cut back, but with this current crisis, there are several additional opportunities. 

The place to start once you’ve cut out the unnecessary is with your debt payments. A lot of credit card companies are offering some relief to reduce or delay payments, reduce interest rates, and so on, and the same is true for student loans and mortgage and rent in certain areas. The rules for 401k loans and hardship withdrawals have also been relaxed, making it easier to take a loan. 

The key is doing your homework to find out what’s available for you and contacting your credit card company, mortgage company, etc. to see what the options are in your situation so you can decide what’s best for you. 

But remember, any debts you have are unlikely to be forgiven...you’re just kicking the can down the road in most cases to stop the bleeding now, but you’ll still have to pay later, so you should only defer or delay payments if your situation necessitates it. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

This week, I’m talking about some of the best and most unique financial planning opportunities available during this coronavirus crisis. There are several tried-and-true opportunities that present themselves in nearly every crisis and market downturn, but there are also several that are unique to this current crisis.

Today I’m talking about one of those tried and true opportunities that should be on your radar during every market downturn - Roth conversions. 

I’ve talked about the Roth on the One Minute Retirement Tip more times than I can count, and for good reason. Once your retirement dollars are in the Roth, it’s not taxed again. The rules allow you to convert any dollar amount from your 401k and IRA balances into a Roth, but there’s a catch. Whatever amount you convert to the Roth, you owe taxes on.

The big tax bite keeps many people from taking advantage of Roth conversions in a meaningful way, thus subjecting themselves to often substantial future tax liabilities because of future required withdrawals from non-converted IRA or 401k accounts. 

But when the value of your 401k or IRA drops because of a market downturn, you now have an opportunity to get more money into a Roth, because you can now convert a bigger percentage of your IRA and 401k balances to Roth than you would have otherwise been able to when those account values were higher. 

Not sure if a Roth conversion is right for you? As a thank you to all of my loyal listeners, I’ll run the numbers for you to help you decide if a Roth conversion makes sense for you. Just email me your age, the amount you want to convert, and your expected income for 2020, and I will run a Roth conversion calculation and help you interpret the results. 

Just send me an email - [email protected] - again with your age, the amount you want to convert to Roth, and your 2020 expected income. That’s [email protected]

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast