729 seeding kid’s super, pocket money, credit card vs. charge card and impact on credit score + more
Jul 15, 2024
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Financial adviser Rebecca Pritchard and Glen discuss kids' super accounts, pocket money, furnishing homes, credit vs. charge cards. They emphasize early financial education, wise purchasing decisions, and the impact on credit scores.
Start seeding kids' super accounts early for strong balances in the future.
Teach children about money through pocket money, emphasizing age-appropriate conversations.
Consider quality vs. budget when furnishing a home, prioritize essentials, and avoid impulsive purchases.
Deep dives
Investing for Kids: Seeding Super Accounts with $1,000 for Teens
Parents exploring investing strategies for kids, considering seeding super accounts with $1,000, aiming to engage teens emotionally with super and access government top-ups for low-income young workers. The investment outlook of $1,000 over 60 years, yielding significant returns and offering a head start for strong super balances.
Pocket Money Philosophy: Starting Early to Foster Financial Literacy
Discussion on giving pocket money to children, contemplating age appropriateness and payment basis. Deliberation on teaching financial lessons through allowances or chore-based payments and cash versus card choices to teach value. Emphasis on age-appropriate money conversations and engaging children early on financial concepts.
Furnishing a Dream Home: Balancing Quality and Budget
Exploration of furnishing a dream home with considerations on quality versus budget, ensuring practicality in furniture choices for long-term value. Advice on prioritizing urgent needs, avoiding impulsive purchases, and cash flowing furnishings over time. Suggestions to create a spending plan and triage essential items for a well-furnished home.
Credit Card Dilemma: Exploring Amex Charge Card Benefits and Risks
Evaluation of the Amex charge card benefits for points accumulation and rewards, alongside the $1,500 annual fee. Discussion on the impact of such cards on borrowing capacity and credit scores, advising caution on extensive usage and potential financial implications. Insights into credit card debt statistics, highlighting the importance of prudent financial decisions.
Closing Remarks and Information Sharing
Wrap-up of the podcast episode with insights on managing credit cards, emphasizing careful consideration of financial decisions based on personal spending habits and goals. Encouragement to prioritize financial literacy and responsible money management practices for long-term financial well-being. Reference to engaging with the audience through sharing valuable resources and promoting financial education.
When's the right time to give your kid pocket money? Glen talks about this plus more with guest co-host & financial adviser Rebecca Pritchard. They touch on:
👉🏻 I'd like to kickstart my teen's super account, what are the rules and implications?
👉 what age should you start giving your kid pocket money?
👉🏼 what's the best way to furnish a new home?
👉🏽 are credit cards / charge cards worth it for points plus implications to consider
Thanks to Sphere Home Loans for supporting the Tuesday show! Need a mortgage broker? Connect with the team here
Glen's latest book 'The Quick Start-Guide to Investing' is available here: https://amzn.to/3QNNrbv
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