Monday Night Finance- Volume 104

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6 Best Debit Cards for Kids To Build Financial Literacy

Do you have a teenager? Are you worried about them leaving the house in a few years and immediately making a bad financial decision? It’s a common concern among parents who wish to prepare their children for the financial realities of adulthood. One effective way to instill good money habits early on is by giving them some financial freedom but with training wheels. A debit card can be a good place to start. Did you know that some banks make special debit cards just for teens? These cards are not only a safe, controlled introduction to spending and saving but also come with educational resources aimed at building financial literacy. If you’re thinking of setting up a debit card for your kid, you might want to check out this article by John Schmoll.

Look out for cards with low or no fees, such as monthly maintenance fees or transaction fees. Some cards have no monthly fees, while others charge a certain monthly amount per child or family. Other fees to consider are fees at ATMs, overdraft fees, foreign transaction fees when traveling, and transfer fees.

~John Schmoll, Frugal Rules

This article is a comprehensive guide for parents looking to enhance their children’s financial literacy through practical experience. The article first discusses why providing kids with debit cards can be a great learning experience as a hands-on method to learn money management. While many banks may offer debit cards, Schmoll emphasizes the importance of selecting a kid-friendly debit card. He outlines crucial factors you should look for such as parental controls, educational resources, low fees, and rewards for good financial behavior. Highlighting both free and paid options, the article reviews six notable debit cards tailored for young users, each with unique features aimed at fostering financial responsibility from an early age. Through an engaging and informative tone, Schmoll not only navigates the specifics of each card but also shares insights on safely teaching kids about debit card usage. If you have a teen, you’ll definitely want to check out this article before handing them their first debit card.

Retirement Is Overrated: 10 Reasons Not To Retire

Have you ever had daydreams about retirement? Do they involve golf? Grandchildren? Reading the paper in peace every morning? I bet your retirement dreams are pretty good. But have you ever considered potential downsides to retirement? You might have plenty of time to improve your golf handicap, just to find out that you don’t have anyone to brag about your accomplishments with now that you’ve lost your officemates. If you haven’t thought through the plusses and minuses of retirement, you might want to check out this article by Financial Freedom Countdown.

Retirees also face many challenges, from loneliness to boredom, but there are ways to combat these problems with the right lifestyle changes. We will discuss why retirement isn’t always as glamorous as it seems and how to avoid these pitfalls by pursuing your goals now!

~Financial Freedom Countdown

The article takes a contrarian view on the traditional concept of retirement, suggesting that it may not be the blissful, worry-free existence you might expect. The author highlights several reasons to reconsider retirement, including financial instability, health concerns, and the emotional and social repercussions of leaving the workforce. The article blends practical advice with cautionary insights, and argues that you should try for a balanced approach to life and finances. Importantly, you should not ignore postpone your dreams for a future retirement that may not meet your expectations. The article highlights the challenges of saving enough for retirement, how staying active and engaged through work is often missed by retirees, and the potential benefits of part-time work or pursuing passions to maintain a sense of purpose and fulfillment. If you’re considering retirement, you should check out the article to help critically assess your personal desires and circumstances as you approach this milestone.

How To Pick Stocks For Long-Term Investment

If you read personal finance articles, you’ll know by now that smart people invest in index funds. Index funds are mutual funds that invest in an entire “index” such as the S&P 500 or the total stock market. These funds mirror the performance of the indices they track and have very low fees. Index funds have been shown to outperform actively traded stock mutual funds and hedge funds over long periods of time. But, what if you, as an individual investor, were not happy with getting average returns? What if you’re aiming for more than what the broad market offers, seeking to uncover the stocks that promise long-term growth and stability? If so, you might want to check out this article.

Investing in individual companies is a commitment that you make. It will require a lot of research and following the company’s earnings. You should prepare yourself to review the company’s results regularly. Some companies require more work than others. This is especially true if the company is small and relatively early in its growth stage. This complexity is the reason why this post is a bit longer than my standard post.

~Andy Reimann, StockFit

The article by Andy Reimann explores the intricate process of selecting stocks for sustained growth and profitability. Reimann, emphasizes the importance of fundamental analysis to identify companies with stable earnings and strong competitive advantages. He candidly shares the challenges and diligence required in stock investment, advising against it for those seeking merely to mirror market returns. However, if you want to try to beat the market, you can follow Reimann’s stock strategies and see the performance of his current portfolio. The article introduces readers to key financial metrics and analysis techniques, and includes book recommendations for those who want to learn more. Reimann recommends assembling a value portfolio, and details key metrics for selecting these stocks. Reimann’s article is a blend of personal insight and practical advice. It’s definitely worth a read if you are not a fan of index funds.