52 Pages
English

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The Bank of Mom and Dad

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52 Pages
English

You can change the print size of this book

Description

The Baby Boomers are the most affluent generation of all time and their children are bound not to be. Home ownership is more difficult. Saving and investing are more challenging. How do you help your child financially and protect yourself in the process? This book identifies the key strategies to lend a helping hand and ensure you are not vulnerable. It guides families in establishing clear approaches to assistance so parents are legally and financially secured as they try to provide a new security to their children.
Introduction xi
Chapter 1
The Family Finances Discussion 1
1. Be Open and Honest about Money Matters 4
2. Tips for Discussing Money Matters 5
Chapter 2
Calculate Net Worth 11
1. Retirement Road 16
2. Create an Emergency Fund 16
Chapter 3
Give Your Kids a Financial Education 19
1. Needs versus Wants 22
1.2 The 24-hour rule 23
iv The Bank of Mom and Dad
2. Track Daily Spending for Three Months 24
3. Prepare a Budget 25
4. Educate Young Adults about Credit Cards 29
5. Buying a Vehicle 31
6. Cosigning Loans 34
7. Take Your Kids to a Financial Planner 35
Chapter 4
Taxes 37
1. American Gift-Tax Rules 39
2. Canadian Gift-Tax Rules 40
Chapter 5
Education 43
1. The Present Situation 46
2. The Future Situation 48
2.1 American 529 college savings accounts 49
2.2 Canadian Registered Education
Savings Plan (RESP) 50
3. Applying for Student Loans and Grants 52
3.1 The United States 53
3.2 Canada 54
4. Trade Schools and Other Options 56
Chapter 6
Property 59
1. Down Payment 64
1.1 American down payment considerations 65
1.2 Canadian down payment considerations 65
2. How to Make a Contribution to the Mortgage 66
3. Co-ownership 67
Contents v
Chapter 7
Investments 71
1. American Investments 74
2. Canadian Investments 75
2.1 Tax-Free Savings Account (TFSA) 76
2.2 Registered Retirement Savings Plan (RRSP) 76
Chapter 8
Retirement & Aging 79
Conclusion 85
Worksheets
1 Assessing the Adult Child’s Financial Situation 6
2 Calculating Net Worth 14
3 Tracking Daily Spending 25

Subjects

Informations

Published by
Published 15 May 2015
Reads 0
EAN13 9781770409682
Language English

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