Can financial knowledge be gained at any age?

Financial education should begin far before the 18, when you may get your first credit card. As early as preschool, children establish lasting money habits very early. According to three financial experts, Billy Crafton gives suggestions on how to get started educating your children about money.

• Early years of life (ages 3-5)

Young children who are only learning their numbers get money via play and observation in their immediate environment. They begin to notice financial activities and realize that a credit card is something their parents swipe at the register and that money is necessary to make purchases.

From an early age, children may grasp that money can get used to performing four fundamental tasks. It gets yours to spend, save, invest or give away. The CFPB states that children in the early childhood stage get patience, decision-making control, and attention. These life skills will come in handy later on when it comes to managing their cash. If every child could grasp their financial alternatives from a young age, they might make different decisions 15 years from now,” says Billy Crafton from San Diego.

• Middle Kidnapping (ages 6-12)

Besides storytelling, it may provide children the chance to practice their life skills, such as counting, planning, and conserving their money. The CFPB reports on the way children of this age group plan, budget, and rely on their inner direction when making decisions. They also acquire the capacity to achieve consistent goals and achieve long-term goals. However, at this age, their friends and community start having an impact on their life. Thus you can see that their material properties compare more often than when they are younger with their peers.

• Adolescent and young adult (ages 13-21)

Teenagers can begin making financial decisions on their own and preparing for their first credit card at the age of 18. However, before they do, you should assist them in developing critical thinking abilities to make wise financial judgments.

According to the Consumer Financial Protection Bureau, teens get developmentally equipped to match their spending with their beliefs. They mature into adults. They should have a greater understanding of who they are and what they care about in life. They are also beginning to consider the future while making more major life decisions. When you’re planning trips, buying vehicles, or going to college, you’ll need to have more in-depth talks. As your adolescent begins to consider the future, there will be more possibilities to do so. There is no ideal age to begin educating your child about credit. But according to Billy Crafton from San Diego, if your children asking you questions about money, it is appropriate to start early. It implies that parents should search for early indicators that their kid is interested in your spending patterns. Talk to them about all of the functions of money, including those they don’t see, and understand how to help them practice money habits in developmentally appropriate ways. While you’re at it, you can improve your financial literacy by studying how credit cards operate and understanding common credit card jargon.

How to maintain wealth when you have entered your retirement life?

In some respects, managing money in retirement is simple than it was previously. Because you only have so much money, your alternatives are slightly fewer and more constrained. However, the laws of money management change in retirement, making it appear more complex to you. You can take the example of Billy Crafton for his wealth management. Here are some ideas for managing wealth in retirement, whether you find it easy or difficult:

• Concentrate on generating retirement income

You get undoubtedly been concerned about putting as much money down as possible to optimizing your investment returns. When you retire, however, most experts advise focusing less on returns and more on finding out how to transform your retirement assets into consistent retirement income. In reality, studies show that seniors who have a fixed retirement income are happier and less worried than retirees who make erratic withdrawals from their retirement savings.

• Consider Your Priorities and Make Trade-Offs

The retirement money management motto “I want it all, and I want it now” does not work effectively for most people. The good news is that we know — better than ever — what we enjoy and what we want at this stage in our life. Depending on what’s essential to you, spending less overall may be possible. You can likely afford to take a trip to Europe, no matter what your financial situation. Prioritizing and making sacrifices in other aspects of your life may be required.

• Make self-care a top priority.

One of our greatest joys comes from our families. However, unless you have set aside funds to assist adult children, siblings, or parents, you may not be able to do so. You will have fewer opportunities to generate money once you have retired. You get to make do with what you’ve got. Every expenditure must be accounted for while planning for retirement. We must learn from the life of Billy Crafton.

• Consider delaying the start of social security as long as possible.

Depending on when you start Social Security, you may save hundreds of thousands of dollars throughout your life. Social Security provides you with a monthly income that gets guaranteed for the rest of your days. Start it later and enjoy a higher level of living.

• Be Prepared to Work Longer Shifts

Just because we are retired does not imply we have stopped evolving and changing. Several studies have demonstrated that retirement spending follows a predictable pattern. We may spend more money when we first retire since we are busy and do activities. After that, we slow down and remain closer to home, and we spend less than we have in nearly any other phase of our life. It’s crucial to keep these developments in mind while planning for money management in retirement.

Billy Crafton Talks about Simple Ways to Use the Credit Card

A credit card has turned out to be an indispensable part of our lives, with its user-friendliness and suitable pay-back options. The offers, discounts, and deals that a credit card provides are unmatched by any other financial products and spell a prize for the wise user. But, credit cards can become debt traps if not used properly, or if you spend more than you can repay when the bill comes around. San Diego Based Billy Crafton, a renowned financial advisor talks about ways to use the credit card wisely:

• When you use your credit card regularly and pay bill on time, your credit profile with the bank betters. This can result in a range of benefits, such as an increase in spending limit and huge offers on loans and other financial products. In addition, such actions will enhance your credit score, which is tremendously advantageous if your score is low.

• Each Credit Card has its billing cycle. Once you are aware of the bill generation date of your Credit Card, you can increase your interest-free period. For example, if you make a purchase just after your bill is generated, you can enjoy up to forty-five interest-free days, and at times more.

• Read your credit card brochure carefully, particularly details about the advantages it offers and the reward program. Earning reward points can accrue several benefits in the long run, from free flight tickets to movie vouchers to huge discounts on electronics.

• Whether you are shopping at a local store or online, make sure that the retailer or merchant is an establishment you trust. This will reduce risk of your card being misused.

• Your bank may provide you suitable ways to pay back your credit card bills, for instance, EMIs. When you select this option, you can pay for huge purchases in monthly installments, such as a mini-loan. This will help relieve your financial strain. You can also make your payments through the credit card net banking.

• Be careful about the use of credit card. Avoid maxing out on your credit limit each month. Monitor your credit card transactions on a regular basis to see particular patterns in your spending. Keeping track of your expenditure will also make sure that unforeseen transactions come to your notice and you can point them out to your bank right away. You can even set your limits on credit card to avoid any over spending.

This is why Billy Crafton says that the best way to use a credit card is by using it only when you require it, and by charging only what you know you can afford to pay back comfortably. If it is used this way, credit cards can offer a suitable way to pay for everyday expenses and might help you build credit, pay off debt, earn rewards, or finance a purchase you can pay off over time. But if you are not cautious, a credit card can also bring about high interest charges, enhancing debt and a ding to your credit health.

Points that must be taken into account when Employing a Financial Advisor

Choosing a financial advisor is one of the most taxing tasks that an individual will make. If the choice is made in the correct manner, the benefits are huge. But if the choice proves to be wrong, the results can be overwhelming for the business.

The following tips by Billy Crafton are meant to help assess, recognize, and choose a financial advisor familiar with the problems one faces as an investor and help him/her achieving their financial goals. There are a number of changes in the ever changing market; most individuals are unable to recognize the dynamicity which causes a huge loss to the investors. Hence, a financial advisor is a professional that one must dwell on before investing the money.

Explained below are the points to take into account when employing a financial advisor:

• Before signing on with any individual, make sure one knows what they are getting precisely. Some financial advisors are specialists in investment selection, while others only offer retirement planning, college savings planning, or life insurance help. By finding out the correct questions of proficiency, one will be more likely to find an advisor with the exacting skills and services required for a lasting relationship.
• As several advisors become financial advisors, looks or age do not represent experience. It is always better to ask how many years an advisor has worked in the field, but one must also keep in mind that everyone has to start. Intelligence, responsibility, and desire can make up for experience in a few cases if one knows the expertise is available.
• Thinking about a financial advisor is always an outstanding thing to go for, but the advice usually carries a commission or brokerage. This decision depends upon the education, knowledge and other related factors of the investor. If an individual has a powerful knowledge of finance and usually keeps oneself up to date one may omit the option of employing a financial advisor. Or else, it is highly recommended considering a financial advisor. 
• Prior to investing the hard-earned money one should be alert of the financial advisor’s past tracking records. A number of people are shy about asking for evidence that whether their financial planner actually has a prosperous track record managing accounts.  It is also imperative to check the financial advisor’s feedback, reviews, and reputation of the past and current clients. A number of financial advisory firms are available in the markets that have good name and a loyal customer base which makes the investment safer.  

A number of situations can be there where one can change to a new financial advisor in place of the current one. According to Billy Crafton from San Diego, a good advisor understands investment requirements has plentiful conversations with the client, discusses their long-term objectives and evaluates plan. If one feels that the advisor cannot serve their expectations, offer good suggestions or is not capable of assisting achieve their investment objectives one should consider a new business planner.