Unfortunately, you and your husband have given your two daughters some examples of what happens when you are not great at personal personal financial planning. And while there have been many fun family vacations and lots of fun purchases, your teenage daughters have also been on trips where the budget fails. No glacier cruise when you were in Alaska. No tickets to see a Broadway show when you were in New York. In fact, after several half baked trips to some pretty cool locations, the girls began asking why some of the best vacation plans fell through. Why was it that sometimes they were able to order what ever they wanted when they went out to eat and were able to go parasailing if it was available? And why was it at other times that you had literally no money to spend on these trips?
The answer, of course, was that your personal financial planning was not as consistent as it should be.
Teaching Your Children About Successful Personal Financial Planning Is a Valuable Goal and Life Skill
As the nation continues to look for a way to be economically successful, more and more people are looking at the importance of personal financial planning software and the habits that software can create. And while businesses have always made use of automated financial planning and implementation platforms, more and more people realize that these same platforms might help them be more consistent with the personal financial planning and implementation habits.
Consider some of these facts and figures about today’s financial habits and trends:
- $71,258 is the average American gross household income.
- The latest research indicates that 157 million Americans have credit card debt that they need to pay off.
- Only 10% of Americans who are not parents have a written financial plan, while only 26% of this group contribute regularly to a retirement account.
- 33% of Americans indicate that they only pay the minimum due on their credit card each month, according to FINRA’s National Financial Capability Study.
- $132,529 is the average amount of debt that American households owe.
- A mere 30% of Americans have a long-term financial plan that includes investment goals and savings.
April is Financial Literacy Month so this is the perfect time to make sure that you are doing everything you can to make the best financial decisions and setting the best examples for your children. With the latest automated financial planning platforms, both individuals and companies can make sure that they are on the right track. For a parent, modeling wise financial habits speaks volumes to children. For investors, retail financial planning platforms can help track a number of trends and forecast predictions.