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Finance and Budgeting

Finance and Budgeting

Be a successful failure

The successful entrepreneur has averaged four business failures in his lifetime. According to leadership expert John Maxwell, "Failure is the price you pay for success." The key is to fail well... meaning you learn from your mistakes.

It’s no different in fatherhood. Are you a successful failure? Or does your pride in not admitting your shortcomings build a wall between you and your children? The best thing you can do for your kids is say you’re sorry when you need to, and give them some freedom to fail as well. The idea is not to have a perfect family, but a learning family. And that can only start by admitting mistakes.






Warmly,

Mark Brandenburg

Mark Brandenburg MA, CPCC
mark@eqnow.org
www.markbrandenburg.com
www.eqnow.org

Fatherhood and Business

I have no doubt that every father wants the best for his children, so we have to ask ourselves what does the "best" actually mean and what is it going to take to get there.

My Business partner and I started our first Business three years ago, we were enthusiastic, ambitious and at that stage had the support of our wives. We had nice offices, great staff, great clients, flash cars and Business was going well, that was until the collapse of the Finance industry. With creditors trying to kick our door down the pressure came on big time. At that stage I had two children aged 1 & 3.

In short the Business fell over and I was broken, we sold our house to fend off creditors, my marriage was suffering and my wife just gave birth to our third child. In that same week we found out that my father in law was diagnosed with cancer and had 4 weeks to live.

Would You Know Your Kids' Answer To This Question?

Recently, the Pew Research Center asked 18 – 25 year olds what their most important goal was in life. 81% answered “to get rich.” Wonder where they get that value from?

It might not be a bad time to ask your kids what their most important goal in life is. Based on the answer, you can help “direct” them towards creating a life that’s meaningful. As the awful news in the world around us mounts, we can help by parenting kids to be loving, kind, and responsible citizens. And if we can, it might not be too late.

Warmly,

Mark Brandenburg

Mark Brandenburg MA, CPCC
mark@eqnow.org
www.markbrandenburg.com
www.eqnow.org
Phone (+1) 651-766-9976
"Helping Men Succeed"

"Dad, I need some money..."

Fathers everywhere struggle to protect their children against poverty. The fortunate ones manage to provide a certain degree of comfort and material security. Both groups try to fulfill what they naturally perceive as a fundamental role-that of provider. It seems to me that this role has tended to be all too easily minimized. It is as though in the effort to recognize the father who is affectionate, who acts as teacher and companion, and who is committed and interactive, the role of breadwinner has been neglected, if not actually ignored and even scorned. And yet fathers themselves have not forgotten this role, as evidenced by their vulnerability and distress when they fail to fulfill it adequately.

When to teach Children about Money? Is it a dads job to do so?

Money and Children sometimes go hand in hand depending on your wealth, If you’re like most families having a child means that your family will drop in wages, and usually the father will continue working. Why would you teach children about money? When is best to teach children about money? Who is going to teach them?

This is something that is close to my heart, being that I wasn’t taught what to do with money but I grew up around money and from a family with money! My grandfather had money and taught us to stand on our own feet and to earn it for ourselves, so at the time I thought he was “tight” but it means that through my teens and adulthood I have also been very frugal with money. Therefore I want to make sure Pyper grows up with an appreciation of money. It’s like water it slips through your hands very fast, so make sure you don’t carry too much at once.

The Money Game

As a parent and someone who is interested in creating wealth, helping my little lady become financially savvy when she grows up is very important. I come from a wealthy family that "gave their children fish, rather than actually teaching them to fish". So I thought it was timely now to teach my 4 year old girl Pyper about money and finances. We have started getting her used to money - she picks up bits of money that is either lying around in coins or someone might give her $5 here and there for a birthday. I firmly believe that parents who introduce the concept of "saving money" to their children early will be helping them in the long run. I recently came across an article that talked about practical steps parents could do to teach financial literacy to their children.

Budgeting secrets for parents - DIYFather launches "Baby on a Budget" in the US

CHICAGO, IL (June 8, 2011) - For most new parents, it isn't the sound of their baby crying that keeps them up all night, it is the "cha-ching" of the cash register, as they add up all their new expenses. According to the U.S. Department of Agriculture, raising a child till age 18 can cost anywhere from $110,000 to over $410,000. And baby's first year alone can cost upwards of $11,000!

The new must-have eBook by DIY Father "Baby on a Budget" contains the combined wisdom of fathers around the world using humor and useful tips to help new parents to save over $6,000, so they can enjoy their new life with their new baby, without breaking the bank.

"Congratulations you're a new dad! Now you have one new and rather large expense, that will be hanging around for the next 20 years or so. And if you are like most new dads, the one question racing around your mind is ... how am I going to pay for it all?" says DIY Father Founder Scott Lancaster.

Children's allowances - when to give and when not

By Andrew Lendnal

Do you consider giving your children pocket money or an allowance essential? Is it bribery to ensure basic chores get done, or does it teach them budgeting, saving and basic money management skills? In truth, it’s probably a bit of both, and I don’t think either is a bad thing.

Children watch and learn all the time, so start as soon as you can to model these money skills. Let children handle money and use the language of money when talking to them about shopping, or even a trip to the cash machine. In these days of credit cards, eftpos and internet banking, children rarely see money going out. But it comes in via ATMs, and of course eftpos cash-out – they could easily think you go shopping and get paid to do it!

Don't blow the budget ...

Here's the second instalment from our feature on heaps.co.nz ... useful tips to help parents avoid blowing the family budget.

Enjoy,

Stef

Baby on a Budget on TV

Scott was interviewed about our new book "Baby on a Budget" this morning on TVNZ's Breakfast Show. Here's the link if you've missed it: TVNZ Breakfast Show




Check out the "Baby on a Budget" page on DIYFather.com for more information about the book.

-Stef

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