FSOP Tips for 2017:
FSOP #1 – Understand how pop culture influences your children’s thoughts about worth.
Take lessons from the highly publicized mistakes of 2010 – from the failed “Kardashian Kard” to “Real Housewives” foreclosures and bankruptcies, celebrity culture skews our view of lifestyle expectations.
Educate yourself and your teens about credit.
When your children reach age 12, start sitting down with them regularly to explain how credit and debt works. Begin with basics like credit cards, and eventually move to lessons about credit scores, fees, interest and penalties.
Education at a young age is the key to setting a healthy financial path for life. Big brand marketers know that women in the household have the consumer purchase power, so it is especially important to condition our daughters to understand finance.
FSOP #2 – Treat marriage as a business transaction, as well as divorce.
Be realistic. At any time in a marriage, tragedy and/or divorce can strike.
We need to effectively create a business plan for our marriage. This is a partnership, and both parties should be aware of the operations so no one is left high and dry. No matter what stage you are in – whether it is considering moving in with a serious boyfriend pending an engagement, or ten years into a marriage – it is important to gain access and review credit scores, financial statements, balance sheets, and more with each other. Better still, review them with a financial planner.
Update your resume in 2017.
Even if you are a stay-at-home mom or dad, keep some job skills fresh and always have a hand in business form. Stay competitive via online classes, or volunteering professional services for charities. If you haven’t updated your resume in the last year with even the smallest skill, it is time to dust it off. And to all the gold-digging ladies, if you think you married him for the money, be prepared when he eventually trades you in for a new Range Rover.
FSOP # 3 – Make a hobby out of Financial Scrapbooking
Now is the time to start keeping track of your money habits.
-Save. Starting Now.
You should start saving from the very first dollar you ever earn in your life. But if you haven’t been saving since then, start TODAY. It will set you free.
Credit Queens Beware. Women in particular need to grasp the psychology of instant gratification, and spending on frivolous things. Bad credit is like cellulite- it will always haunt you. Find a card with rewards/points and no annual fees. Stay in control by paying it off every single month. Write out all your monthly income and expenses, and stick to a budget.
FSOP #4 Your personal brand adds or detracts value from your financial success.
Everyone has heard, “dress for the job you want, not the job you have,” and other tips on how presentation adds to a personal brand. This day in age, it is crucial to explain this concept to the entire family, especially teens.
In 2016 we saw an explosion in social media and mobile technology. This will continue to trend upward in 2017. Sharing suggestive photos via cell phone, or posting foul comments on Facebook can cause irreversible damage. Web impressions last forever, and future employers know this when performing background checks.
FSOP #5 Giving back adds to your Personal Worth, and Family Worth.
In order to be a thriving, successful, financially well-rounded family, give back to the community. Get your family behind a cause, volunteer or sponsor events. Giving back is the mark of true affluence. Set up a 2017 calendar of activities and start taking action.