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3 bad money habits you’re passing on to your children

first_imgIt can be easy to forget in our busy day-to-day lives that our children are paying close attention to our words and actions. They emulate what they see around them and grow increasingly impressionable with age. It’s important to positively influence them by demonstrating proper behaviors and habits they can learn from. When it comes to finances, there are a variety of ways you can properly educate your children, including discouraging them from practicing these three bad money habits.Impulse buyingWhen you go shopping do you follow a set shopping list? If your answer is “no” and you shop with your children, it’s time to start sticking to your plan. When you’re shopping, and grabbing things without any forethought, you are showing your children that sticking to a budget is not your priority. They may also view your impulse shopping as disorganized and unstructured. Instead, instill in them the importance of writing down a plan and getting only what’s necessary to stay on the right track with spending.Not talking about moneyAs children get older and they begin to understand the value of money, it’s important they are taught to be open about financial issues. Some view money matters as difficult or awkward to talk about. But, when it comes to building confidence in your children, it’s vital they learn the skills necessary to effectively manage their personal finances. Developing healthy financial habits from an early age is extremely important and it begins with everyday conservations.Living above your meansIf your child asks for something at the store, but you don’t have the money to buy it, it’s okay to use that old saying, “money doesn’t grow on trees.” So many Americans live outside of their means in an effort to “keep up with the Joneses.” Instead of raising entitled children that expect everything no matter how tight funds are, teach them the importance of differentiating between “wants” and “needs.” Help them understand that it’s okay to splurge on occasion but it’s more important to budget and save in order to maintain good financial standing for a happy, stress-free life. 46SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Wendy Moody Wendy Moody is a Senior Editor with CUInsight.com. Wendy works with the editorial team to help edit the content including current news, press releases, jobs and events. She keeps … Web: www.cuinsight.com Detailslast_img read more

FRC investigates actuaries, accountants on Coats Group schemes

first_imgHowever, the complaints are likely to relate to individuals rather than the conduct of specific accountancy firms or actuarial consultancies, as the FRC has previously named companies under investigation.The statement did not specify which of the company’s three pension funds were affected by the work undertaken by those under investigation, nor did it specify what area of work by the professionals was being queried.TPR has long been in discussions with the threadmaking company.In February, the firm announced it would be retaining $505m (£342m) to address funding shortfalls within the Brunel, Staveley and Coats UK pension schemes.In its most recent half-yearly report, published 28 July, Coats says it has yet to settle its talks with TPR but re-emphasises its intention to address funding shortfalls with the $505m retained within the company.The company’s half-yearly report adds: “There are active discussions as to the support structure provided by the parent group cash and the level of annual deficit recovery payments.“If a settlement cannot be reached, and the investigation process continues, Coats believes any hearing is unlikely before the fourth quarter of 2016 at the earliest.”It notes that only once a settlement with TPR is reached will the regulator withdraw its Warning Notice, first issued in early 2014. The Financial Reporting Council (FRC), the UK regulator of the accountancy trade, is investigating an unnamed number of accountants and actuaries employed to work for the pension schemes of Guinness Peat Group.The allegations, which relate to schemes sponsored by the company now trading as Coats Group, concern eight years of conduct from 2004 onwards, according to a statement by the FRC.“The decision to investigate,” the FRC said, “follows a referral from the Institute and Faculty of Actuaries regarding matters arising from the Pension Regulator’s (TPR) own ongoing investigation into the group’s pension scheme arrangements.”A spokesman declined to specify the number of individuals involved and said it did not disclose names of individuals while under investigation.last_img read more