Stephanie W. Mackara 
Money Minded Families 
How to Raise Financially Well Children

Teach your children to make sound financial decisions. Prepare them to use their money wisely and with a purpose

Money issues challenge every family, no matter their background. That’s why Money Minded Families: How to Raise Financially Well Children offers advice on how every adult and child can be ‘financially well.’ The book explores how we can align our individual values with finances, while planning for a more secure financial future. It looks at how we can save, spend, share, and invest with a purpose. The author supplies financial basics for families and direction on creating a family mission statement, in order to help drive mindful financial choices.

With the help of this book’s holistic financial guidance, families can take steps to live their best financial lives, rather than simply getting by. Readers will find advice on:

* Practicing financial mindfulness

* Understanding the current financial landscape

* Spending with a focus on personal values

* Understanding key financial concepts

* Engaging in healthy financial socialization

* Becoming financially independent

Today’s financial environment sets up unique challenges, including concerns over Social Security, sky-high college costs, and debt. Kids are more likely to make their buying decisions online rather than in stores. It’s important that children’s knowledge about money begins in the home. When parents actively teach their kids about money, it can contribute to their chances of future financial success.

Within Money Minded Families, parents will find tools for evaluating and improving their own financial wellness. They can also teach their children about positive financial health using the book’s activities, which are organized by age.

Table of Content

Acknowledgments ix

Introduction xi

1 Background: A Little Bit of ‘Retirement’ History 1

2 The Current State of ‘Retirement’ 5

3 Financial Socialization: Creating Spending, Budgeting, and Saving Habits 11

4 Our Money Personalities 17

5 Gaining a Healthy Perspective on Money 27

6 Your Baseline Values and Goals 33

7 Principles of Money Management: Save 45

How to Save 50

Saving for College 53

Student Loan Debt–Good or Bad? 56

8 Principles of Money Management: Spend 61

The Ins and Outs of Budgeting 63

Cars 70

Buying a House 72

How Long? 72

What Can I Afford? 72

Renting a House 73

What Can I Afford? 73

Skin in the Game 75

Earning Money 78

Taxes 79

9 Principles of Money Management: Share 81

10 Principles of Money Management: Invest 89

How the Stock Market Came to Be 94

Stock Market Basics 94

Reading Your Investment Account Statements 95

Time In the Market, Not Market Timing 100

The Planning Process 100

Why Am I Investing? 101

How Much Do I Need to Invest? 101

How Much Risk Should I Take? 102

What Should I Invest In? 102

The Psychology of Investing 103

Insurance 106

11 The Bucket Approach: Putting It All Together 111

Buckets 112

12 What Does a Good Financial Advisor Do? 117

13 Last Thoughts 121

14 Family Mission Statement 125

Conclusion 128

15 Let’s Recap 131

Additional Resources 133

Books 133

Toy Learning 134

Apps 134

Index 137

About the author

STEPHANIE W. MACKARA is the owner of Charleston Investment Advisors, LLC, a financial planning and investment management firm that helps families and businesses secure strong financial futures. Stephanie has over two decades of experience in financial services and an academic background in both psychology and law. She is an expert contributor to several national magazines and newspapers and speaks at financial conferences across the United States.