Tony Steuer Recommends - 12/7/2024

Here are my top 10 recommendations for the week from people who are passionate about changing the way we think about money and who are?qualified and unbiased sources.

1) Here’s how to create a money learning experience for your kids this holiday season.

From Red Envelopes to Real Wealth: Managing Our Kids' Money by Prudence Zhu, CPA/PFS, CBVS, RLP? . Now that we're parents, we wanted something better for our kids' money. Instead of the traditional “I’ll hold onto it for you,” we wanted to create a system where their money could grow, be invested properly, and most importantly, teach them about the value of wealth-building. Enter UTMA (Uniform Transfers to Minors Act) and UGMA (Uniform Gifts to Minors Act) accounts, the game-changer for how we manage our children's financial future. Read it on (LInkedIn).

2) Advice for the sandwich generation.

Managing finances for the Sandwich Generation by Kim Porter for Salon.com. Adults who support their children and their aging parents are often financially burnt out. Cameron Huddleston shared her advice on how to protect your finances if you find yourself in the position of caring for both aging parents and young children. Read it (here).

3) Why you need to keep it simple with your money.

Why Simplicity Wins With Money with Charlene H. Cong, CFA ???? and Tony Steuer, CLU, LA, CPFFE on The Get Ready Money Podcast. Why a long term mindset and consistency are critical for success. Investing is for everyone, not just for the rich. The relationship between fitness and finances. Check out the podcast (here).

4) Looking for some fresh perspective on your family’s money-smart journey?

Money Is a By-Product of Great Work with Kevin Kelly and John Lanza on The Art of Allowance Podcast. Money’s losing importance as a meaningful metric. What Kevin has learned about money from being around billionaires. How much money do you need to realize your dreams? How can looking into the past help kids save for the future? Check it out (here).

5) Why you should be like Warren Buffett and talk to your adult kids about money.

Warren Buffett Talks to His Kids About His Will. You Should Too by Anne Tergesen and Dalvin Brown for the Wall Street Journal. The billionaire investor has a simple estate-planning suggestion for parents. It’s one that lots of us would rather ignore. When your children are mature, have them read your will before you sign it. Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death. You don’t want your children asking ‘Why?’ in respect to testamentary decisions when you are no longer able to respond. Read the article (here).

6) Do you think before you buy?

The Power of Thinking before buying with Karen Holland and Tony Steuer, CLU, LA, CPFFE on The Get Ready Money Podcast. We talked about teaching our kids to think before they buy. How the DIMS (does it make sense) score helps kids (and adults) make well informed decisions before spending money. Basic financial literacy is a human right. Our money personality is relatively stable and established by adolescence. Think about the total cost - lay bare the facts of a purchase. Check out the podcast (here).

7) Giving with impact.

Are You Donating Right? How to Give Effectively and Make an Impact with Grace Nicolette and Shannah Game CFP? on the Everyone’s Talkin’ Money Podcast. Grace shares her expert insights on how to maximize your giving impact, whether you’re donating during the holiday season or planning for long-term philanthropy. Listen on (Apple Podcasts).

8) Stay safe with your money.

Are you prepared to take on cyber scams?

Tips on how to enjoy shopping while avoiding cyber scams with Bobbi Rebell Kaufman, CFP? and Hena Doba on NewsNation. Online shopping is great, but don’t let your guard down. Pro tip: watch out for text messages asking your for information- including things that sound basic like whether you will be home. Check it out on (LinkedIn)

Understand your protection for different payment methods

What to know about paying for holiday shopping from Fraud.org. it’s important to understand the different benefits and risks associated with popular payment methods. From traditional mediums like credit cards to more novel services like buy now, pay later, and cryptocurrency, here’s what shoppers should know about these payment types.?Read the article (here).

9) A Deeper Dive on Life Insurance.

The nuances of life insurance with Elliott Appel, CFP?, CLU?, RLP? , Matt Fizell, CFP?, AIF? and Tony Steuer, CLU, LA, CPFFE on the Me & Money podcast. We talked about when it makes sense, and when it doesn’t. Understanding Permanent Life Insurance. Different types of Permanent Life Insurance. The Pitfalls of Permanent Life Insurance. Importance of regular/frequent policy review. What an "In-Force Illustration" is? What to do with an underperforming policy? Check out the podcast on YouTube (here).

10) The more you know, the better you'll be able to take control of your money. Great free resources to prepare for 2025:

8 Free Investment Classes and Resources for Adults and Teens by Marguerita (Rita) Cheng, CFP? for U.S. News and World Report. Just like stocks, investing in knowledge yields compound interest. In fact, according to Benjamin Franklin, an investment in knowledge pays the best interest. Whether you are just learning about personal finance management and investing or seeking to sharpen your knowledge, you will find these resources useful. Read the article (here).

If you’ve ever wished managing money could feel easier, this is for YOU. The Smart Money Bundle is LIVE!? I’ve teamed up with 20+ experts to bring you free tools for: Budgeting,? Meal planning,? Travel, Money mindset and so much more!? My contribution, Get Ready! A Step-By-Step Planner for Maintaining Your Financial First Aid Kit is included, and you can grab it (and so many other resources) for $0 until December 7th. Don’t wait—these gifts disappear soon! Claim yours now. Thanks to Prisca Benson, RN/Money Coach for hosting this give-away.? Check it out (here).

Events:

Unlocking the $83 Trillion Opportunity: Critical Engagement Strategies for Financial Professionals with H. Adam Holt, CFP?, ChFC? presented by Asset-Map (virtual: December 12th at 12pm PT). Are you prepared to guide your clients and their portfolios through the unique challenges presented by this monumental shift? How to create holistic approaches that go beyond traditional financial planning and address benefactors or the next generation of clients. How to make sure your clients’ adult children value your role as a critical player in the family wellbeing. Register (here).

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Which recommendation was your favorite?

Do you have a recommendation? DM or leave in the comments.

Until next week, let’s change the way we think about money.

Tony

P.S. Join The Get Ready Money Club to receive weekly action items, podcast notifications and recommendations via email (www.tonysteuer.com)