Browse published articles attributed to Thomas Henske, with full-archive search.
n“Daddy, Daddy, Daddy. I need to have the Millennium Falcon Star Wars Space Ship. Please, please, please. I really need it.” Taken literally, someone new to the planet would understand my son’s “need” as potentially life threatening if he were to go another hour without this space ship. As ...
For those of you who know me personally, this seemingly settling for mediocrity in the title might have caught you by surprise. And while I am a huge fan of striving for greatness in everything one sets out to do, the reality is that often times such an attitude can get in the way of making progress. This is especially true when talking about financial literacy.
We live in a world where parents may give their children a weekly allowance of $20 and before they know it they’ve spent another $50 on their children’s Webkinz toys and other various forms of entertainment. While the $20 might be the right amount for their child, the extra hand-outs aren’t ...
While April usually means showers to you, it's a good time for those in financial literacy -- it's Financial Literacy Month. And an important component of teaching our kids financial literacy is introducing them to philanthropy. A reader came to me a few weeks ago and asked about the topic. "Tom, we are giving allowance to our children so that they can have money in their pocket to practice," he said. "What is the best way to take that portion of that allowance our son is saving and give it away in the most effective manner?"
A common thing we all do on the weekends is to try and get our families together. Typically, this is squeezed in between sporting events and either happens at a kid-friendly restaurant here in town or sometimes at each other's home. You know that gig.
I was inspired by Dan Woog's article last week on keeping learning "relevant" for our kids. One thing that's fun and educational for our children to learn about is the companies they are exposed to on a daily basis in their own lives. I just returned from my son's baseball game and noticed a number of the kids wearing Nike cleats. That always makes me feel younger tha I actually am as I too wore Nike on occasion when I was his age.
Our children seem to think that they should have everything that we (as parents) have, ignoring the fact that many our possessions have been accumulated over years. A need is something you have to have, something you cannot do without. Needs are things that we truly cannot be without. Examples ...
Coming off our fun-filled winter break, I thought it might be time to plant the seeds of taking a "purpose vacation" for your family's next vacation break. I would imagine the last time I endeavored upon this subject you might have left asking yourself, "Do I really want to subject my family to one of these purpose vacations? Early to rise, late to bed, banging boards together all day in the hot sun with the goal of teaching my kids the value of helping others for seven days straight? Isn't there an easier way?"
The results are in from a nationwide survey that measured what Americans know about rudimentary finance. And for a state that is among the nation's most educated and most wealthy, Connecticut doesn't have much to brag about. At the end of last year, findings of the nation's first State-by-State Financial Capability Survey were released by its sponsor, the Financial Industry Regulatory Authority.
Poker is now the third most popular sport watched on television behind auto racing and the NFL. Go figure!
Last week many of our Westport parents were abuzz about getting their kids ready for, and to, summer camp. Some of the parents seemed giddy in excitement that they were getting a little vacation from the kids while others seemed lost in what they would do to fill the huge time gap. Don't laugh! There was at least one parent who was sad to see his or her child go.
Over the years, some of the best ideas I've learned on teaching children about money have come from you -- the parents. I always love to hear some of the thoughtful strategies you're using within your own households. They are always creative and battled tested on the front lines, in the trenches of parenthood.
Years ago, I learned from Jay Hughes' book "Family Wealth" the importance of having assets beyond financial capital. What Hughes called "human capital" I refer to this as the "Who You Know Assets" which often find themselves even more valuable than the assets you have in your bank account. This is an important lesson for us, as parents, to impart upon our children.
Money-Smart Kids™ Program An allowance is NOT an entitlement or a salary. It is a tool for teaching children how to manage money and budgeting. As with all financial literacy topics, the most important resource parents can give is their time. Here are my top 10 tips for starting an allowance ...
Yes, I said a few months ago that I don't like to use my article to vent ... but here I go again. I've just read one of the more myopic, small-minded, and frankly, ignorant articles on MarketWatch titled "Financial Literacy Is a Big, Fat, Wall Street Hoax" by MarketWatch writer Paul Farrell. His article can be read at: www.marketwatch.com/story/financial-literacy-is-a-big-fat-wall-street-hoax-2011-11-08 Nice try, Mr. Farrell, trying to jump on the "Occupy Wall Street" band wagon with this article. His effort is hugely unsuccessful.
Two of you are having a "respectful disagreement" (this is polite writer's speak for "argument") on a topic that we are going to let the Town of Westport be the judge and jury on. This decision will be binding on both parties. Is everyone ready? How do you feel about this one?
I hope this personal story will inspire you to teach your children the value of good, personal service and the financial choices that go along with it. One evening at home I realized I needed to scan a document and e-mail it to one of my clients. Of course, I was having a problem with my scanner, so I decided to run off to a store (I'll omit the name to save them the embarrassment) to make a few photo copies, scan in the document and then e-mail it off to my client. Not a big deal, so off I went.
In February 2000, I endeavored on buying my first home. I can remember the scary concept of taking out my first mortgage. The whole idea of owing someone money put a pit in my stomach. So owing someone money for 30 years was just mind-blowing for me. And so after I found what I was looking for, I went to my bank to secure a 30-year fixed mortgage at the interest rate of 8.5 percent. When interest rates began to drop, I refinanced that mortgage at 7.625 percent. Then a year later -- I was making a habit of this -- I got it to 6 percent.
Chocolate hearts and Valentine messages soften the gray and cold of deep winter–opening up the heart in this icy season. This year, use winter’s little crack for the unexpected: Tackle greed. Greed reveals itself in a child’s reluctance to share, and adults’ willingness to risk all in the ...
Of course I knew that headline would get your attention. In full disclosure, I'm a bit heated today and will use this week's article to vent. A reader recently forwarded me a poll conducted by The Angus Reid Strategies Group which surveyed 624 Canadian parents and revealed that "overall, moms and dads feel better prepared to discuss sex, drugs and alcohol than to breach the topic of finances."
Wow. Our readers have some good ideas and are making my life easy. Their thoughts keep pouring in and at this pace it's highly unlikely I'll ever experience writers block. I appreciate the great concepts to share with everyone who make it a habit to glance at what I'll now call `our' article every two weeks. This week's subject is a quick way to teach your kids about budgeting.
I'm lucky to have many readers who pass along articles they come across on financial literacy. I finally had some time to catch up on my reading and came across two very different articles that sparked my interest on the topic of what age we should start teaching our kids about money. They were polar-opposite opinions that said: According to "Financial Literacy? It's Elementary," by political writer Burwell Stark: "Forget financial illiteracy. I don't know of many kindergartners who are literate, period. Isn't that the age where they start the letters and how words are formed?"
I've always said that some of the best financial lessons occur right within your own household. And I'm sure the power outage left everyone in their home trying to stop the minutes from seeming like hours. As our kids were starting to be at their wits' end, being captive in the house Sunday morning with only boring Mom and Dad to talk to, I asked my family for some help on this week's column by sharing some thoughts on how Hurricane Irene impacted our money situation. In response, my family said we saved money by: Not having to pay for electricity.
How does a parent explain the theory of interest to a young child? And what is the difference between earning interest and paying interest? I realize that even adults don't always grasp these concepts. While it is a struggle to think of simplistic ways to explain these concepts to your children, I have come to the conclusion that it is better to show them, rather than tell them, about this financial term.
Whenever I talk with clients, prospects or friends about the Money-Smart Kids Program, I share our “drip, drip, drip” strategy for raising financially fit kids. “Remember, you are water; they are rock,” I say. “Do a little something often. Keep the subject of the financial apprenticeship front ...
Yes! I finally broke the writer's block.
It's hard to believe it's February and my wife just reminded me that the kids' winter break starts Feb. 18. Tonight at dinner, we discussed going skiing for a few days as a family. I must admit it became difficult to enjoy dinner when I mentally started tallying up all the expenses that goes into even the shortest of trips. Here was the list went through my mind as we did our planning: Lift tickets Gas/flights Hotel rooms Equipment rental
The second most common questio I’ve been getting over the last few weeks (after “When will the market hit bottom?”) is “How should we be talking to our children about this financial crisis?” While the natural feeling is to clam up and pretend your lives are business as usual, that strategy ...
Helping your children understand how to live on a budget at a young age can teach them valuable lessons for later on in life. You’d rather see your kids make small mistakes now than end up continuing to ask you for help to pay for things later on in their life. Here are a few suggestions for ...