The Insurance Doctor

Tag: children

  • 5 Tips for Raising Money-Smart Kids

    Most children are now in the middle of the school year. Unfortunately, most schools don’t teach kids how to budget, spend or how to grasp the value of money.  kids-lemonade

    1. Start early: A 2013 Cambridge U. study found that by the age of 7 (1st grade) most children grasped how money works and ‘core behaviors” they take into adulthood. Teach them the “rule of 72” (amount of time it takes a lump sum of money to double based on a known/fixed interest rate) as early as possible.

    2. Utilize an allowance to teach them: Using an allowance as early as possible helps teach them the value of money and the difference between luxuries vs necessities.

    3. Talk openly about money: Kids learn about money faster than you think. Talk to them about how many weeks of allowance it takes to buy that new lego set and you will be surprised how fast they understand. Not comfortable on this topic refer to Parents.com

    4. Let them make their own mistakes: This can be the best way to learn when the stakes are low. When your child sees this great commercial on tv let them buy the toy with their allowance money. When they realize it was a bad purchase the lesson is invaluable.

    5. Set a good example: Your children see what you are doing and will emulate it good or bad. Let them see you save up for a luxury and put back goods that you don’t need while at the check-out counter.

    Parents often say “I want my kids to be better than me”. Utilizing these 5 tips will help ensure this happens with regards to saving and responsible spending.

    For your own ‘money-smart’ plan or financial review contact Robert here today.

  • 7 Places to take your kids this summer outside Manhattan

    Parents are always looking for fun places to take kids this summer.  Whether it’s education or to tire them out, these places will leave lasting impressions on your loved ones:

    1. New York Hall of Science: Located at 47-01 111th in Corona queens and open 7 days. Many interactive science exhibits and attractions to keep your child’s interest.
    2. Indoor Extreme Sports: Play paintball and Black Ops laser tag this place gets the adrenaline pumping. Located in Long Island city and Staten Island.  We have thrown birthday parties here and I will tell you big kids like it too, LOL!insurance, New York City, financial services
    3. Bounce U: Another great birthday place, Bounce U can be found in Brooklyn and College Point, Queens. Open 7 days and not just for parties as they have open bounce hours to wipe out the most feisty children.
    4. The Queens Zoo: Located in Corona, Queens and close to #1 the Hall of Science. The Zoo is open daily and easier to navigate and less crowded than other Borough Zoo’s although they’re all good.
    5. Kids Fun House: Located on fresh pond road in Ridgewood, Queens it’s for children up to 12 years old. There’s a socks only play area for small children while the bigger kids go thru the maze or play arcade games.  There’s also an on-site café.
    6. Museum of the Moving Image: Open wed-sun this place is really fun and was recently renovated. Took the boys last year to the “Behind the Screen” exhibit with Star Wars props etc.  Also, somewhat hidden is an old-school arcade with Ms Pacman, galaga and other games baby boomers will be familiar with.
    7. Artistic Stitch Sports Complex: Located on Cooper Ave. in Glendale, Queens and open from mon-sat. If you have older children, this place has something for everyone.  Soccer, dodgeball, wiffleball and rock climbing to name a few.