Wednesday, 13 December 2017 09:31

Dave Ramsey has the Answers to Your Questions!

Written by  Dave Ramsey
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Teaching kids value of giving

 

Q.What are some ways to teach pre-teens the value of giving versus getting during the holiday season?

 

A.  As a parent, one of the best things you can do is be a living, breathing example of the importance of giving and caring about others. There’s nothing wrong with having some stuff, but many of today’s marketing messages can lead kids to believe it’s all about them. And the sad truth is advertising firms are often more aggressive with their teaching than parents are in theirs.

 

I would encourage you to find giving experiences in which you can participate as a family. Volunteering for a day at a homeless shelter is a wonderful example of giving that requires absolutely no money. Or maybe you could pull out your wallet, and spend the day shopping for groceries and Christmas gifts for families who are financially less fortunate.

 

Make sure your kids are involved physically, mentally, and emotionally in the entire giving process. Let them experience the grateful, and sometimes ungrateful, responses that go along with giving. With a little thought and planning, you can create some incredible teaching and family bonding experiences that will change everyone’s lives forever!  

 

 

Budgeting for taxes

 

Q.I recently started my own business, and I know I’m supposed to pay taxes quarterly. How do I budget for those, and how much do I save?

 

A.You should always establish a separate checking account when you open a business. All your business income, and nothing else, should go directly into that account. Nothing else goes in or out of that account except for business expenses. What you have left, by definition, is profit.

 

When you take that home, set aside 25 percent for your federal, quarterly estimates. In most cases — especially with a small, start-up business — that will put you pretty close to what you’ll need. If you make more than $60,000 to $70,000 in profits, however, you may want to kick that percentage up a little bit. It’s always better to save too much than too little.

 

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