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The lasting benefit of financial literacy
The lasting benefit of financial literacy
Key financial lessons to teach your children as they grow.
Talking to kids about money can be awkward, but it’s important. That’s the takeaway from a recent T. Rowe Price survey, which showed that parents consider topics like death and politics easier to discuss with kids than saving for a goal. A full 85% wanted to avoid the issue by signing their kid up for a personal finance course.
Though a class might help – and your advisor can be a valuable teacher’s aide – your kids are still taking their cues from you.
“Parents are the number one influence on their children’s financial behaviors,” Beth Kobliner, author of “Make Your Kid a Money Genius,” told Forbes. “It’s up to us to raise a generation of mindful consumers, investors, savers and givers.”
Here we offer essential financial lessons to teach your kids at each age and stage.
Ages 3-6
Don’t underestimate them – at 3, your kids can grasp basic financial concepts, and by age 7, they have already formed money habits, according to a Cambridge University study. Start with the basics, including the idea that you work to earn money in order to pay for what you want and need – and help your kids understand the difference.
Create a wants vs. needs collage: divide a sheet of paper in half and have your child cut and paste photos from magazines into the two categories.
Other money milestones mapped out by the experts at the Consumer Financial Protection Bureau include the ability to focus and persist through tasks. Saving for retirement takes large amounts of patience and self-control, so we might as well start teaching them early.
Recognizing tradeoffs is another important early milestone. Try thinking aloud when you’re grocery shopping about the amount of money you’re exchanging for a product, or have them help you compare the unit price of similar goods. Whether a trade involves money, treats or time, discuss with your child how every decision has consequences.
Around age 5, it’s important to give kids some cash to manage. A regular allowance allows them to start thinking in terms of financial tradeoffs, and you can offer them a three-part piggy bank (save, spend and share) so they begin to understand the different functions of money.
By age 6, your child should be able to focus on completing small chores to earn money and understand the value of different coins and bills well enough to sort and count them.
Ages 7-12
As your child grows, help them develop values such as empathy and gratitude. Knowing that some families live in poverty and need assistance is part of financial literacy. Using a site like Dollar Street that shows photos of different families around the world living on a variety of incomes can help. So can letting your child have a say in where the family’s charitable dollars will go.
It’s also a good idea to pass down family stories to the next generation – how your parents pitched in to help you build your business, your first big purchase, or how spending habits helped you weather the ups and downs of life. These tales can help them understand their place in the world and develop perspective on what has value in life.
These years are also a good time to have your child open a bank account, which can help them claim the identity as a “saver” and associate positive emotions with it. You should also help them track what they are earning in interest. “There’s nothing like receiving an interest payment (even if it is a few cents) in your name for the first time,” Asheesh Advani, CEO of Junior Achievement Worldwide, told Inc. magazine.
Ages 13-18+
Credit cards, investing, taxes: As your child becomes a young adult, it’s time to step up your game to help them with these complex topics and more. You can help them get started with the SIFMA Foundation’s annual Stock Market Game simulation, let them take control of buying their school supplies on a budget, or help them calculate credit card interest.
Before your teen racks up any credit card debt of their own, consider adding them as an authorized user on your card. Show them that interest accrues unless the balance is paid off – and that any late payment hurts your credit score.
Talk about which data sources can be trusted. Share how you vet financial decisions, and urge your teen to keep digging if what they’re being told doesn’t add up. For example, if your child is researching colleges, encourage them to do research beyond reading a school’s brochure.
Many successful people trace their money skills back to a formative moment: getting a job as a teen. There’s no better way to experience firsthand the effect of taxes, having a boss, being part of a team and managing your time to fit in schoolwork. A seasonal job during school holidays or a part-time gig could help your teen better grasp the working world – and how they picture themselves in it.
Finally, come up with a savings plan for long-term goals, like a car or college tuition. You can use a budgeting app (try Goalsetter or Mint) that helps them visualize their progress, keeps spending in check and gives them a sense of ownership and confidence in their future.
Start the conversation
Whether your kid is 7 or 17, they are ready to hear money talk from their parents and grandparents. After all, financial literacy is not just about dollars and cents. You’re really showing them how to think for themselves, develop values and make sound decisions. In the space of a few teachable moments, you can empower them to take control of their future – a worthy investment.
Sources: T. Rowe Price 2019 Parents, Kids & Money Survey; Forbes; Inc. magazine; CNBC Millionaire Survey; U.S. Consumer Financial Protection Bureau; Sallie Mae’s 2019 Majoring in Money report; mtmfec.org
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Have you prepared your personal documents for an emergency?
Have you prepared your personal documents for an emergency?
Proactive organization can make insurance claims and other recovery activities easier.
Preparing for an unexpected storm or fire can help protect both your personal and financial well-being. Consider these recommendations for protecting important documents and making a swift, safe evacuation.
Saving your documents
If a fire, hurricane or other natural disaster occurs, the documents needed to rebuild your life should either be with you or stored somewhere safely out of harm’s way. Waterproof, fireproof safes offer protection for your most important items, offering a level of security in the event of a last-minute evacuation. For disasters that can be forecasted further in advance – think weather-related events like hurricanes – it may be beneficial to take important papers with you.
While many of the documents below can be replaced, keeping them safe will make insurance claims and other recovery activities easier. Consider bringing:
- Identification: passports, immigration papers, military discharge papers, immunization records, Social Security cards
- Family records and certificates: birth, adoption, marriage, divorce, death
- Home and vehicle: deeds, titles, registration, loan papers
- Planning documents: wills, trusts, powers of attorney, healthcare directives
- Insurance information: health, life, home, vehicle
Consider placing them in a three-ring binder with pockets for easy portability, and store within a water resistant bag. Waterproof and fireproof boxes are usually quite heavy, but a heavy-duty waterproof bag from a sporting goods store or large, resealable plastic bag can serve as a lighter alternative.
Preparing your emergency bag
Proponents of preparedness recommend keeping a small bag packed with essentials for a quick escape. Your emergency bag should remain ready to go at all times, ideal for an unanticipated evacuation. Your water resistant duffel bag or knapsack can include items such as:
- Your documents binder
- Photos or video of your property for later insurance claims Safe deposit box key, if applicable
- Notepad and pen flashlight
- Small first-aid kit
- Bottled water and nonperishable snacks
- Extra resealable bags
An additional “quick grab” list will ensure you won’t forget items that would be inconvenient to keep in your emergency bag at all times. Examples include:
- Backup of your computer, especially if it stores personal information
- Cash for food and gas, as ATMs may not be in service
- Required medications
- Phone or tablet and chargers
Planning for pets
If conditions are unsafe for you, they’re unsafe for your pets as well. Research in advance which public shelters, lodging facilities or kennels can take care of your pets if you’re unable to bring them with you during an evacuation. If you have an exotic pet, try contacting local pet stores or zoological gardens located in a safe area. Your local SPCA or other pet-oriented organization can also likely provide information.
Additional steps to prepare your pets include:
- Making copies of your pets’ updated immunization records
- Filling out a pet ID card with a recent picture, description, contact information, medical details and care instructions
- Compiling a kit with items like collars, leashes, medications, food, water, treats, toys, litter/pans, first aid supplies, and carriers
Depending on the type of natural hazards your area is prone to, additional provisions might be needed. But regardless of the particular peril, these precautions can provide a greater sense of security in the face of an unexpected disaster.
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Netiquette for digital natives
Netiquette for digital natives
The youngest members of the family might seem the most informed on today’s tech – but that’s not always the case.
Preparing the next generation for everything, even deterring cybercriminals or tracking down lost devices, is still the responsibility of older generations. These tips can help shield young people from online danger.
Assign a “kid computer”
For younger family members, assigning separate devices to each user may lessen the risk of potentially exposing sensitive information. One IT recommendation is keeping a device solely devoted to accessing banking and other private information separate from a device used for social media apps, games and the like. This is also an opportunity to allow young internet denizens to make mistakes and learn from them without compromising your important information or frying and damaging a vital hard drive.
Teach positive online practices
Instead of installing “childproofing” apps to monitor online activity, consider teaching the importance of safe cyber-practices. The “Google Family” page is a wealth of information with its “Be Internet Awesome” resources. Here, you can find internet safety conversation starters for all ages and games like “Interland” that guide young users in spotting safety and security risks in places like “Reality River” and “Mindful Mountain.”
Track and protect what’s precious
Device tracking can help locate wandering phones, tablets, laptops and even AirPods in case they are misplaced or stolen. Activate the “Find My” app on Apple devices or “Find My Device” on Androids. Purchasing physical GPS tracking tags and placing them on nondigital items is another great way to keep track of precious cargo.
Even more important is personal safety. In case of an emergency, make sure your children know how to use the emergency SOS function and assign emergency contacts. For iPhones, this can be done in the “Health” app’s Medical ID section or in “Contacts” if you choose the “Add to Emergency Contacts” button. For Android users, you can add emergency information as text on the lock screen or in the “Personal Safety” app.
Protecting yourself from fraud
According to a 2022 IT study, an estimated 53 million U.S. citizens have been affected by online and email scams, accruing $6.9 billion in losses. Don’t allow yourself to fall victim to these preventable crimes.
It takes two
IT experts recommend using two-factor authentication to verify requests for changes in account information or password logins. These systems send a code to your smartphone or other devices to verify your identity. Secure your email by providing a phone number or backup email account. To simplify authentication even further, enable biometrics, such as face recognition or your fingerprint on your devices.
Use the “zero trust” approach
In cybersecurity, this model’s motto is to “never trust and always verify.” This often means becoming an internet detective and taking extra time before responding to strange-looking texts or emails. Ensure the URL in any communication is associated with the business or individual it claims to be from and note if hyperlinks or the message contain misspellings. Refrain from supplying any login credentials and verify the email address used to send the communication by looking at your contacts first to see if it matches up. Be sure to monitor your personal financial accounts on a regular basis for anomalies like one-cent charges from unknown sources.
Learn when to unplug
Even the volunteer IT person needs some rest. Step away from your devices by setting up the “Do Not Disturb” function. Apple users can use “Focus” and Androids can use “Do Not Disturb” settings to choose certain people or apps that can still notify you when everything else is silenced. You can also use Apple’s “Screentime” app as well as Android’s “Digital Wellbeing” tools to limit time on more addictive games and social media scrolling.
Seeking more support? Remember, your trusted financial advisor also has tools to help fight off financial fraud and can point you in the right direction for safeguarding finances online.
Sources: forbes.com; aag-it.com; ic3.gov; wsj.com; goodhousekeeping.com; consumerreports.org; washingtonpost.com
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

5 considerations for your Social Security strategy
5 considerations for your Social Security strategy
As you prepare to start claiming benefits, be sure to ask yourself these questions.
This year, about 67 million Americans will receive over one trillion dollars in Social Security benefits. If you’re planning to join that total and claim your benefits, timing, strategy and sound decisions can all help you maximize the outcome for your household. When and how you claim, your marital status, your health, and even whether you have dependents can all affect what benefits you receive.
To get the most out of your hard-earned benefits, focus on developing the right plan for you and your family. Doing so could help you enjoy a comfortable retirement.
Where do I start?
Given the complexities involved in claiming benefits, creating a plan of action for Social Security can seem overwhelming. Fortunately, you don’t have to go it alone. Your financial advisor can help you develop an appropriate retirement income strategy based on your individual circumstances – but there are a few key questions you can ask yourself beforehand to jumpstart the conversation.
Five key considerations
Before making any decisions, it’s important to consider the elements of your life that could influence your individualized Social Security strategy. To prepare for your meeting with your advisor, start thinking through these key questions:
When are you planning to retire? Is this date relatively fixed, or is it more flexible?
What will your earnings look like if you continue to work past the age of 62? Would these come from continuing in your current role, or are you considering taking on new or part-time work down the road?
What other sources of income will you have in retirement? In addition to your Social Security benefits, will you be receiving any pension payments, employment income (part-time work) or annuity payouts? What about any business sale proceeds, insurance policies or inheritances? And of course, consider any retirement accounts or additional savings you've built up over the years.
How long do you expect to live? Consider your current health as well as your family history.
What does your family situation look like? Are you single, married or divorced? Do you have any dependents?
As you think through these questions and begin shaping a strategy with your advisor, consider creating a free “My Social Security” account at SSA.gov. Within your account, you can review a statement detailing your estimated benefits as well as explore other resources for developing a sound plan.
Sources: SSA.gov
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

25th Anniversary Gala
Save the Date 25th Anniversary Gala
October 28th | 6:15 pm–10:00 pm
Kennedy Space Center, Atlantis venue
Join us under the space shuttle Atlantis as we celebrate our success over the past 25 years. We couldn’t have made it this far without you! The festivities will include dinner, drinks, live music and dancing, too!
* Invitations will be sent six weeks prior to event with a link to RSVP. Dress will be black tie optional.
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.