Curated by the Knowledge Team of ICS Career GPS
Education
Five ways to set your kids up for financial success
Excerpts from article by Frank Restuccia published in The Finder, and another published in goodreturns.in
The COVID-19 pandemic has proven just how important financial literacy is to help people make decisions during a crisis. As a parent myself, I think parents have a key role to play in influencing the money habits of kids. Here are my five suggestions for actions which I think you can take as a parent to really help set your kids up for financial success:
1. Open their first bank account
Learning how banks work is an important step in anyone’s financial journey and the good news is most kids’ bank accounts allow you to earn interest. They can monitor, learn and understand how their money grows with time and with less risk.
Having a kids savings account is like having a bigger piggy bank, where the money will be safe and can earn interest on the same. Once the amount reaches specified limit, it can be used for making other investments. There are plenty of banks which offer savings account for kids, with various options.
2. Pay their pocket money through an app
Pocket money is a really important tool to help your child understand the value of money. Whether you choose to give money in relation to chores or not, using a pocket money app brings the experience into the digital age. After all, most of us are managing our money through apps as adults these days so why not start learning these digital money management skills early too.
3. Incentivise your child with a savings goal
Research from ANZ has shown that active saving is one of the key behaviours that leads to financial wellbeing. This means that the earlier you can build a savings habit with your child, the more likely they are to thrive financially later in life. One good trick for achieving this is to ask your child to save for some or all of that major purchase that they keep asking for – a new pair of trainers or a game console, for example. The pocket money app you’ve set-up should be perfect for this.
4. Set up an education or trust account
At some stage as a parent, you’ll need to make a call on your child’s education and what you’ll be able to afford. The earlier you start saving, the more achievable this will be. Start by estimating how much you think it will cost for your child’s primary, secondary and/or university education. This will give you a ballpark target for your savings and setting up a trust account to pay this into can be a great way to keep this money separate. With a trust account you retain ownership of the account as the trustee and once your child turns 18, they can access the funds. Remember to increase the annual amount you contribute so you can factor for inflation.
5. Buy their first shares
There’s never been a better time to teach your child about diversifying their portfolio. It’s possible to create an online trading account and earmark it as being for the benefit of a minor.
The financial services market has changed drastically over the years. With more competition and choice, it’s never been more critical for us to be financially literate, particularly during uncertain times.
Career
Discover three online careers from housewives in India
Excerpts from article published in The Week Magazine
Stay-at-home moms can make money online in many ways. This year, due to COVID-19, remote methods are more popular than ever. Here are a few fascinating ideas worth considering if you need a remote job in India.
1. Blogger or Vlogger
Blogging is in vogue, and it is also extremely profitable if you have a vast following. There are different avenues of development. You may start your blog on Instagram, create a website, or start a YouTube channel. Each of these systems has its own set of monetisation tools.
- Old-School Blogs
The most conventional way is a blog with paid ads. You do not have to be an expert or hire a pro to create an attractive website. Systems like WordPress are pretty easy to learn and there are many templates to try.
Do you have a passion you are eager to share with the world? Go ahead and write posts. Include pictures, videos, GIFs, and other entertaining content to make the website memorable. After your blog takes off, it will become attractive for advertisers.
You do not have to look for companies yourself. Systems like Google AdSense match advertisers to website owners automatically. Visit the official website to see how much you can earn.
- Discover YouTube Vlogging
The largest video sharing site rewards the creators of popular content. The size of revenue is based on RPM, or revenue per thousand views. For every 1000 views, you can get $1. This means that a very popular video with 1 million views gives its creator $1,000. Besides, YouTube allows paid promotion, so brands will reach out to you and ask to promote their products or services for a fee.
- Become Popular on Instagram
Instagram is focused on photos and videos accompanied by text. If your posts bring value to readers, the audience will grow. Include paid promotion, or advertise your services if you are a teacher, instructor, coach, etc.
2. Discover Online Trading
How can trading be suitable for a housewife? First, it does not require any special qualifications — education is freely available online. Secondly, it is an accessible way to make money in the largest financial markets in the world. All you need is a laptop, tablet, or smartphone with trading software.
- Opportunities in India
A reliable forex broker in India like Forex Time provides the whole package of services, from training to profit withdrawal. Education costs nothing — you can open a demo account for free and find a wealth of learning content, from articles to video tutorials. Brokers provide around-the-clock guidance by phone, email, live chat, etc. To sum up, you do not have to be a genius to be a successful trader. So, what exactly will you be trading? The most conventional and least complex option is Forex. Everything is done through the internet.
- Build a Trading Career
Trading software is packed with visual aids like price charts and technical indicators. They provide access to financial news and economic calendars, so you always know what is happening in the market. Moreover, global brokers offer copy trading services.
Decisions may be delegated to a trained expert. They will invest for you for a fee, and they are incentivized to perform to the best of their ability. Once you get familiar with the currencies, it is easier to add more assets.
3. Online Tutor
Do you have the knowledge you could share? Teaching online is extremely popular. Due to the pandemic, it is the new norm. Register on tutoring platforms, and they will connect you to potential clients. Young students always need teachers, and adult learning is in high demand, too. You can monetise your skills easily.
- Combine Different Fields
Knowledge of forex trading will allow you to develop different careers simultaneously. Describe your experience in a blog and monetise it through AdSense! If you are a successful trader, you can share your insights via YouTube and social media.
(Disclaimer: The opinions expressed in the article mentioned above are those of the author(s). They do not purport to reflect the opinions or views of ICS Career GPS or its staff.)
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