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Yahoo
31-05-2025
- Business
- Yahoo
5 Money Challenges Wealthy Parents Face, According to Rachel Cruze
If you're not wealthy, it's hard to feel bad for wealthy people. You may even experience a spell of schadenfreude — or joy at their misfortunes — but not much in terms of compassion. But problems are problems, and rich people have them just as those belonging to the middle class and under do. And this includes money problems. We see this profoundly in the realm of parenting as wealthy parents face some unique financial challenges with their kids. Find Out: Read Next: Financial expert Rachel Cruze recently tackled this issue in a YouTube video. What are these challenges and how do you address them in order to raise financially responsible and resilient kids? In a household where all your needs are fully met and then some, it can be easy for kids to take everything for granted and not experience gratitude. 'This heart of gratitude, of being present where you are, is such a model of your character,' Cruze said. 'Teaching our kids that — to be grateful — even like, making them say 'thank you' and understanding where things are coming from, and the fact that not everyone has what you have.' It's up to parents to exemplify gratitude and to encourage their kids to reflect on their good fortune. Learn More: Wealthy parents may not need their kids to do things around the house. Perhaps they themselves don't need to do things around the house to a great extent and can turn to housekeepers and nannies to keep things in order. Cruze believes that kids must be tasked with contributing to the home at a young age. 'There's something that happens when your kids have a level of responsibility — and it can be something small, like just keeping their room clean,' Cruze said. 'When they complete tasks, around the home, there is a level of confidence that actually gets put into your kids.' If money isn't a concern at all, your kids probably have more toys, more extracurricular activities and more opportunities than kids in homes where money is tight. They probably hear 'yes' a lot more frequently than they hear 'no.' Parents, as Cruze sees it, need to bring some discipline to the home by telling their kids 'no' in certain situations. 'When you have the ability to say no and to stand your ground, get the repercussions of the tantrum or whatever the thing is, it is so key, because our kids have to learn boundaries,' Cruze said. 'The idea that money is just limitless is not an option.' Most of us in today's digitally addicted society could benefit from a refresher on patience. And parents need to be teaching their kids that gratification isn't always an instant thing. We need to model patience by not succumbing to impulse buys, just as we need to discourage our kids from getting whatever they want when they want it. 'Having the patience to save up and pay for something is huge,' Cruze said. 'This is true as adults, but your kids should do the same. Have them have a goal of something that they're saving up for.' Cruze added that in her home, they do no-spend months. This is a great exercise for parents trying to raise financially responsible and savvy kids. Who wants to sit in disappointment? Not a grownup and certainly not a kid. But sitting in disappointment and accepting, without a fight, that you are not getting what you want, whatever that may be, or that you have failed, is crucial because disappointment is a part of real life. Kids who are, for lack of a better word, spoiled, may not have a lot of opportunity to sit with disappointment because their parents are so quick to clean up every mess and spare their kids from painful consequences. 'A lot of parents are 'snowplow' parents, meaning they go through and pave the way so there's no bumps, no grooves, no 'oh gosh, am I going to fall down?'' Cruze said. 'It's like this perfect slope for your kids to go down with no issues.' Life is not a perfect slope, even if you never have to worry about making money or building wealth. Ensure that your kids understand — and personally experience — this reality, otherwise they'll grow up without knowing how to get back up from a fall, financial or otherwise. More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on 5 Money Challenges Wealthy Parents Face, According to Rachel Cruze Sign in to access your portfolio
Fox News
26-05-2025
- Business
- Fox News
Smart parents can secure their child's digital identity — before someone else does
Digital parenting: Why you should reserve a domain name for your new baby We live in a world where your name online matters almost as much as your name on a birth certificate. And while it might sound like something only Silicon Valley types would do, buying a domain name and reserving social media handles for your newborn isn't some far-fetched tech trend—it's potentially a smart, proactive move for parents who care about protecting their kids' futures. Not the typical advice you'd get from a financial expert. Think ahead, like you do with a college fund If you're already putting away money for your child's education, teaching them the value of hard work, and raising them with good values, why not also secure their digital future? For $10 to $20 a year, you can purchase a domain like or that will be increasingly difficult (if not impossible) to get by the time they're adults. Just think about how hard it is to reserve a 3-letter, 4-letter, or even 5-letter domain name. It's the digital version of buying land before a new highway goes into your neighborhood. I've done this for all my kids. I didn't do it to make them TikTok stars. I did it because, as a financial expert and a parent, I know the power of being prepared. Whether they want to start a business one day, use it for their resume, or simply create a clean professional online profile, they'll already have the blank canvas ready to go. Don't let Big Tech or strangers own your kid's name Here's the truth that most people don't think about: if you don't reserve your child's digital name, someone else will. Does anyone remember the Brooklyn Nets and the story of When it comes to domain names, it might be a stranger, a spammer, or a foreign domain squatter. And once it's taken, good luck getting it back. We've already handed over too much of our personal data to Big Tech. This is a chance to take some control back. By locking down your child's domain and social media handles early, you're not just making a smart move—you're protecting your family. This isn't about oversharing Let me be crystal clear: I'm not suggesting you create a baby influencer account and post every milestone online. We could use less of that. Quite the opposite. You don't need to publish a single photo or make anything public. Just reserve the space. Keep it private. Hold onto it until your child is old enough to decide for themselves what they want to do with it. That's called responsible parenting. Protect their privacy, secure their future Critics will say, "let kids be kids." But protecting them doesn't stop at locking your doors or watching who they talk to at school—it extends to the digital world, too. Reserving their online name is a way to give your child more freedom and flexibility later. You're not forcing anything on them—you're giving them options. The same way you teach them to drive safely or manage a budget, you're teaching them to be smart about their online presence. How to do it right If you're ready to take action, here's what I recommend: Final thoughts As a dad and someone who's helped thousands of wealthy families with financial matters, it's just common sense to be thinking long-term. This isn't about hype—it's about being prepared. In today's world, securing your child's digital name is just as smart as setting up a college savings account or teaching them how to build good credit. For a few bucks a year, you can give your child something of real value: ownership of their own name, online and off. That's what I call good parenting.
Fast Company
11-05-2025
- Business
- Fast Company
Trump's proposed $5000 baby bonus isn't much of a Mother's Day present
President Trump's proposed baby bonus would have come in really handy at chez Guy Birken 15 years ago. Money was a bit of an issue for my family when we welcomed our first child in 2010. We'd moved to Indiana from Ohio in June of that year so my husband could take a higher paying job. I'd left my own job as a high school English teacher. Our baby was born in late August, making it impossible to find a teaching job in our new town. Our timing was impeccable that year. We also unwittingly put our Ohio house on the market one month after the federal first-time homebuyer credit expired, bought a house in Indiana right away, and paid two mortgages for 11 months until the old house sold. As my husband likes to say, in 2010 we went from two incomes to one, from one mortgage to two, and from two people to three. (And yes, I am now considered a financial expert.) But would a $5,000 baby bonus really help new parents on a national scale? Or is it just Trump's transactional solution to falling birth rates? In honor of Mother's Day, let's look at the best ways to support new parents, working mothers, and our nation's children. And it doesn't include a onetime cash payment. Paying for a baby boom The United States sees over 3.6 million births each year. If the government were to go forward with Trump's $5,000 baby bonus proposal, Uncle Sam would be handing out over $18.3 billion to new mothers every year. While that would only be 0.019% of the $9.7 trillion federal budget —basically, a rounding error—it's important to compare that amount to other types of spending that affect American families. Federal Agency 2024 Spending Budget Department of Health and Human Services (HHS) $2.5 trillion Social Security Administration (SSA) $1.6 trillion Department of Education (ED) $228.9 billion Department of Housing and Urban Development (HUD) $88.2 billion Department of Labor (DOL) $66.2 billion Consumer Product Safety Commission (CPSC) $167 million $18.3 billion in annual baby bonuses may represent a tiny portion of the government's total budget, but that spending could be a relatively significant percentage of each of these department's budgets. Specifically, $18.3 would equal Expand to continue reading ↓
