Finance
2 Ways To Ensure Your Kid Makes Good Financial Decisions—By A Psychologist
In an age where Instagram posts flaunt the latest luxury fashion trends, TikTok videos showcase lavish vacations and influencers endorse expensive gadgets, children are bombarded with a relentless stream of materialistic messaging. This is often coupled with thousands of “finance bros” on every corner of the internet promoting their latest “get rich quick” scheme.
Consequently, social media has bred a culture of instant gratification and conspicuous consumption, making it more important than ever for parents to teach their children how to build a healthy relationship with money.
Financial literacy and budgeting are life skills that significantly impact an individual’s psychological well-being and overall quality of life. Teaching children about money management from an early age can contribute positively to their psychological development and financial success as adults.
Here are two reasons why financial literacy can set your child up for success
1. Financial Literacy Builds Character
Teaching children to save for desired items helps develop the ability to delay gratification. They learn that their patience will be rewarded by gradually achieving financial goals rather than by impulse buying. This process helps them understand that immediate desires can be managed and investing in long-term goals is deeply beneficial.
Research shows that delaying gratification can positively influence financial decisions and curb risk-taking behavior, encouraging individuals to exercise restraint and avoid debt.
Additionally, as children learn to save for things they want, they may develop a sense of self-confidence in their decision-making abilities. This can translate to other areas of their lives, such as academics and personal goal-setting, boosting their self-image and overall psychological well-being.
2. Financial Literacy Shapes Financial Well-Being
Skills like budgeting foster a sense of responsibility. When kids learn to create and adhere to a budget, they gain insight into making informed decisions about their spending. This process instills accountability as they ensure that their expenditures align with their financial plans.
According to a 2021 study published in Financial Counseling and Planning, spending habits and attitudes around money management formed in childhood also significantly impact adult financial behavior. In other words, the earlier you start discussing budgeting in your home, the higher your child’s chance of becoming a financially responsible adult.
Here are three techniques to equip kids with the knowledge and skills to confidently navigate their financial futures:
- Model responsible behavior. Children often learn by observing the adults around them. By consistently demonstrating healthy financial habits—such as budgeting, saving and thoughtful spending—adults can set a strong example for children to emulate.
- Normalize financial literacy in everyday life. Consistency is key in helping children understand and internalize financial principles. Tailor these concepts to their developmental stage, gradually introducing more complex ideas as they grow. Regularly incorporate discussions about money into everyday life, whether through grocery shopping, budgeting for family outings or discussing the value of work.
- Provide opportunities for experiential learning. Hands-on experience is crucial for reinforcing financial lessons. Providing children with real-life scenarios—such as managing a small allowance, saving for a specific item or participating in family budgeting decisions—allows them to practice financial skills in a safe environment.
Children develop a sense of responsibility, independence, critical thinking and problem-solving skills as they learn to manage their resources wisely, weigh options, anticipate consequences and make informed decisions about their finances. This can reduce financial stress as an adult, contribute to better financial decision-making and create a stronger sense of financial security throughout their lives.
Do you think your spending habits could be affecting your child’s financial mindset? Take this test to learn more: Excessive Buying Scale
Finance
By denying Adams funds, the undemocratic Campaign Finance Board is election-meddling
The unelected city Campaign Finance Board just denied Mayor Adams access to more than $4 million in matching funds for his reelection fight — showing yet again the profoundly undemocratic nature of New York’s public-campaign-finance system.
The board declared Adams ineligible to receive public monies on the strength of alleged crimes and corruption, yet his trial on federal charges — and thus any factual finding of guilt — won’t even start until April.
And those charges themselves sure look like they’re motivated by politics (i.e. payback to Adams for challenging President Biden on the border crisis).
Yes, when it comes to the public fisc, even the appearance of impropriety is supposed to be a big no-no.
And Adams can appeal the decision; he still has millions in his war chest; etc. etc.
But this is at least a serious wound to his candidacy.
Again, at the hands of the CFB, which is neither directly elected nor remotely answerable to the voters of New York, nor really to anyone.
Yet it behaves as though it has the public mandate to shape and even decide election outcomes.
Consider the 2013 mayoral race: The CFB suddenly denied matching funds to then-Comptroller John Liu over alleged corruption, too — and so cleared the left lane of the Democratic primary (and near-certain victory in the general election) for a lumbering, communist-loving dimwit from Cambridge, Bill de Blasio.
That proved to be deeply consequential for all New Yorkers, eventually ushering in an era of high crime, failing schools, COVID insanity and general civic decay.
(The CFB also impacted the mayoral race in 2000, by the way, making up rules on the fly about what funds could go out the door for what after the 9/11 attacks forced a postponement of the primaries.)
Now all the leftists taking aim at Adams are jumping with joy over this decision.
The matching-funds rules themselves increase the field of candidates who’ve learned how to work the public-finance system, paying out an unthinkably lavish $8 for each (apparently) qualifying $1 in donations.
All on the taxpayers’ dime.
New York City progressives love to scream and shout that democracy is under threat.
Whatever happens in Adams’ case, the latest CFB intervention is a reminder the progressive idea of democracy often isn’t very democratic at all.
Finance
Global Paychecks: Personal Finance Tips From The Remote Work Boom
Right now, in Río Tercero, a small city in Argentina near Córdoba, Virginia More works with Pinterest as a software engineer, bridging her local experience with cutting-edge Silicon Valley projects. Similarly, Luis Ramos Paco, from Santiago de Llallagua, Bolivia—where growing potatoes and raising animals is necessary to provide for one’s family—now works with a US-based SaaS client to update its legacy system with a friendlier UI.
The remote work revolution has opened doors for skilled professionals like Virginia and Luis worldwide. Companies like BairesDev– which connects Latin American talent with U.S. tech firms– are bridging global income gaps and allowing tech talent and software engineers into an increasingly globalized job market while staying close to their families and communities.
“The region offers a rapidly expanding talent pool, strong cultural alignment, and geographical proximity to the U.S.,” Nacho De Marco, CEO and Co-Founder of BairesDev, explains. “This facilitates seamless real-time collaboration and efficient workflows. 33% of U.S. businesses now want to outsource their business operations to a country that’s close by. Professionals from Latin America have a similar work culture to their North American neighbors and possess a high level of English proficiency.”
As a result of this type of demand, many BairesDev workers who once faced limited opportunities in rural areas now earn between $30,000 and $80,000 annually, placing them in the top 5% of earners in their home countries.
Other companies like Toptal and Adeva work in similar ways to connect talented and skilled individuals to job opportunities around the world, breaking down barriers to entry and revitalizing local economies.
If you’re considering a remote job that can connect you to a different corner of the global marketplace, here are some important things to consider as you embark on your job hunt.
Earn Globally, Live Locally
One of the most significant advantages of remote work is the ability to earn in a high-income market while living in a lower-cost region. BairesDev, for instance, has had more than 6,000 of its Latin American-based workers integrate with teams in U.S. companies, like Google and Pinterest.
“During recruitment, we focus on a candidate’s competence over their credentials,” explains De Marco. “We also prioritize the future potential that someone can bring, in addition to their current skillset. This approach means discovering exceptional talent from diverse and often overlooked sources. Historically, around 40% of our developers come from non-metropolitan areas.”
Yes, that means you can live a balanced lifestyle in a quaint town like San Miguel de Allende while working with a U.S.-based tech giant.
Earning a higher paycheck while keeping your cost of living steady provides wealth-building opportunities, allowing you to build an emergency fund, pay off debt, and invest in property and other assets. Be sure to cross check the purchasing power of the currency you’ll be paid in to that of your local currency to ensure that you’re maximizing your potential earnings. Also make sure that the salary you’re being offered is fair compared to what employees at the company’s headquarters are making.
Track Finances Carefully
Once you’ve secured your remote job, you’ll want to set up a financial plan to ensure that you are maximizing your global paycheck without running into any snags. Opening a multi-currency bank account can help you minimize exchange rate losses and transfer fees, and many offer automations to make conversions between currencies seamless.
Also make sure to budget for any potential fluctuations in the foreign currency, as factors like inflation, interest rate adjustments, and governmental changes can affect the value of the foreign currency. As long as you’re earning well above your local cost of living, it’s smart to set aside a percentage of your earnings as a buffer to offset any potential currency devaluation.
As you continue to earn more, it’s also wise to invest a portion of your income into diversified assets so you can grow your wealth over time. Many companies offer financial planning services as a benefit, and it can be especially helpful if you’re a first-time investor. Financial planners can also help you with your taxes, which can be more complicated when earning across borders.
Maintain Motivation and Work-life Balance
Though the higher salaries in other countries can sound so enticing that you consider working odd hours, try not to jump at just any opportunity for a higher paycheck. Instead, look at the big picture and consider the fact that your long-term earning potential is contingent upon factors like work-life balance, upskilling, and staying motivated. Working with a talent company like BairesDev can help set you up for success in this regard.
“By hiring candidates with strong communication skills and collaborative skills, our workforce is well-prepared to navigate the typical challenges associated with remote work,” says De Marco.
For smoother collaboration with your fellow employees– and to remain present in your day-to-day life– look for jobs at companies with similar time zones to yours. This will cause minimal disruptions to your schedule, allowing you time for family and social obligations– and time for learning new skills that can help you land your next job. Popular remote industries like tech, design, and project management tend to be good about providing professional development opportunities outside of the traditional workday, and you want to remain fresh and motivated to seize grown opportunities as they come.
Redefining Success: Building Wealth Across Borders
In an increasingly borderless world, the path to financial independence might be closer than you think. Companies like BairesDev are receiving over 2 million applications annually for remote work opportunities—approximately 10,000 applications every day, proving that demand for global remote jobs is continuing to grow.
“In the U.S., the demand for tech talent is outstripping supply, with roles like information security and software development expected to grow by 33% and 18%, respectively, over the next decade,” says De Marco. “Latin America is rising to meet this demand, with Brazil, Mexico, and Argentina producing significantly more software engineers annually than the U.S.”
Opening doors for global talent also sparks a larger shift in how we think about work, money, and opportunity. This is not a small trend; it’s going to continue to be a defining feature of the global economy in the decades to come— and it’s very possible to make this work in your favor.
For professionals considering this path, remote work offers a unique opportunity to bridge the gap between higher global earnings and a lower local cost of living. With the right financial strategies—like careful currency management, smart investment strategies, and a focus on work-life balance—there is a very real opportunity for talented employees across the globe to achieve financial freedom without uprooting their lives.
Finance
Stock market today: Asian shares fall as China reports lackluster data, while bitcoin hits new highs
BANGKOK (AP) — Shares retreated Monday in Asia after China reported lackluster economic indicators for November, while bitcoin surged to fresh highs, topping $106,000.
Oil prices fell and U.S. futures were little changed.
Bitcoin was trading at $104,948 early Monday, up 3.4% but down from an earlier high of $106,495.
The price of the cryptocurrency has surged since the election in November given U.S. President-elect Donald Trump’s bitcoin-friendly stance. Trump signaled a lighter regulatory approach to digital currencies with his choice of crypto advocate Paul Atkins to be the next chair of the Securities and Exchange Commission. Bitcoin was trading below $70,000 before the Nov. 5 election.
A report Monday showed Chinese retail sales slowed in November, while growth in factory output was flat and home sales declined. The report said the economy and employment were stable, but noted a complicated “external environment,” reflecting unease over the outlook in coming months once U.S. President-elect Donald Trump takes office, potentially delivering on promises to sharply hike tariffs on imports from China.
Japan’s Nikkei 225 index edged 0.1% lower, to 39,438.74, while the Hang Seng in Hong Kong lost 0.8% to 19,821.24.
The Shanghai Composite index was almost unchanged, at 3,390.91.
South Korea’s Kospi lost 0.3% to 2,486.47 as South Korean law enforcement authorities were pushing to summon impeached President Yoon Suk Yeol for questioning over his short-lived martial law decree and the Constitutional Court met to discuss whether to remove him from office or reinstate him.
Taiwan’s Taiex edged 0.1% higher, while the Sensex in India fell 0.4%. Thailand’s SET dropped 0.9%.
On Friday, major stock indexes on Wall Street drifted to a mixed finish Friday, capping a rare bumpy week for the market.
The S&P 500 ended essentially flat, down less than 0.1% at 6,051.09. The benchmark index posted a loss for the week, its first after three straight weekly gains.
The Dow Jones Industrial Average slipped 0.2% to 43,828.06, while the Nasdaq composite rose 0.1% to 19,926.72, ending just below the record high it set on Wednesday.
There were more than twice as many decliners than gainers on the New York Stock Exchange.
Gains in technology stocks helped temper losses in communication services, financials and other sectors of the market.
Broadcom surged 24.4% for the biggest gain in the S&P 500 after the semiconductor company beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. The company also raised its dividend.
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