Being a FinFit Hero to Your Kids

SuperHeroDad.jpgOur kids already look up to us for so many things, but we know that there’s so much we need to teach them regarding money, savings and being Fiscally Fit.  As we were growing up, we watched how adults handled their finances: paying bills, putting money in savings, giving to others and even simple things regarding shopping for groceries.   So, what can we do to make sure our children are taught to make the right fiscal decisions when they are old enough to do so?  

Here are a few simple tips on teaching your kids about money and as a result becoming their FinFit Hero!


Give them Real work

Remember having chores at home that your parents asked you to do each week?   Things like doing the dishes, cleaning the house, doing laundry, mowing the lawn, etc…?  


Many Parent’s provide a weekly allowance regardless if those chores are done.   The concern here is that kids would be paid for doing nothing, rather than earning their pay – just like real life.    Have a list of chores to be done, but also have items on that list where they have an opportunity to earn more.   This  concept not only introduces them to a commission based system, it also helps encourage a positive work ethic.

Assign Goals with their Earnings
Now that they understand the value of what it takes to earn money, what should they do with it?

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The Financial Fitness Benefit

11909408_s.jpgYour Employee Benefit packets from HR may contain the help you need to get your financials in order.

An increasing amount of Employers are looking at ways to help employees with other financial issues beyond the subject of Retirement.  

According to a study by Aon Hewitt, a benefits consulting firm,  55% of employers already offer a program to help employees with personal budgeting and other financial issues such as investing, debt management, savings and even health care.

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FinFit Looking to Blooom the Financial Future of Employees

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FinFit and Blooom Announce Partnership to Help Employees Secure a Healthy Retirement by Offering a Personalized Online Professional Management Service for Employer Sponsored Accounts.

Virginia Beach, VA March 24, 2016 – FinFit announced today that it is partnering with Blooom, Inc. of Kansas to give employees direct access to professional management of the employees' personal employer sponsored retirement account (401k,403b). This partnership helps employees secure a healthy financial future and lets employers be more efficient and responsible in providing professional assistance to its employees.  Blooom will be providing its online professional management service to FinFit members through the employer sponsored FinFit program. 

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Financially Fit Employees are Productive Employees

33214038_m.jpgWithin the past few years, the term ‘Financial Wellness’ has become the phrase companies are talking about the most.

The reason for this discussion is simple:

Financially Fit employees are Productive Employees.

According to the 2016 Workplace Benefits Report by Bank of America Merrill Lynch*:

  • 55% of Employers believe financial wellness leads to greater productivity
  • 58% of Employees need financial planning guidance to help them manage their entire financial life
  • 81% of Employers feel that they are responsible for their employees’ overall financial wellness.
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Obtaining Financial Wellness

Broken_bank.jpgWith Financial Wellness gaining attention Nationally, millions of people are requiring real solutions.

As a Nation we are under serious financial stress, guiding us down a road of anxiety, high interest payments and an overall lack of trust of the financial industry.

We are at a crossroads of opportunity to incorporate Financial Wellness as part of our lives - allowing us to change course from being on a path of financial stress based on a system that feeds off of our habits and complete dependence on debt.

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Physical Health Linked to Financial Stress

stressed-300x216.jpgResearch published in the journal Psychological Science, led by a team from the University of Virginia and Columbia University, confirmed that concerns about money causes more than just psychological stress.

They compared levels of economic insecurity and complaints of physical pain and noticed both were on the increase. The team utilized various studies to see if the two might actually be linked. They then hypothesized that fiscal insecurity would cause people to feel a lack of control in their lives - leading them to feel anxiety, fear and stress: psychological processes that have been proven to be associated with physical pain.

One of the team's studies revealed that a participant's employment status and insecurity level corresponded with their own reports of pain.

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When a Wellness Program is Available, Employees Are Less Likely to Leave

33214038_m.jpgIn a recent survey, provided by FSFE, employees would most likely stay in their current position if a Financial Wellness program was available at work. Having a wellness program increased employee retention by 13%.

When a Financial Wellness program is available, 75% of those who took the survey responded that they were 'not likely' to look for another place to work. When one is unavailable, only 62% made a similar response.

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