The money talk

How talking to your kids about money now could make them more likely to invest later and other stories.

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  • Wednesday has been dubbed “Talk to Your Kids About Money Day,” by the financial industry. While tough, a talk today could pay off down the road. A Scotiabank study shows parental encouragement was the trigger for 17% of the more than 1,000 adults polled to start investing, second only to entering the workforce. Here are the bank’s top conversation starters: What are your financial goals?; What are your wants vs. needs?; Let’s create a budget; How to pay yourself first. For more info on teaching kids about money read: How young is too young? and Who wants to raise a millionaire?
  • A new bill tabled at Queen’s Park takes aim at debt settlement companies. If passed, the legislation would limit debt settlement agencies’ fees in Ontario and ban the companies from charging customers up front. Read Richard Warnica’s take on the proposed changes.
  • Celebrity money guru Gail Vaz-Oxlade new show, Money Moron, starts Friday at  9 p.m. ET. The show focuses specifically on debt “tattlers” or people who are the victims of over-spenders. But you don’t have to wait until Friday for your dose of Gail’s tough love. We have her expert opinion here 24/7.

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