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Tips to Teaching Money Management Skills
Tips to Teaching Money Management Skills
Now more than ever it is vital that we begin teaching personal finance so our youth are prepared for the financial realities of the real world.
Teaching money management skills that are focused on a ‘practical’ financial education will help to reduce debt, increase savings and ensure the financial security of millions around the world.
In today’s age, it is more important than ever that parents start teaching money management skills to their children. Teaching personal finance is not done in most schools due to budget restrictions and other red tape. Schools have a lot of other required coursework they must teach due to the ‘No Child Left Behind’ and teaching financial literacy is not part of that bill.
Looking at the statistics it is apparent the majority of parents do not have enough knowledge to teach financial literacy to their children. In fact, many parents today are experiencing financial troubles and wish they had someone that was skilled in teaching them personal finance matters.
Teaching money management skills in today’s age is critical. There simple way you can begin teaching personal finance to your children so they are prepared for the real world! Even if you have made financial errors yourself there are teaching financial literacy resources available to help give your family a big advantage.
Three Tips to Teaching Money Management Skills Teaching personal finance will help your children to achieve financial security and can give them an advantage that they will benefit them throughout their life. Check out the list below to discover the top ways to teaching money management skills.
1) Financial Literacy Lesson Plans – Today there are financial literacy lesson plans available that help parents that want to be teaching money management skills to their children. Make sure the personal finance curriculum plans you choose have been designed by a team of experienced professionals. Teaching financial literacy is much more effective when the financial literacy lesson plans were developed by a team of financially successful entrepreneurs and teachers that have a track record of financial literacy lesson plan development experience. Teaching personal finance curriculum that combines top teachers with business leaders will put you immediately on the right track.
2) Communication – The backbone to teaching personal finance effectively starts with communication. Today’s youth are not focused on just “money”. It’s what money ‘allows them to do’ that motivates our children to learn about personal finance. When you teaching financial literacy be sure to ask about their personal dreams and find out how they want to live their day-to-day life. Then relate their aspirations to how having a solid understanding of money can help them reach their goals faster. You will be pleasantly surprised at how many youth want to learn about money when it your teaching money management skills that focuses on lifestyle.
3) Entertaining – By the time the average student graduates from high school they may have been in over 10,000 classes. That is why it is important that you are teaching personal finance in a way that makes you stand out from the thousands of presentations. Teaching money management skills in a way that engages the students will keep their interest. Teaching financial literacy in a fun, entertaining way will help them internalize financial literacy lesson plans so they benefit from this knowledge throughout their life.
These three tips lay the financial foundation that will make truly make a difference in the life of your children. Of course, it is important to be teaching personal finance on an ongoing basis so your children continue to have the advantage of a financial education as they enter the real world.
By teaching personal finance to your children they get a ‘head start’ on life and are prepared to meet its challenges. Teaching money management skills can help your child achieve financial independence at a young age and avoid many of the financial pitfalls many of their peers will find themselves in
References
Hanson et al, D. (2011). Strategic Management: Competitiveness and Globalisation. Cengage,
Australia: Pacific Rim.
Lecture, n. (2012). Strategic Management:. Power point. Personal commu8nication lecture notes.
Mckeown, & Max. (2012). The Strategy Book. FT Prentice Hall.
Price transparency
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Price transparency is a situation whereby consumers of goods or services, before making any decisions on a transaction have a prior knowledge of the prices. Most patients have no prior knowledge of the cost they are expected to meet or what other people pay for similar services. Lack of informed prices on medical care is more disadvantageous to the uninsured. The hospitals in the United States charge the uninsured patients more than the amount they receive in form of reimbursements from the private insurers and Medicare. If the price were open then such uninsured patients who usually have lower incomes would be in a position to identify those hospitals that charge lower costs and thereby they can avoid this price discrimination. This would operate in the same manner of operation that the other commodities with price tags operate. This would also not be the case when a patient is operating blindly and only comes to know of the prices after the services have already been provided and ends up paying higher prices. With prior knowledge the patients would be able to go for the affordable hospitals which even though may not provide other complementary services like catering will be able to treat a patient. The patient who doesn’t have this prior knowledge may end up in the non affordable places which are only expensive because of the complementary services yet they give the same treatment. With price transparency the patient is able to save time and energy as well.
Few patients are aware of the cost of the medical care since the third party insurance programs pay and they don’t see the need to ask for the prices. But in the same manner open disclosure of prices of other commodities like gasoline and food leads to competition which causes the prices to come down, medical prices need to be open too so that the price mechanism can function and the patients can benefit from it. This benefits even the insured patients who are responsible for large portions of their medical care expenses which are deducted in the health plans. In this case every hospital will tend to cut its prices to be lower that of other hospitals so as to attract more customers to its services. In turn, the reduction of prices by one hospital then leads to the other hospitals to cut their prices so as to compete effectively. A common thing with open prices even with other commodities is the improved quality that comes with competition. When prices are open and they are higher than the other prevailing prices the provider of such services ensures the higher priced services usually have improved the quality so as to justify the higher price that is charged. This is not usually the case when the prices are not in the open. Poorer services in such cases may be charged higher than the quality services because no competition is in place and the prices of all the other quality providers are shrouded in mystery. If the competition in the medical market becomes stiffer then even quality services could be offered at lower prices. This would be a way that the service provider initiates to bring more and more consumer by making the offer of quality and improved services at the prevailing market price which the other similar but less quality services are being offered. With medical procedures this seem impossible but it could be achieved just it has been achieved by tagging the price of other commodities whose quality improve every now and then. Quality medical procedures ensure that the patients save on their time and money since they are able to receive the technologically improved service whose effects are usually speedier.
The other thing is that with informed decisions the patient can ensure that the price is within the legislation limits. There are legislations in place that limit the amount the hospital can charge a poor, uninsured patient and prior information helps the patient to benefit from such legislations. When the prices are not known to the patient, they may not be able to compare them with what the legislations have provided for and thus they may not be able to ascertain that the requirements of the legislations have been met.
Tips on How To Cincinnati Oil Disposal Works
Tips on How To Cincinnati Oil Disposal Works
The amazing thing with used motor oil is that it never wears out. It just gets impure and can be cleaned, recycled and reused. Recycling motor oil is important both economically and environmentally since it protects the natural resources. Cincinnati oil disposal is environmental friendly since it reduces pollution. When you submit your used oil to commercial filters you do a great deal to your environment and conserving vital resources.
Crude oil is the source of the conventional motor oil. This is what is refined to get a lubricant the process involved is known as base lube stock. The base lube stock is then blended with addictives to fit vehicles. Motor oils also get their standard color when detergent, dispersant and anti-foaming are added together.
When the oil is poured in the respective engines or machines, it gets oxidized and degraded through heating. The engines start to wear out as they operate due to breakdown of additive. When anti-foaming addictives breaks down, it creates room for water to mix with oil and eventually making sludge. Oil has a limited life span, and it should be changed after a certain period.
The used motor oil can be clean using the new technology of commercial filters. One such example is vacuum distillation. It is mainly used to dewater the oil. This is because used oil contains roughly 5%-7% of water. Removing the water is the first thing you should do if you want to use the oil.
The next step involves cleaning the film evaporation. This is because it eliminates addictives and contaminants that are available in vehicles. Hydro-treating process is also important since it produces approximately 700 degrees Fahrenheit. The process helps in neutralizing hydrogen to hydrocarbon molecules thus producing refined oil of very high quality.
The used motor oil from above processes can then be recovered and combusted as fuel. This fuel is suitable to be used in plant boilers, industrial heating application, plant boilers and space heaters. The recycled oils can also be distilled to form marine or diesel fuel in a system that is a bit similar to re-refining.
Re-refining process is paramount since it restores used oil to new synthetic oil by eliminating chemical contaminants, dirt and heavy metals. The oil that has been used in automotive and industries still are suitable for recycling and re-refining. But it should be tested first to find out if it is suitable for re-refining. When it qualifies the used oil is then dehydrated and treated before leaving it to spread into the environment. Dehydration is important since it eliminates residual light fuels. The fuel produced at this level can be utilized by powering the refinery and to capture ethylene glycol.
The final step involves separating industrial fuel from the used motor oil. It is then passed through vacuum distillation to do away with the lube cut. What remains behind is heavy oil containing wastes such as asphalt extender and oil addictives. Fractionating method at long last separates the motor oil three main steps. Namely, light viscosity, low viscosity and high viscosity lubricants mainly used in automotive and industrial applications.