Take 5: A Roundup of Reads From Around the Web

This week: How to teach money smarts to your kids, why you need more than one savings account, quitting your job without burning bridges, achieving financial freedom and more.

Better Investing

1. 5 Fun Ways to Educate Your Child about Money This Summer

[Beating Broke] “Teaching our kids about money is one of the most important things we can do as parents. What our children learn about money and see us do with money will likely affect them for years to come. This summer, take the time to educate your children about money while making it fun.”

This post suggests tools to help your kids understand money, from TD Bank’s summer reading program to classic board games like Monopoly, Life and Payday. If your kids complain of having nothing to do this summer, here are some ideas that could prove both fun and enlightening.

2. 6 Reasons Having One Savings Account Can Be Bad

[Budgets Are Sexy] “Right now, I have 8 different savings accounts. Why on earth would someone need so many different accounts just for saving money and complicating their life even more?”

In this article, the author sings the praises of having a separate savings account for each of your financial goals. I can see the logic, but I think it does make life overly complicated. I’d rather use one account, then track my goals using software or a spreadsheet. Check out the article and see what you think.

3. How to Quit Your Job Without Burning Bridges

[Careful Cents] “Here’s how I plan to quit my job and make sure things go smoothly for everyone involved.

Hopefully this author’s boss doesn’t see this story before she quits her job. It advises three steps: talking to your boss, preparing for inconsistent income (she’s becoming self-employed) and turning in your notice. There’s lots more helpful advice here, especially for those who are leaving the corporate world and striking out on their own.

4. Do You Think About Financial Freedom?

[Cash Cow Couple] “I never tell others that I’m saving for retirement (or even early retirement). I tell them that my primary long-term financial goal is financial freedom.”

My first book, Life or Debt, was all about financial freedom, and this article mirrored those sentiments. It suggests dropping the common, vague goal of “retiring early” and substituting it with the goal of attaining the freedom to choose what you do and when you do it. Need some motivation? Give it a read.

5. 5 Times You Shouldn’t Rush to Pay Off Your Mortgage

[Wise Bread] “… just because you have extra cash to pay off a mortgage doesn’t mean you always should. Here’s a look at five times when you shouldn’t rush to pay off your mortgage.”

This is a topic I’ve also written about more than once. When should you forgo paying extra on your mortgage? When the tax advantages make it worthwhile, when you don’t yet have an emergency fund or retirement plan and when you do have high-interest debt or a prepayment penalty. See the post for more.

Who do you like?

We’re always on the hunt for talented personal-finance writers and interesting sites and authors. If you’ve got a favorite, let us know below or on our Facebook page! You can also talk to us about anything you’d like simply by hitting “reply” to your daily email update. (Not subscribed? Fix that right now!)

Stacy Johnson

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Read Next: Ask Stacy: Should I Save More for Retirement or Pay Down My Mortgage?

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