The Simple Dollar Lisa Detanna, a managing director at Global Wealth Solutions Group of Raymond James in Beverly Hills, Calif., organizes financial literacy concerts aimed at teaching children about handling money wisely.To date, she has hosted concerts in Compton, Calif., and Beverly Hills. More than 1,100 people attended the recent Beverly Hills concert, including dozens of kids ages 3 to 17.
“It’s all about budgeting, planning, and saving,” says Detanna, who recently published a children’s book called “Treasures in the Winter Vault,” designed to teach kids about the importance of saving and being financially responsible.
She also says our spending habits (and lack of savings) are greatly influenced by the way society has changed and the way our behavior has changed. “About 70% of the time, after the patriarch and matriarch make the money, three generations later it’s gone,” says Detanna. The constantly showcased lifestyles of the rich and famous and easy access to Internet spending 24 hours a day have contributed to this wasteful spending pattern. “For previous generations, it was a really a different time, where we were not as aware of the extravagances of the uber-wealthy. It wasn’t so in our face,” Detanna says. “When we get money now, especially kids, they have a variety of unlimited possibilities to spend that money, where before we would actually have to go the store.”When it comes to finding ways to increase our savings accounts, Detanna, who has been managing wealth portfolios for Hollywood executives and celebrities for more than 20 years, has a variety of advice.
Like Snyder, she begins by pointing out that it’s about remembering to pay yourself first when you get paid. Have money automatically deducted from your checking account or paycheck that goes directly into savings. In addition, look carefully at your optional expenses or discretionary spending each month and identify ways to save. “Review your bank statements every month and make note of money you spent on variable items that you could cut back on and start using that savings to pay yourself,” says Detanna.
For homeowners who may have gotten to the point where they have no savings, Detanna suggests now is a good time to refinance at a lower mortgage rate. “Take advantage of 60-year-low interest rates,” she says.
The dropping cost of gas is another area where Detanna sees an opportunity to save. “Depending on what car you drive, we are saving an extra $20 to $40 on gas,” she says. “Put that money away to start creating a savings reserve, rather than going out and buying a gas guzzler.”
On Sunday, March 8, at the Saban Theatre in Beverly Hills, the Global Wealth Solutions Group of Raymond James is hosting a free event designed to teach some of society’s youngest members how to plan for the future. Read Full Article
BEVERLY HILLS, Calif., Mar 02, 2015 (BUSINESS WIRE) -- The Mom’s Choice Awards® has named children’s book “Treasures in the Winter Vault” – a thoughtful story about a boy learning about money and the importance of saving – as among the best in family-friendly media, products and services. Read Full Article