When it comes to passing money smarts to children, many parents know where to start.
In the beginning, they introduce kids to the concept, giving them small amounts of money like allowances or tooth-fairy gifts to handle. The end goal is a fully-functioning financially responsible grownup – earning money, handling a budget, paying bills, saving for retirement.
In addition, the last thing any teenager wants to do is patiently listen to, and learn from, parents. Every family’s resources and financial journeys are different, but these core principles can serve as a compass to raise money-smart kids:It is usually unrealistic to launch kids at 18 and expect them to handle all their financial affairs from day one. At some point, though, you need to set them free.
“Just because you can subsidize them, doesn’t mean you should," Rebell says. "You need to be strategic about it.”This unique pandemic era rewired family dynamics in a lot of ways. In many cases, young adults are living with parents for reasons like saving money, job loss, or colleges shutting down for in-person instruction.
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