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Raising a Financially Self-Sufficient Kid: What the Research Says
Today, childhood no longer ends at 18. Research shows that many parents are financially supporting adult children into their 20’s, 30’s and beyond.
Teaching our kids early about living within their means, trade-offs and financial goal-setting is more important now than ever. Starting the money conversations, giving kids the opportunity to manage and make their own financial mistakes, and setting expectations of independence vs. handicapping – can all help the next generation leave the nest.
Modeling Financial Wellness: Spending, Saving & Debt
Many of our earliest lessons about money come from our parents. As our children’s primary role models, we have an opportunity to ensure our own financial habits are those we want to pass along.
If restraint, saving and long-term financial planning is what is modeled at home, kids are more apt to follow the same path. On the other hand, excessive spending, debt or financial worry in families can leave a different and costly legacy.