Now is a good time to start talking with your kids about money and how to manage it. Why? Because when they get older they’re going to have to know what to do when they have their own family.
I’ve been giving financial advice for over ten years and you’d be amazed at how many adults don’t know how to manage their money. The major reason for this is that it’s never really taught in school along with chemistry, history and math.
Also, many times it’s never discussed and taught at home. Oh we all know how to spend it, but managing it is a different concept.
Remember, right now you take care of most things for them when it comes to money. Tuition, food, spending money, everything.
But, they’ll come a time when they’re going to have to take care of that for their family. How do they pay the house bills? Where do the bills go? How does money they make get put into their accounts? All very important things they’re going to need to know when their kids want the new Call of Duty.
So here are a few things to talk with your kids about:
• How to manage a checking account
• How to save on a regular basis
• How to give to charity on a regular basis
Also, try to have them talk with both parents and their teachers. Different people have different perspectives and ideas. It’ll be good for them to hear from them all and then find ideas that work best for them.
Also, some people are more open about talking about money than others. No sense in your child going to someone who doesn’t want to talk about it and not learning anything. By going to different people they have a better chance of hearing at least something.
For more on TaxAssurances, check out our reviews, photos and links on Yelp.