Kid’s Financial Tips

i_tipsGetting your kid’s financial matters in order early and helping them understand the reasons behind the different  steps you take is so very important.  As they gain an appreciation for the principles I’ve outlined in the kid’s financial strategies section, they’ll surely thank you each and every step along the way.

Key Tips to Remember 

  • Teach your children to distinguish needs from wants. Clarifying this distinction is essential for developing good money management skills.
  • 10%. Instill in your children the importance of setting aside a portion of all that they earn and placing that money in a long-term investment account.
  • Open a bank account early. Teach them the basic skills of reconciling their statements and tracking their current balance.
  • Hire your kids, and fund a Roth IRA.

 

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