How can I set my child up for financial success?
On this episode of A Wiser Retirement™, we talk about strategies for educating your children on money management, credit, investing, and saving to pave the way for their financial success with Casey Smith, Missie Beach, CFP®, CDFA®, Senior Financial Advisor, and Michaela Dowdy, Financial Planning Associate.
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Summary
Start Financial Education Early
Use age-appropriate methods to teach them about saving, spending, and the value of money.
Lead by Example
Be mindful of how you manage your finances in front of your kids. When they see you practice good financial habits, they will be more likely to emulate them.
Open a Savings Account in Your Child’s Name
Teach them how to make deposits and monitor their bank account balance. Discuss the concept of interest and how their money can grow over time.
Teach Them About Investing
Use simple terms to explain how investing works and why it’s important. There are even apps and games designed to teach children about the stock market and investing in a fun and engaging way.
Encourage Them to Set Financial Goals
Help your child set achievable financial goals, whether it’s saving for a new toy, a college fund, or a charitable donation. This teaches them the value of saving over spending and helps them make more thoughtful financial decisions.
Give Them an Allowance
Giving your child an allowance will help teach them financial responsibility. Encourage them to save a portion, spend some wisely, and maybe even donate a part to teach them about generosity.
Discuss College and Career Planning
Discussing college and career planning with your children is crucial for several reasons, as it prepares them for a successful future, helps them make informed decisions, and supports their overall development.
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