how do you teach your teens about financial responsibility?
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Anonymous
| any books or resource that’s been helpful for your family to have this discussion and how helpful? Thanks. |
Anonymous
| Summer jobs every summer. Checking and savings accounts along with the first job. Making them pay for what they want. |
Anonymous
| It's required for 3 years at my DD's middle school. Her high school also offers it as an elective. |
Anonymous
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You start when they're learning math at about 4 yo. I gave mine $1/wk and grow from there. Now my 13 yo is responsible for everything (clothes, entertainment, gifts, etc). I still buy uniforms and technical clothes (eg ski gear). She's extremely resourceful and gradually learned about quality over quantity; good fitting clothes; sales, etc. Lots of tricks and tips I gave her along the way (some of them took a whole to sink in though).
Give them enough to make a mistake and don't bail them out. Let life teach them young - lessons sink in better that way. We are still working with her on investments. I don't expect her to really get this for a few years, so she has some role but limited, in her investments. |
Anonymous
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Make your kid a financial genius
Get a financial life All your worth Elements of Investing |
Anonymous
Shopping tricks are fine and all, but knowing how to manage savings, investments, appropriate insurance, when debt is worthwhile, how to make sure your checking accounts are secure etc are more useful. |
Anonymous
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Open a kids checking account for them that has a debit card attached.
Help them create a budget and some savings goals. Guide them through reviewing their financial situation once a week or at least once a month. Have them put all money gifts into the account. Have them get a job as soon as they are legally able. There is no other way to learn about the value of money without earning it. |