Financial literacy is the key to life , so lease ’s utter about it .
It’s 2023, the economy is…weird, and I know everyone loves commiserating. But there’s one kind of person who, throughout the decades, is typically more financially stable than others: people whose parents are able to help set them up for financial success early on.
Most of being able to set your kids up financially is just, well, already having lots of money; but a lot of it is also knowing what there even is todo,no matter your tax bracket. For a lot of people, the tricks of the trade remain a mystery. So, I’m asking: What are the best ways to set a kid up for financial success?
Maybe it’s something as simple as starting a college fund when they’re little, and sticking to it diligently…even if it means denying current desires.
Maybe you opened an investment account on their behalf when they were still young, and put in any extra money they got, like from birthday cards, Christmas checks, or babysitting gigs.
Setting teenagers up with a checking account can be daunting, but learning how to budget with a debit card can teach them how to be self-sufficient.
Or perhaps you ensured that when they started working, they got started with a Roth IRA and a Roth 401(k) straight away, so their money can grow tax-free.
Financial literacy is the key to life, so let’s talk about it.
