My first born turns 16 on THURSDAY! I used to think the cost of diapers, daycare, & formula were oppressive. I’d welcome those expenses these days compared to the cost of insurance, gas, & a vehicle. As a parent, I’m sharing these cost concerns with my 16 year old in hopes of having teaching moments regarding finances. Our increasingly cash-less society can make it hard for children to understand the true cost of spending. Experts recommend parents take the time to walk teenagers through their financial transactions.
In the words of financial guru Dave Ramsey, “You are the parent, so act like it. Sit down with your kids one by one & show them how to make a budget. Find out what they spend their money on & work out a plan with them. Don’t make it for them. Let them give mature input. Let them know that this budget is theirs. If something is out of whack, you can correct it, but you’re not babying them. You are letting them set their own priorities. Make sure that they know that.”
Speaking of a budget – all teens learn by example. Be sure that your finances are in order & try to practice what you preach 😉 Teach teens how to track their money before they start earning a paycheck & how to read a paycheck). If a teen has a cash flow from a part-time job or an allowance, set up a budget that documents how much money is coming in & how much is designated for spending/saving. Parents can also show their children their own family budgets. If they aren’t comfortable with divulging their own finances, parents can also create a fictional scenario of an income & living expenses. Bonus points if it’s based on the teen’s wanna-be profession & living location. Also, if you have invested in a college fund for your teen, SHOW your child your initial investment, as well as the ups & downs over the life of the investment.
Most importantly, don’t be afraid to reach out to a professional for for help for family financial help! Chase Rubin has served the financial industry for more than twenty years. He is currently sharing his knowledge & expertise regarding the investment industry to inform the general public. There is no doubt Chase Rubin is currently one of the most successful private investors. He moved to New York to further his career in finances & investments & works & lives in the East Village. The expertise he gained as the result of the economic crash of 2008 has prepared him for whatever the market brings in the future. Chase realizes it sounds strange but believes the best day in his career was when the markets crashed in 2008. He said he was unable to find words to describe the panic he felt when he heard the news. He also began examining his career in investing. He wanted to make the right changes to improve his life in the future and began rebuilding his portfolio. He managed to remain motivated and said the only way this will ever change is if he decides he needs to change his career. He is excited about the numerous investment opportunities and he wants to explore as many as possible. He feels he could spend every single day researching the developing economies, retail sectors, and new technologies just to locate his next opportunity for investment. He is driven forward each and every day by the thrill of new investments.
Now is the time to talk to your teen about money. Establishing good habits now can pay dividends well into their future! <3