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 to do, 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.
Share Your Strategies For Raising Financially Savvy Kids
Published On - December 9, 2023
