What is the Best Piece of Financial Advice Every Parent Should Give His Teenagers?
It is alarming that most primary and secondary schools across the US do not teach teenagers finance and the utilization of money. Thus, it is on parents to take the matter into their hands and have financial talks with their kids. A Gallup survey reveals that 60% of American college graduates have no idea about money when they leave college. What is more gruesome is the fact that as they graduate they are drowned in student debts.
That is why it is a worthwhile idea to avoid your teens from this dilemma. Where to get started, you may ask? Well, it all begins at home. From an early age, parents must have financial talks with their kids. So, as they grow up, they will have a basic understanding of finances. If you are not used to having financial talks with your teens yet, today is the best time to kick off. More than ever before, today teens are in need of financial literacy.
Nevertheless, an ideal scenario could be to have the fundamental money talks with your kids. These could be things like: How to earn, save, utilize, and invest money? Likewise, you should make your kids familiar with taxes, debts, student loans, and credit card loans. Other grave issues may include financial crisis, saving for retirement, and handling household expenses.
Here is one of the best pieces of financial advice – and talk – every parent should have with his kids:
-
Understand the Difference Between Needs and Wants
It is not unheard of that teens to spend money on luxury stuff – on things they do not need. Be it toys, games, or mobile phones, kids just want to get it done. However, it is up to parents to handle that since kids do not know how hard-earned that money is. Similarly, they do not really discriminate between their wants and needs.
This is where parents come into play. As a parent, you should have a friendly talk with your kids and make them understand their needs and wants. However, keep in mind the discussion should be respectful and logical, and ensure that you do yell at them. With such a sensible discussion, not only will you develop a friendly connection with your kids. Rather, you will imbed in them a sense of responsibility they will live with for the rest of their lives.
More in Investments
-
`
Brad Pitt’s ‘Semi-Retirement’ Plans
Brad Pitt, known worldwide for his Academy Award-winning acting and top-notch production skills, is not just a Hollywood sensation; he’s a...
December 9, 2023 -
`
Streaming Giant Netflix Faces Yet Another Challenge
In the ever-evolving landscape of streaming entertainment, Netflix, once the unchallenged king of digital content, now faces a complex puzzle beyond...
December 1, 2023 -
`
Signs You Should Quit Your Current Job & Move On
You Don’t Feel Comfortable at Work Imagine spending the majority of your waking hours in a place where you feel uneasy,...
November 20, 2023 -
`
How to Adjust and Renew Your Portfolio
Investing in the financial world is like navigating an ever-changing landscape—constantly evolving, always shifting. The key to staying on track? Regularly...
November 18, 2023 -
`
Dr. Dre’s Divorce With Nicole Young: A Closer Look
When the beats of old-school hip-hop start bumping, Dr. Dre’s name reverberates in fans’ minds worldwide. Born as Andre Young, this...
November 12, 2023 -
`
Why Branded Content Is the Best Way to Connect With Your Audience
Have you ever found yourself deep in a compelling article or engrossed in a video series, only to later discover that...
November 5, 2023 -
`
Why the Gender Pay Gap Could Be Getting Worse | New Research Findings
At a time when women are making significant strides in various professional arenas, a new report throws light on a trend...
October 28, 2023 -
`
What Is a Bull Market and How Can Investors Benefit From One?
In finance, the term “bull market” is frequently used to describe a period of optimism, rising asset prices, and investor confidence....
October 19, 2023 -
`
A-List Power Couples Where the Women Make More Money
In an era of shifting gender roles and evolving definitions of success, it’s increasingly common to find celebrity couples where the...
October 15, 2023
You must be logged in to post a comment Login