The second tip is teaching your kids about earning their money. Remember how I said I used to have an allowance? Well I still do – it’s call an income. Looking back, I never realized at the time how valuable my chores and allowance were at showing me that I had to work for my money. But, those values stuck, and I’ve always felt a strong passion for earning what I have. Start an allowance early and build from there. Create a budget together – list all of their expenses and how they’re going to afford them. Opening a checking or savings account can teach them about fees, account maintenance, and even interest. If you’re struggling with your kids going to school and unable to work, make sure you teach them about loans and being able to pay off debt.
Author: Dave Boike, Retirement Resources
