Money Tips For Your Adult KidsSubmitted by Fairview Financial, LLC on July 28th, 2017
Your adult children need all the support and encouragement they can get from you when it comes to money. Many people today require the advice of not just a professional money manager but individuals who have been through life and have seen a lot. Saving money, early retirement planning, avoiding debts, and investing in education are important topics your adult kids need to know more about in details. Give them priceless gift of wisdom.
Help Them Learn From Your Financial Experience
Letting your kids know about your earning and spending life, and the time things went right and wrong, will help them make better money decisions in their own lives. When you are young, it seems everything is going to be alright forever, and you have the time to do whatever you want. Sharing your money experience with them will help them sit up and make better decisions early in life.
Start Your Retiring Plan Early
Most people don't take retirement plan seriously until they are past their 40s or 50s. Help them understand why earlier is better when it comes to chalking up a plan for retiring, and why spending less than they earn can save them a whole lot of regrets when they are older. Introduce them to your financial advisor to provide them with all the retirement and emergency planning options available for them to choose from. You should also let them know that more time means more money, which guarantees a better future for them.
Saving Should Be Consistent
It can be a bit hard to teach independent adults about the importance of saving. Share your experience on how you saved money on every dollar you earned when you are at their age. Help them understand the dangers of living a luxurious lifestyle, which can cost them future happiness. Advise them against quitting the job they don't like before finding a new one and teach them about the sweet and sour of buying on credit.
Encourage Them to Make Use of Practical Tools
There are now websites and apps that can help people manage their financials and save money. Sites like Mint, Budgetpulse, and Budgetracker, offer newbies easy ways to make a financial plan, set up a monthly budget, and stick to it. These apps track credit card expenses and monitor spending, borrowing, and savings. Your adult kids should be encouraged to take advantage of these applications to teach them how to plan and save.
Instead of buying them a car or expensive jewelry on their wedding or graduation, why not offer them money they can pay ahead of their student loan. You can also start their retiring plans and emergency savings by proposing to fund an IRA or match their 401(K) contributions.
Young adults can be wild and adventurous, but you can help them retain their lifestyle without losing themselves along with it. Offer them advice but be careful the way you present it. Instead of talking direct, tell them about your experiences and show them how you did it. Let them know that it may not be the sweet forever, and the only thing that will save their soul is what they have saved.
Paul M. Jeffrey, CFP®, AIF®
Fairview Financial, LLC
6100 Fairview Road, Ste 1210
Charlotte, NC 28210
Tel 704-916-7646, 800-809-9209
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