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As parents, we want our children to be successful and happy in life, but teaching them financial independence often gets put on the back burner. Many parents wait until their children are graduating from high school or leaving for college to begin talking about money management.
Here are three tips to help your children forge a path to financial independence:
1. Talk about financial goals with your children and then help create a plan to set them up for success.
2. Utilize money management tools to gradually increase your child’s level of responsibility and independence.
3. Be a role model for fiscal responsibility. Children watch to see how adults earn, save, and spend money. Make sure your example is one that sets the tone for their future success.
Deb Hornell has been helping individuals and companies grow and succeed for more than 25 years. She is a visionary whose personal brand of “cultivating environments for growth” extends into her consulting practice, her family and friendships, and her newly released book: Good Things for a Full Life. Her expertise in group facilitation, leadership development, change management, and strategic planning makes Deb the go-to consultant for critical organizational development initiatives. She is known for designing and facilitating practical solutions to complex business challenges while honoring and engaging people in the process. Follow Deb on Twitter and Facebook.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.