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To all parents out there, do you talk about money with your children?
If so, what’s your approach?
In this week’s episode, The Retirement Solution’s Mike Whitmore quickly breaks down how to start, introduce, and maintain financial and money-related conversations with kids depending on their stage as pre-teenagers, teenagers, and adult children.
Mike discusses:
- Teaching your pre-teen children how to handle money, and what are the benefits of setting up UGMA accounts for them
- Why have tax, “paying yourself first,” debt, and credit history-related conversations with your teenage children as they receive their first paycheck and are ready to go to college
- The importance of emergency funds, saving for retirement, and power of attorney documents for adult children
- The difference between consumer and educational debt
- What is “bank on yourself,” and what’s its role within the mortgage and life insurance arena
- AARP considerations for adult children
- And more!
Related: Investing with Non-Retirement Funds: What to Watch Out For