It has been my pleasure to read your articles each week. With those articles, you not only shared advice, but you shared a part of yourself. Thank you for teaching so many how to fish and thank you for giving me the opportunity to write an article on your site. It was joyous for me to join the conversation in that manner and for that I truly thank you. Fellow traveler, I wish you and your family the absolute best and enjoy those bucket list items :)
Working and going to school at the same time can be tough. I admire anyone who does it. I was fortunate enough to have work study during college so I just answered the phone at the front desk of the dorm which also provided the opportunity to study. Thanks for reading the article. I hope you enjoyed it!
Hi Larry, I teach my children lessons on finances just as I would any other topic The sooner the better. My son has wanted to purchase $125 tennis shoes. Not owning a pair myself that cost as much myself, I set a budget at $85 with taxes. Beyond that amount, he needs to earn the extra money, mowing the yard, washing the car etc. The more we talk with them about finances , the more comfortable they'll be and the more they will learn. Teens and preteens need practice, so we've given allowance in exchange for chores, and engaged them while paying bills. The children of the "Our Rich Journey" couple, posted videos on youtube so hearing the message from others their own age also helps.
Hi Joey, You're right, teens and preteens aren't the most receptive to parental advice. It takes a village and sometimes they need to hear the message from someone other than me. I've signed my children up for summer courses with Wealthy Habits, a site that provides education on financial topics for 11-18 year olds. I've reviewed monthly bills with them, told them how much their tutoring cost and let them see the check when we go out to restaurants. They also can't help but pick up a tip or two when I have the Clark Howard Podcast on in the car or when I convinced the 15 year old to watch " Get Smart With Money" with me on Netflix. If they're exposed then they can't help but learn something along the way. How does the expressing go..... " Tell me and I'll forget, show me and I may remember, but involved me and I'll learn."
Parents and their children should always have a plan for the support that's being provided. What's the end goal? When the child has X amount of money saved or when they can afford to pay for renting their own apartment etc. It's also best to understand what the plan is to achieve that end goal. Is that plan sound or does it require adjustments? Support with no strings and accountability will just slow down the young adults ability to gain their own footing. If I'm providing financial assistance, we're going to have regular meetings to track the progress towards the goal. I know it's family, but I tend to have a business mentality about it. I'm investing in you and my return on investment is my ultimate goal. For me that return on investment is your ability to sufficiently take care of yourself and sustain a comfortable lifestyle.
Comments
It has been my pleasure to read your articles each week. With those articles, you not only shared advice, but you shared a part of yourself. Thank you for teaching so many how to fish and thank you for giving me the opportunity to write an article on your site. It was joyous for me to join the conversation in that manner and for that I truly thank you. Fellow traveler, I wish you and your family the absolute best and enjoy those bucket list items :)
Post: The C Word
Link to comment from June 26, 2024
Working and going to school at the same time can be tough. I admire anyone who does it. I was fortunate enough to have work study during college so I just answered the phone at the front desk of the dorm which also provided the opportunity to study. Thanks for reading the article. I hope you enjoyed it!
Post: How Far I’ve Come
Link to comment from May 23, 2023
Such an honor to have you comment on my article, when I've read so many of yours. Thanks for all you do!
Post: How Far I’ve Come
Link to comment from May 23, 2023
Hi Larry, I teach my children lessons on finances just as I would any other topic The sooner the better. My son has wanted to purchase $125 tennis shoes. Not owning a pair myself that cost as much myself, I set a budget at $85 with taxes. Beyond that amount, he needs to earn the extra money, mowing the yard, washing the car etc. The more we talk with them about finances , the more comfortable they'll be and the more they will learn. Teens and preteens need practice, so we've given allowance in exchange for chores, and engaged them while paying bills. The children of the "Our Rich Journey" couple, posted videos on youtube so hearing the message from others their own age also helps.
Post: How Far I’ve Come
Link to comment from May 23, 2023
Very true. That was one of the extra benefits I received from not purchasing the sodas.
Post: How Far I’ve Come
Link to comment from May 23, 2023
Hi Joey, You're right, teens and preteens aren't the most receptive to parental advice. It takes a village and sometimes they need to hear the message from someone other than me. I've signed my children up for summer courses with Wealthy Habits, a site that provides education on financial topics for 11-18 year olds. I've reviewed monthly bills with them, told them how much their tutoring cost and let them see the check when we go out to restaurants. They also can't help but pick up a tip or two when I have the Clark Howard Podcast on in the car or when I convinced the 15 year old to watch " Get Smart With Money" with me on Netflix. If they're exposed then they can't help but learn something along the way. How does the expressing go..... " Tell me and I'll forget, show me and I may remember, but involved me and I'll learn."
Post: How Far I’ve Come
Link to comment from May 23, 2023
Parents and their children should always have a plan for the support that's being provided. What's the end goal? When the child has X amount of money saved or when they can afford to pay for renting their own apartment etc. It's also best to understand what the plan is to achieve that end goal. Is that plan sound or does it require adjustments? Support with no strings and accountability will just slow down the young adults ability to gain their own footing. If I'm providing financial assistance, we're going to have regular meetings to track the progress towards the goal. I know it's family, but I tend to have a business mentality about it. I'm investing in you and my return on investment is my ultimate goal. For me that return on investment is your ability to sufficiently take care of yourself and sustain a comfortable lifestyle.
Post: When should parents stop supporting their adult children financially?
Link to comment from May 6, 2023