On average, young adults today have more debt and earn less money than their parents did at the same age (adjusted for inflation); rent and housing costs, in and around cities, have significantly outpaced wage growth; and increasing automation and globalization are creating new challenges for young people trying to start a career. Because of this economic environment, your children and/or grandchildren are likely struggle with money and finances more than you did. So, what are some ways you can help your kids with money?
According to Gallup poll conducted in late 2015, most people are financially illiterate. The majority of us received no formal education in personal finance during school. We were just expected to figure it out once we entered the real world. Today, many schools are beginning to include personal finance classes as a part of the curriculum. However, as I will illustrate below, the benefits of classroom financial education are largely ineffective. As a parent, you may ask yourself, what can I do help my child? Today we’ll begin a recurring series in an effort to equip parents with the knowledge and tools they’ll need to educate their children about money. Since this is going to be a big subject, we’ll just tackle one piece at a time. Today the focus will be on teaching kids how to invest.
Happy New Year! I hope our clients and readers had a wonderful holiday and are excited to enter 2017. A New Year brings new opportunities to get a hold of your financial life. Many people want to improve their financial well-being, but are unsure of effective ways to go about doing that. In this week’s post I’ve compiled some suggestions for how to make positive moves on your finances in the New Year. Treat these as your new financial resolutions.