Rapidly advancing from rags to riches, or riches to… far more riches, is obviously exciting. However, the improper management of this wealth can be detrimental.
You don’t have to look hard to find stories about how athletes, lottery winners, inventors, or estate beneficiaries have gone broke despite coming into enormous wealth. An inheritance or windfall should not be handled flippantly.
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?