Parents aren’t doing their children much good if they continue footing the bills once their kids become adults.
60% of U.S. parents are dipping into their own retirement savings to pay their adult kid’s bills.
Financial planner and CEO of North Texas Wealth Management Mike Crews says teaching them fiscal responsibility should start early.
“The earlier the better,” Crews tells KTRH News. “Definitely the minute they are out of college and have their first job they need to start paying their cell phone bill and insurance.”
Crews has two kids, and to teach them how to handle money, gave them each a small portfolio.
“I have that statement mailed every month, so when it comes in they open it. It’s become a rivalry between siblings over who can grow their stocks the fastest which has created more interest.”
It’s a clever way to start children early.
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