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I’ve long recommended that people consider contributing to Roth IRAs for their children and grandchildren to the extent that the youngsters have earned income. It’s a great way to give and establish a foundation for them, and also to help them learn about money management. Here’s an article that explains the strategy in detail. Here’s […]
Here’s a good list of five concepts that teens should know by the time they graduate from high school. Unfortunately, in most states you aren’t going to learn anything like this in school. Most teachers aren’t even qualified to teach the topics. That’s why financial illiteracy is so widespread and people have such a hard […]
Ron Leiber of The New York Times wrote a book about how not to raise spoiled children. You can read a review and summary of the book here, including the seven important lessons from the book. He advocates supplying an allowance independent of chores because, he writes, children “ought to do [chores] for the same […]
Americans in general are financially illiterate. Even people who are financially secure often arrived there by accident and make a lot of mistakes about finances. For years, the academic world’s been studying this situation and looking for better ways to teach youngsters about money. Here’s a story about one result. (Subscription might be required.) Their […]
Most young people enter the work force with quite a bit of debt. Even those without debt have ambitions for cars, homes, clothes, and other things. The issue for most young adults is how to sort out their spending and saving goals. Should they pay debt first? Save for the down payment on a home? […]
Investing will a key to the financial security of today’s youth. It will be more important to them it was to previous generations. Today’s youngsters will rely primarily on their own resources for retirement. The earlier someone starts investing, the easier it will be for him or her to become financially secure. Yet, financial services […]
Grandparents who want to begin modest accounts to benefit their grandchildren face fewer choices. Many grandparents would like to invest a small amount of money for a grandchild and add a little to it each year. After a couple of decades or more, the grandchild will have a nice sum of money to pay for […]
Mutual funds and brokers are making it more difficult to put your grandchildren on the road to wealth with a modest initial investment and small regular additions. Fortunately, there still are ways to build a modest sum into a meaningful legacy. Suppose you open an investment account with $1,000, add $50 each month for 10 […]