If you’re a parent with kids in their 20s or 30s — or any kids at all — you’re probably no stranger to worrying about their future, including their financial future.
As you watch your now-adult children venture out into the real world, though, you may see them focusing almost entirely on their financial needs in the here-and-now — paying the rent, determining just how much health or renters insurance they can afford, etc. While learning how to manage their financial needs now is important, though, they also need guidance about how to secure their future.
There are certain underlying principles you can teach your kids now that, if followed, will help them secure financial independence in another 30 to 40 years. As a financial adviser, I have witnessed firsthand how people who approach their finances as a decades-long discipline will find themselves in great shape as they approach retirement. Conversely, those who bounce through life hoping things will somehow turn out all right might find their twilight years challenging.
The following are my top 10 savings tips you should be teaching your adult kids now.
Written by Jamie Letcher, a Financial Adviser with CUNA Brokerage Services, located at Summit Credit Union in Madison, Wis. Summit Credit Union is a $2.7 billion CU serving 163,000 members.
This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
