According to a recent Charles Schwab Financial Services survey of 1000 teenagers between the ages of 13 and 18, the average teenager believes that they will earn an annual salary of $145,000 a year. Teenage boys believe that they will earn an annual salary of $173,000 while girls believe they will earn an annual salary of $114,000. This despite the fact that the average worker in...
Forgot an important one. Teach them about credit. Teach them the difference between using cash, using a Debit card and using a Credit card. This took awhile before my son got the grasp of it. And every now and then he would say, “just buy it with the credit card”. I dont use cash anymore. Havent for a long time. And that is all my son actually sees. So explaining to them the differences has made him a better shopper. BTW, he is 9.
Congrats! It sounds like you’re on top of things with your son. Thanks for adding to the list–it’s always impossible to cover everything within the scope of one article.
Great post…this is really an awesome blog. I never thought about starting a retirement fund for my kids, I’m going to look up some more info about it right now.
By the way, your link in the article is broken.
We have been researching Section529A accounts as well. At first they were designed to be state specific. That was fine until he decided to go to school in another state. Then the usefullness goes down. Plus now we have been looking at schools in Europe so then the plans dont work at all. So now we are trying to decide the best course of action. We are still making considerations. In the meantime we sock away what we can under the tax radar.
Great post. I think too many parents put off saving for their child’s future because they think they have time. The earlier you start, the better.
Thank you for sharing this with the Carnival of Family Life.
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I sure wish my parents had done some of these things when I was growing up. The budgeting part I get. The earning and saving part I’m still struggling with, after 20+ years of adulthood. Like any parent, I hope to do better for my own child, butI’ve got to live the lesson I’m trying to give, and since I’m still learning it, it’s far from easy.
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