Finance Conversations Can Save Younger Generations From Financial Ruin

Young women having conversation
Shiavon Chatman
June 1, 2021

Millennials and Generation Z are the poorest generations in recent history. Most wealth security systems have been depleted and the cost of living has skyrocketed compared to back in the day. But there’s hope! How can you teach your kids or grandkids about money?

#1: Bring it up. 

There’s no minimum age to start talking to kids about money. Whether they’re starting preschool or their first summer job, it’s the right time to start the conversation.

#2: Basic personal finance tips. 

Tell your kids to follow the Jay-Z mantra: If you can’t afford to buy it twice in cash, you can’t really afford it! Start with a small allowance and teach them to think about what things cost. Make sure they know to beware of credit: you never want to owe anyone if you can help it! So pay debts IN FULL, as soon as you can.

#3: BUDGET! 

Even though we all do it, impulse buying is irresponsible. Have them make a list of everything they need and then a list of everything they want. When you can afford to do so, pick from the wants list every once in a while!

Teaching children about finances and healthy money habits can have a lasting impact. We have to do our best so they can overcome the barriers already placed in front of them!

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