Money Habits

We all want our kids to do well in life...and not make some of the mistakes we might have made. Here are seven important money strategies to teach your kids that will serve them well throughout their lives: 1) Don’t carry debt. Avoid credit card debt. It’s expensive money! In fact, about 30% of college graduates will enter the workforce with $10,000 to $25,000 in credit card debt and other loans. 2) Pay yourself first. Have your children open an investment account and regularly have them put away money for goals and emergencies. 3) Set up a budget and track your expenses. Help your children set up their own budget, and teach them how to track their income (from allowances, gifts, money earned) and expenses. 4) Don’t compare yourself with others. A friend may drive a fancy car and wear expensive clothing, but they actually may be deeply in debt. 5) Don’t trust anyone with your money. No one cares as much about your money as you do. 6) Invest in a Roth IRA, and/or a market index when you start earning money. To reach long-term goals investing is a must. 7) Money doesn’t buy happiness. Money can make life easier when you don’t have to struggle financially to make ends meet. But money can’t buy love or happiness.