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| With early lessons, children can develop financial independence and strong credit scores. |
This time
of year can be an emotional one for parents with high school and college
graduates. Graduation ceremonies make for proud moments, but for many parents,
it is a time of reflection on their job as parents. As our young adult children
walk across that stage to get their diploma, we can’t help but hope that we did
the very best we could to prepare them for the real world and owning their own
homes in North Georgia, and one of the most important things we can teach our
children is to be financially independent. Many parents wait until after high
school to worry about teaching their children about financial independence, but
lessons in financial independence and saving should start sooner than that.
The
Equifax finance blog recently published an article titled “Preparing Your Children for Financial Independence”,
which provides some helpful tips for setting your child on the right financial
path.
1.
Talk
to your children about their financial goals and help them develop a plan for
success. Share with your children how to earn, appreciate and manage money and
set a budget for them to live within their means. Talk about how much they
should save to reach the lifestyle they hope to one day have.
