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Introduce your Teens to the Foundation of Building WealthSubmitted by Townsend Asset Management Corp. on May 17th, 2017
As your children approach their teenage years, it’s not too early to give them some real-world advice on handling money.
- Focus on how they can earn money. Lawn-mowing, pet-sitting, window-washing – employ them to do odd jobs around your house and then encourage them expand out to the neighborhood.
- Encourage them to control spending and commit to saving.
- Help them learn the benefits of investing. Facilitate their opening of a savings or investment account that allows their money to compound.
- Teach them to think with a long-term horizon: college, car, marriage, kids, retirement.
Getting your children to embrace these principles can start them down the road to prosperity.
Jim Kniffen, CFP® is a Senior Portfolio Manager at Townsend Asset Management Corp., a registered investment advisory firm located in Raleigh, North Carolina offering comprehensive wealth management expertise to its clients. Email Jim@AssetMgr.com for information about investment and financial planning services.