Check out Kristi’s advice in this Nerdwallet article! What should you do when your grown kid can’t handle their finances? “Parents want to help their kids — it’s what we do. When those kids are adults, though, our help can hurt. Financial planners and credit counselors see plenty of examples. The grown son who…
Often reporters will ask members of the Financial Planning Association for a quote on risks retirees face. Sure, inflation, medical expenses, lower than expected returns are old favorites, but my answer is typically this: The biggest risk to some retirees is their grown children. If adult children of retirees are in the habit of…
Welcome back, Scott Arnold, CFP ® to conclude his 2-part blog on using the Three Jars method to help teach his young boys life and money lessons. When my wife and I started The Three Jars with our boys, we thought it would help us in teaching them basic lessons about money. The Jars…
This week and next, I’m thrilled to welcome guest blogger and fellow financial planner Scott Arnold, CFP ® to discuss how using the Three Jars method has helped teach his kids life and money lessons. Take it away, Scott! My wife and I have two incredible boys, ages 8 & 6. Their personalities are…
I can’t believe it. My niece, who was just an infant yesterday, is now lifeguarding at the neighborhood pool where I grew up! The family is promising her lots of visits in our string bikinis to support her and she is thrilled at the prospect. What else are kids doing for money this summer? …
Who was interviewed by Liz Weston with the Associated Press? Me, that’s who! Financial planners and credit counselors see plenty of examples. The grown son who lost a job, moved home and stopped looking for work. The daughter who constantly mismanaged her checking account — and turned to payday lenders when parents stopped covering…
Ha! That was just an attention grabber. There isn’t really a right or wrong way to manage allowance, as long as you are consistent and communicate the rules to your kids. The big controversy is whether to tie allowance to chores. Some say that allowance should be earned by doing specific work around the…
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