Joseph Brough has been a financial advisor for more than 20 years, with his work based in Chicago, Illinois. As an experienced financial professional, he knows that many of the financial habits that adults practice can be taught to children. It’s never too early to teach a child the benefits of good financial habits. If you’re inclined to agree, here are some lessons you can start with.
Save early
While a savings account for an 8-year old might not be necessary, it’s important to teach your child to start saving from an early age. Maybe they earn some money from mowing the lawn or helping with some of the house chores. In any case, teach them that the first thing they should do is save some of that money for later.
Take care of your priorities
As kids start to grow older, they have to learn to take care of their financial responsibilities before they can have fun. For example, if your teenager has to maintain a car, make sure they set aside enough money to do that before spending his/her money on shopping or eating out.
Delay satisfaction
It’s never a bad idea to teach your child the importance of holding off on instant gratification and the benefits of interest and compounding. If they can hold off on getting something they like now, they’ll have a better chance of enjoying more in future.
Joseph Brough Chicago is a financial advisor and licensed life insurance agent. He is also the manager of Hedge Access Group.
Save early
While a savings account for an 8-year old might not be necessary, it’s important to teach your child to start saving from an early age. Maybe they earn some money from mowing the lawn or helping with some of the house chores. In any case, teach them that the first thing they should do is save some of that money for later.
Take care of your priorities
As kids start to grow older, they have to learn to take care of their financial responsibilities before they can have fun. For example, if your teenager has to maintain a car, make sure they set aside enough money to do that before spending his/her money on shopping or eating out.
Delay satisfaction
It’s never a bad idea to teach your child the importance of holding off on instant gratification and the benefits of interest and compounding. If they can hold off on getting something they like now, they’ll have a better chance of enjoying more in future.
Joseph Brough Chicago is a financial advisor and licensed life insurance agent. He is also the manager of Hedge Access Group.