Who Should Buy Your Teen's First Car?
Did you feel attacked at your last family get-together from the mere mention of your intent to pay or not pay for your child’s first car?
Maybe you feel obligated to buy because you don’t want them driving around in an unsafe beater. Maybe you feel resistant because you bought your first car, so why shouldn’t they?
Because there are handfuls of variables related to the decision, there is no one right answer, which also means no shortage of opinions. Here are some financial questions I’d consider prior to moving forward.
Planting Financial Seeds for Your College Student's Success
Over 20 million students are expected to head off to college later this summer, perhaps even your young adult. The positive attributes of the college experience can be life-changing on many levels and includes quantifiable economic benefits over one’s lifetime. Unfortunately, while colleges offer classes from astrophysics to medieval poetry, there are very few classes available that deal with personal financial management.
Three Jars - A Simple Way to Teach Your Children Life Lessons About Money
My wife and I have two incredible and very energetic young boys. They are two years apart in age but very different in their personalities. Our oldest loves to entertain others through dancing, telling jokes and just being a funny little dude. Our youngest is going to be an attorney or tough negotiator. I lose negotiations to him multiple times a week with piggy-back rides and extra ice cream. One thing they have in common is their understanding of the importance of money. We owe this to the power of The Three Jars.
For more on kids and money, be sure to check out these posts:
- 4 Actionable Money Lessons to Teach Kids
- Good Financial Reads: Teaching Kids About Money, Finances for Entrepreneurs, and More
- Good Financial Reads: Teach Kids About Money, Practical Debt Management, and More
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.