5 Sure Ways To Set Your Kids Up For Financial Success

  1. Keep Credit Card Balances at Zero

Every wise adult knows this is the way to manage credit effectively, to pay off any balance before interest accrues on a credit card.

A modest 28% of millennial parents advised this financial insight, while baby boomers were “twice as likely as millennials to select this as critical advice.”

To help a child comprehend this mature concept, permit them to pick out a affordable toy next time you go out.

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However, as they earn money, through allowance or raking the neighbors lawn, collect the fee for the toy with a little interest.

Discuss with them that with credit cards are not free money, that their earned income will have to go towards the balance in order to stay on top of debt.