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Advice To Give Adult Children About Money

In this Blog Series Phil is answering questions that have been submitted by readers.

Today’s question from a reader is “What advice should I give to my adult children about money?”.

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Phil shares five thoughts that will help you with this situation, and a tip that will help.

 

  • Focus on three areas:  short , medium and long term goals.
  • Short term goals will improve focus and create instant motivation.
  • Talk about the true cost of borrowing for purchases.
  • Examples of medium term goals (3-5 years).
  • Big goals require sitting down and crunching numbers.

 

TIP:  Find a third party, respected adult, to reinforce the messages.

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