This is an important article that stresses the importance of the older generation passing down financial wisdom to the younger, millennial generation. It stresses the importance of having difficult conversations regarding finance (such as the matter of inheritance) and the need to budget one’s finances in order to be secure and not live beyond your means. The article makes several suggestions on how the younger generation can have a successful, more secure financial situation such as creating and following a budget, seeking outside advisors if possible, and maintaining realistic goals and expectations of your finances. In general, the theme of the article is about being aware and prepared to meet financial challenges and that it is important to have these conversations and take these steps early so that you are better equipped to deal with financial situations as they arise and not find yourself lost.
Key Points:
- Make sure they understand the importance of financial planing. You should teach your kids early on the importance of it.
- A financial adviser can be helpful to show your child how best to address their finances.
- Talk to your children about what they will be inheriting. Children often think they will be inheriting more than they really are.
“”Many Millennials simply aren’t confident about where they stand financially.””
Read the full article at: https://www.forbes.com/sites/nextavenue/2016/05/22/5-ways-to-give-your-millennial-kids-financial-wisdom/?ss=personalfinance
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