Setting Up Your Teen’s Financial Success

teenagers finances

One of the main things I admire about Scott Pape is his passion to teach young people about money management and giving these young minds that knowledge CAN help their parents, teachers AND themselves for the rest of their lives.

Canna Campbell mentions in her book ‘Mindful Money’ that her dad intervened when she started working to make her set up a bank account and invest her money in shares. He went on to explain dividends and how money makes money. How powerful is that? I sometimes think I may talk too much about money with the kids but then I read something like this and know that I am doing my kids a service for their future selves when money does become a main part of their lives.

I would like to deep dive into what I have played with to help my kids get started with their finances, especially when they started working and bringing in their own CASH.

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Finances for kids

This is such a hot topic and there is no right or wrong. At the end of the day, it is what you feel is right for you and your kids. I have learnt along the way our children are so much a part of us but more importantly, they are their own ‘being’ and we can only guide and nurture them into the wonderful human beings they will become. It’s so hard to not ‘just do’ for them OR give them ‘what I didn’t have when I was a kid’.

I believe there is a fine line between giving so that they have an advantage going into adulthood AND giving them too much so that they have no sense of the value of money, no sense of delayed gratification and poor financial literacy.

In today’s post I would like to explore and delve into different areas that I have tried to develop with my kids (sometimes they listen and ALOT of times they ‘don’t’ seem to be listening 😊 … teenagers. I persevere and hope even 10% sticks). Even if you don’t have kids, I encourage you to think of someone you know that could benefit from this post and share with them. Give the gift of knowledge.

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