To all parents out there, do you talk about money with your children?
If so, what’s your approach?
In this week’s episode, The Retirement Solution’s Mike Whitmore quickly breaks down how to start, introduce, and maintain financial and money-related conversations with kids depending on their stage as pre-teenagers, teenagers, and adult children.
- Teaching your pre-teen children how to handle money, and what are the benefits of setting up UGMA accounts for them
- Why have tax, “paying yourself first,” debt, and credit history-related conversations with your teenage children as they receive their first paycheck and are ready to go to college
- The importance of emergency funds, saving for retirement, and power of attorney documents for adult children
- The difference between consumer and educational debt
- What is “bank on yourself,” and what’s its role within the mortgage and life insurance arena
- AARP considerations for adult children
- And more!
- Uniform Gifts to Minors Act (UGMA)
- LinkedIn: Jim Black
- Investing For Dummies by Eric Tyson on Amazon
- dummies – Learning Made Easy
Connect with Mike Whitmore:
Connect with The Retirement Solution:
- The Retirement Solution
- (888) 500-5830
About Mike Whitmore:
Mike graduated from Brigham Young University with a BS in Business Management and Marketing and a minor in Dutch Literature. He is a Financial Planner with The Retirement Solution, serves as the President of the Advisory Board for Velvet Media, and is a former co-founder of Fresh Consulting.