PHONE: (717) 303-1999

Blog

Money Tips For Your Adult Kids

Your adult children need all the support and encouragement they can get from you when it comes to money. Many people today require the advice of not just a professional money manager but individuals who have been through life and have seen a lot. Saving money, early retirement planning, avoiding debts, and investing in education are important topics your adult kids need to know more about in details. Give them priceless gift of wisdom.

Help Them Learn From Your Financial Experience

Letting your kids know about your earning and spending life, and the time things went right and wrong, will help them make better money decisions in their own lives. When you are young, it seems everything is going to be alright forever, and you have the time to do whatever you want. Sharing your money experience with them will help them sit up and make better decisions early in life.

Start Your Retiring Plan Early

Most people don’t take retirement plan seriously until they are past their 40s or 50s. Help them understand why earlier is better when it comes to chalking up a plan for retiring, and why spending less than they earn can save them a whole lot of regrets when they are older. Introduce them to your financial advisor to provide them with all the retirement and emergency planning options available for them to choose from. You should also let them know that more time means more money, which guarantees a better future for them.

Saving Should Be Consistent

It can be a bit hard to teach independent adults about the importance of saving. Share your experience on how you saved money on every dollar you earned when you are at their age. Help them understand the dangers of living a luxurious lifestyle, which can cost them future happiness. Advise them against quitting the job they don’t like before finding a new one and teach them about the sweet and sour of buying on credit.

Encourage Them to Make Use of Practical Tools

There are now websites and apps that can help people manage their financials and save money. Sites like Mint, Budgetpulse, and Budgetracker, offer newbies easy ways to make a financial plan, set up a monthly budget, and stick to it. These apps track credit card expenses and monitor spending, borrowing, and savings. Your adult kids should be encouraged to take advantage of these applications to teach them how to plan and save.

Be Creative

Instead of buying them a car or expensive jewelry on their wedding or graduation, why not offer them money they can pay ahead of their student loan. You can also start their retiring plans and emergency savings by proposing to fund an IRA or match their 401(K) contributions.

Young adults can be wild and adventurous, but you can help them retain their lifestyle without losing themselves along with it. Offer them advice but be careful the way you present it. Instead of talking direct, tell them about your experiences and show them how you did it. Let them know that it may not be the sweet forever, and the only thing that will save their soul is what they have saved.

Jason Bergey
Pennsylvania Wealth Management
http://pawealthmanagement.com/
(717) 303-1999
Sources: Hyperlinked In Article

Copyright © 2017 Pennsylvania Wealth Management

Investment Advisory Services offered through Retirement Wealth Advisors, (RWA) a Registered Investment Advisor.  Pennsylvania Wealth Management and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

This information is designed to provide general information on the subjects covered. Pursuant to IRS Circular 230, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Pennsylvania Wealth Management and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.

Investment Advisory Services offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Pennsylvania Wealth Management and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Pennsylvania Wealth Management and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.

Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors.

Million Dollar Round Table (“MDRT”) is a membership organization. Qualifying criteria for membership includes attaining specified levels of commissions earned, premiums paid or income earned on the sale of insurance and other financial products. MDRT membership requirements include the payment of annual dues, compliance with ethical standards, and maintaining good standing with an MDRT-approved professional association. The MDRT logo and/or trademarks are property of their respective owners and no endorsement of Jason Bergey or Pennsylvania Wealth Management is stated or implied. MDRT and Retirement Wealth Advisors, Inc. (RWA) are not affiliated.