Ever wonder if you’re teaching your kid the right stuff about money at the right time? (We tried to help you out with that here.)
While the document is still a work in progress, President Obama and his top financial advisers have boiled down thousands of pages of research from a dozen independent sources into 20 simple “money milestones.”
It’s a daunting task to be in charge of teaching a young child how to handle his money for the rest of his life, but these new recommendations are meant to simplify everything. Some topics include:
Ages 3-5: A child should come to understand that you need money to buy things; you earn money by working; you may have to wait before you can buy what you want; there’s a difference between what you want and what you need.
All the way up to …
Ages 18 and up: A young adult should understand that you should use a credit card only if you can pay off the balance every month; you should never be without health insurance; you should always diversify your investments; and you should pay attention to the costs associated with various investment products.
What do you think?
Stay tuned for an update on the milestones when they are released.
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