Milestones: How the Government Is Helping You Teach Your Kids About Money

Cheryl Lock
Posted

Milestones: How the Government Is Helping You Teach Your Kids About MoneyEver 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.)

Well, now the government wants to help.

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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