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4 Ways to prepare your child for financial independence

Posted at 1:35 PM, Apr 07, 2021
and last updated 2021-04-07 15:35:10-04

You want your child to make good money decisions, right? Then maybe you should let them make spending mistakes!

We talked with David Sant, Chief Marketing Officer for Cyprus Credit Union, who shared four ways to prepare your child for financial indepence.

His first tip is to let them learn from smaller spending mistakes to prevent larger ones. Don't bail them out!

Second, Sant says to teach them sending rules. Tie a "no" today into a "yes" tomorrow. Teach them how to comparison shop and enforce that 24-hour rule.. making them wait for something they really want.

Third, don't shield them from costs. Instead, show them the path. Sant says, "Have them pay bills with you to see how much real life costs." Teach them about taxes and retirement saving.

Fourth, make them work for their wants. Teach them the options for buying and the consequences, including how to save now to buy later.

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