Meeting your child’s financial needs during an economic boom isn’t easy. Doing it during a recession can be downright scary and stressful.
If you’re like most adults, saving money, investing and interest rates probably weren’t popular topics around the dinner table when you were growing up. As a result, many young people get thrown to the wolves when it comes to taking their first steps toward managing their finances. Without some type of financial education, many Americans learn by making mistakes. Why an allowance? In the “old days”, an allowance was used as a reward (for good grades) or as a tool (mow the lawn and earn some green). But these days, giving a child an allowance is an important learning tool that can lead to a healthy financial future. Some good…[more]