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| Strong early childhood financial habits can lead to stronger credit scores and better control of money in adulthood. |
Parents
want the best for their kids, they want them to be successful and happy in life
and one of the keys to that is instilling in your children the knowledge
necessary for financial independence. Lessons in financial independence can
start in as young as elementary-aged children, as explained in the recent
Equifax finance blog article “Preparing Your Children for Financial Independence.”
These lessons help set up the right habits to have a strong credit rating and
the ability to purchase Chicago new homes when the time is right!
Set your
children on the right financial path with these tips:
1.
Discuss
your child’s financial goals and help them come up with a plan for success. Tell your children what financial independence
means. Let them know when you expect them to manage their own finances. Tell
them about earning and appreciating money and learning to live within their
means. Find out what kind of lifestyle your child plans for, and help set
appropriate goals to meet that lifestyle – what level of education will they
need to achieve, how will loans and credit factor into that, and how much
should they save.
