A personal finance blog dedicated discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance.


Wednesday, June 01, 2005

Jonathan Clement's - Getting Going Column

Today's "Getting Going" column (free) by Jonathan Clements is about raising financially responsible kids. His theory is that if parents teach their kids about financial responsibility now, it will save them from bailing them out of a financial mess later. Makes sense to me!

I've written about what my wife and I do for our kids. They each get a weekly allowance. With that allowance they pay tithe (10%), put 25% away for long-term savings, 25% away for short-term savings and the remainder they can spend. Most of the time they put the remainder in their short-term savings so that they can meet a goal like a PlayStation game or something like that.

I have been reluctant to give them complete control of their spendable money. I know that for them to be able to grow and mature I have to "let go." Who would have thought that Dad would grow in this process too?

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