Adulting is all about doing your own laundry, cooking, and grocery shopping. It means making informed decisions about time management, organizational skills, and understanding how to be financially responsible. But how do you teach your teenager financial responsibility? Let’s explore five important lessons your child needs to gain financial independence! Help them find opportunities to earn money. Before your teen can learn to properly manage their finances, they must first make their own money! If they don’t have a job, encourage them to begin the hunt. If your teen is still too young to hold a job, consider paying them for chores around the house or yardwork. Once your teen has a cash flow, you can then teach them how to separate it into spending money and cash to save. CUT THE FINANCIAL UMBILICAL CORD HOW TO RAISE FISCALLY RESPONSIBLE ADULTS
Dressed in protective goggles, blue booties, and a matching vest, this incredible rescue dog became a symbol of hope in Mexico. Frida, a cheerful yellow Labrador retriever, was a devoted member of the Mexican Navy known for her search and rescue skills. Trained to find people trapped under rubble after earthquakes, Frida always worked hard to save lives. Frida became a national hero when a devastating earthquake hit Mexico City in 2017. The 7.1 magnitude earthquake took more than 300 lives and injured many more. While sifting through dangerous debris and aftershocks, Frida saved 12 people after finding them alive while uncovering more than 40 bodies during her lifesaving career. While the nation was devastated by the disaster, this smiley rescue pup brought worldwide attention to the tragedy. Frida’s dedication (and impeccable style) quickly made her an internet celebrity, and soon, murals of the lifesaving canine graced the walls of Mexico City. Even Captain America, aka Chris Evans, gave Frida a shoutout on Twitter, adding, “What did we do to deserve dogs?” The hero dog then traveled the world, helping countries suffering from the aftermath of disastrous earthquakes. Frida saved lives in Haiti and Ecuador before retiring from her position in 2019 at 10 years old to live the rest of her days in comfort and love. Sadly, the Mexican Navy announced Frida’s passing in November 2022 due to old age. She was 13 years old. In her honor, a magnificent bronze statue of Frida, clad in goggles and boots, stands in front of the Mexican Navy office in Mexico City. On the day of her death, the Mexican Navy changed their Twitter banner to an illustration of Frida and spread the hashtag “#HastaSiempreFrida.” Frida will always be remembered for her lifesaving work and the hope she embodied for the entire world. How the World Fell for Frida RESCUE DOG’S LEGACY LIVES ON
Open a bank account. If your child doesn’t have a bank account yet, it’s time to set up a checking and savings account for them. It’s a great way to provide them with financial independence while they still have access to your guidance. While credit cards can be scary to trust your learning teenager with, you
should consider a prepaid credit card they can use to learn the ins and outs of how credit cards work while still having a safety net to protect their credit.
Introduce them to the concept of interest. Interest can be beneficial or a disastrous hindrance, so your teen needs to understand how it works. While it can be beneficial for certain savings accounts, it can wreak havoc on credit card debt. Demonstrate interest with different real-life scenarios to show your teen how they can grow their money or rack up tons of debt. Whether your teen has just started earning their own money or is preparing to handle finances on their own, these simple tips can help you start training a fiscally responsible adult.
2
CapitalAdvisoryGrp.com
Made with FlippingBook Ebook Creator