How to Raise Financially Independent Kids
Almost eight in 10 parents still provide some type of financial support to their adult children, according to a study by Merrill. This includes more than half of all parents who still pay their children's phone bills after their kids reach adulthood.
While it may seem nice to help out your offspring, all this financial assistance can come at a huge cost. In fact, the same study showed that close to three-quarters of all parents were putting their children's needs ahead of their own retirement needs. And this isn't good for anyone, especially since it creates the risk that parents will run out of money late in life and become a financial burden.
If you don't want to end up supporting your children once they've left the nest, it's important to help them start developing some sound financial habits early in life. Here are a few steps you can take.
Source Fool.com
