William Baldwin in Forbes outlines the 10 steps to make your kid a millionaire. Read it and plan.
Here’s one quick takaway.
Children should learn about budgets–and limits–at an early age. Instead of giving kids small allowances for movies and candy, give them larger ones and have them pay for things like clothes and transportation. This will teach them about tradeoffs and buyer’s remorse.
If instead you send a financially sheltered child off to college, says Deborah Cox, a family wealth adviser, you’re sure to get a call in April of freshman year pleading, “I’m out of money!”