You don’t have to look far for news about how much financial trouble people are in these days. You’ve seen the headlines.
- More than 700,000 Americans file for bankruptcy a year.
- 60% of families are living paycheck to paycheck.
- Student loan debt is at an all-time high.
And it’s not just less wealthy people who are struggling. Even families with great careers and six-figure incomes are having trouble managing a monthly budget and being prepared for emergencies.
How did we get here? Well, for starters, we were never taught about financial education in school, so what we did learn we picked up from our parents or friends. The rest was learned through trial and error.
For kids today, that same dynamic exists, but it is even harder to navigate because the emerging cashless society has made money seem intangible. All kids see is mom and dad swiping a card at Target or pushing a button on their phone and Amazon boxes full of stuff just magically appear on their doorstep.
It is now more important than ever to be very intentional when we are talking about money and teaching these lessons and habits to our kids. Watch the attached video for five money concepts that your teen needs to know before graduating from high school.
Jamie Bosse (CFP) is a principal with Aspyre Wealth Partners and a board member of the Greater Kansas City chapter of the Financial Planning Association. John McGrath of Kansas City PBS produced the video.
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