I came across this great article and thought it worthwhile sharing.
How to raise rich (but not spoiled) kids : 10 ways to help wealthy kids grow into financially successful adults
Like article author Jocelyn Black Hodes, my family also raised me to be financially accountable to myself. Yes they paid for college, yes they definitely helped me along the way, but for the cars I drove after I got my drivers license were their used cars.
In addition to making me aware of the values and respect for money, they also gave me the gift of empowerment, showing I didn't need their money to stand up on my own two feet and be independent. It prepared me as an adult when coming into money how to have a respectful healthy relationship with it. And this is something you can help your kids with too.
Here are some quick highlights of the article:
1. Teach them early- Allowances, separate banking accounts, teaching them to budget, involve them in household budgeting
2. Set up a Roth IRA they can contribute funds to from their jobs
3. Have your kid be part of the process of setting up a 529 College Savings Plan
4. Give them a housing head start -By gifting your kids the down payment on a house, you help them get a head start but also help them learn about tax advantages of owning real estate.
5. Foster the Family Business - Put your kids on the Payroll for jobs they can do within your company. This helps them get exposure to where and how the money comes, and could help them sustain you family legacy of your business
For the full article - click the link for Source
Source: June 16th, 2014 MarketWatch The Wall Street Journal, Author Jocelyn Black Hodes