Teach Your Children About Managing Money and Paying Taxes Before They Leave Home
Children, learning the basics while still living with your parents will help prepare you for when you move out on your own.
According to the USDA Expenditures on Children by Families 2015 report released in January 2017, it will cost a moderate-income, two-parent family about $233,610 (in 2015 dollars) to raise a child born in 2015 through age 17, not including college expenses. But if current trends continue, very little time or money will be spent — by parents or the education system — teaching children about managing money and paying taxes before the harsh financial realities of life confront them.
It’s been likened to pushing a person out of an airplane without teaching them to use the parachute. They might be able to figure out what to do while hurtling to the earth. Better, though, to have learned the basic principles of using the device before jumping!
By the time they reach their mid-twenties, many young adults have racked up a large amount of unnecessary debt before they even know what happened.
The best time for a young person to learn about money and taxes is while living with their parents. If you’re a parent, teach your child the basics.
