In this Blog Series Phil is answering questions that have been submitted by readers.
Today’s question from a reader is “What advice should I give to my adult children about money?”.
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Phil shares five thoughts that will help you with this situation, and a tip that will help.
- Focus on three areas: short , medium and long term goals.
- Short term goals will improve focus and create instant motivation.
- Talk about the true cost of borrowing for purchases.
- Examples of medium term goals (3-5 years).
- Big goals require sitting down and crunching numbers.
TIP: Find a third party, respected adult, to reinforce the messages.
