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- “Grade school, ages 6 to 12
- Discuss caring for possessions.
- Structure an allowance: Most experts suggest a modest amount for being part of the family and doing certain basic household chores.
- Provide jobs for pay.
- Encourage long-term savings: Consider matching any money they will save for over a year.
- Set limits around money, for example, not buying everything they want when you go shopping.
- Introduce philanthropy: Help them to give and take them on-site visits.
Teen years, ages 13 to 18
- Insist on summer employment; fund their Roth IRA.
- Guide them through their budget and a 1040 tax return.
- Advocate smart consumerism: For example, discuss the messages in advertising and the impact of advertising on their purchases.
- Discuss the intelligent use of credit cards and checking accounts.
- Explore investments on the Internet.
- Engage them in philanthropy: Encourage site visits and include them in evaluating gift decisions.
College years, ages 18 and over
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- Work with them on a college spending budget.
- Insist on summer employment and fund their Roth IRA.
- Set up adviser-facilitated learning about investments.
- Provide money for them to manage.
- Explain the roles of trustee and beneficiary, if trusts are used in your family.
· Engage them in philanthropy; add them to the board of your philanthropic fund.” Wealth in Families Third Edition (Charles W. Collier) Page 55-56