Millennial Money: What do you teach your kids about money? | Business

Hey, Internet: Do you remember millennials? Many of us graduated from latte and laid-back brunch and became parents with jobs, car loans, and perhaps even mortgages. On his way to adulthood, he experienced two global crises: a recession and a pandemic. Many of us are still carrying a pile of student debt. These years shaped our money outlook, and now we are teaching our children what we know. Here are the money lessons that five millennial parents across the country want their children to learn (answers edited for length and clarity): “Never think your child is too young to learn.” Laurynn Vaughn, 37, from Kissimmee, Florida, is the single parent of two daughters, ages 5 and 4. She runs day care that was closed during the pandemic but then reopened.She is also an active volunteer “I don’t want to tell you the fact that I wasn’t taught about money. I think it’s better to teach children the sooner. I’ve already taught them that there are almost three principles for money. The turn is to give. The second is to give. Save.. And third, what you leave is something you can enjoy. My principles are a little different. There are actually four. I pay the bill, then give, save and leave money to enjoy. Teaching them at their level is better than not teaching them, as they are waiting to reach the level. “ “It’s better to leave a university that is a working student and has much less debt.” Mae Waugh Barrios, 34, from Holliston, Massachusetts, is the parent of three children aged 10, 4, and 2. She is a junior high school coach and takes unpaid leave to care for her children during a pandemic. .. Her husband, Francisco, runs a landscaping business. She has $ 20,000 in student loans remaining to repay. “That was the biggest mistake I made in my life. Everyone said I would go to any college you wanted, just take a loan. No one tells me about the true aftereffects of a student loan. My husband didn’t go to college. Our plan is to open a college savings account for (our children) when I get back to work (also). ) It’s better to be a working student and graduate from college with much less debt. My husband and I try not to suffer so much debt that we can’t survive. We’re rich at dinner And talk a lot about the poor. If you are rich, your money works for you. If you are poor, you work for money. “ “More emphasis on experience” Steffa Mantilla, 36, from Houston, has a 4-year-old son. She is a certified financial education instructor, former zookeeper, and founder of the personal finance website Money Tamer. “In our home, we focus more on” experience “than on” things. ” Instead of buying a lot of presents (on my son’s birthday), buy one present and then a ticket for a children’s museum or a local zoo. We encourage relatives to give gifts of experience that they can work with. This teaches you to focus on your family and friends and at the same time reduce your surroundings. “ “I’m not afraid to invest” 37-year-old Alan La France, who lives in Austin, Texas, has a 5-year-old son. He works in digital marketing and his wife, Meladie, is a respiratory therapist. “You can pay for a car in cash, but you can (acquire) a loan for that car and invest with that capital. If you can make more with that money, You are in a much better situation overall. At some point you can’t just squirrel everything, you have to start working money for you. As parents, we are children We want them to save us, but in reality, we can overdo it and miss many opportunities. “ “Build another income stream” Jernessa Jones, 39, from Florence, Alabama, is the single parent of her 6-year-old son and a certified financial counselor at Operation Hope, a non-profit financial literacy organization. She graduated from the MBA program during the pandemic and started the fashion accessories business. “ “My mother and dad didn’t own a business and weren’t homeowners. I was looking for a home last year because homeownership is the first step towards building wealth for generations. I’ve noticed that some of the homes I’ve seen can afford to buy a mortgage, but I’m probably poor at home. What do I do to take a step back and build another stream of income? I decided to see if I could. Entrepreneurship was another thing I could teach my dad. From start to finish, even when I opened a business bank account, he was there. I was there. “ This column was provided to The Associated Press by the personal finance website Nerd Wallet. Amrita Jayakumar is a writer for Nerd Wallet. Email: ajayakumar@nerdwallet.com.. Twitter: @ajbombay.