Let’s start by saying that it is nearly impossible to rein in the amount of money your kids spend. The caveat is that the impossible can become possible IF a few “standards” can be set – the earlier in life the better.
What are “standards”? These are concepts that can be discussed with kids of all ages – or dictated, with discussed definitely preferable! The concepts can be educational for the immediate time frame, while perhaps also becoming life lessons.
Case in point: three years ago, a young person asked for my advice upon graduating from college at age 22. This person, now 25 years-old, made my entire year last week when she told me that (over three years) she has accumulated $54,200. The kicker is that this awesome young person lives in one of the more expensive cities in the USA, which means income taxes are being paid at Federal, State and City levels.
