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According to author and financial expert Suze Orman, the sooner you start, the better.
Orman wants families to start before their little ones turn 12 years old.
By age 12, I encourage you to involve your children in the family finances.
Starting early can help prepare your children to be financially independent adults.
Orman has some tips on how you’re free to begin.
Orman has had to correct her own family on this misconception.
Learning this lesson early can help reduce their vulnerability to impulse buying later.
Let Them See How You Budget
Learning how to budget is far from a one-and-done endeavor.
As part of this, lay out what you expect them to pay for.
Remember, this is a teaching opportunity.
That may mean letting go of their initial idea of a so-called dream school.
While it may be an upsetting realization at first, Orman believes theyll come to appreciate it later.
They might not thank you for the lesson at 13, 14, 15.
But just be patient.
At 23, 24 and 25 they are going to be so grateful.
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