I recently saw a retired colleague and his wife at a financial seminar. In conversation, they shared that they helped their kids manage finances by paying their advisor to also handle their children's accounts. There were two major benefits with this approach. They knew their children were getting good financial advice and the kids were more open to direct guidance from someone other than their parents. A win for both sides.
Using a third party expert to provide training is appealing, especially when the options are becoming more complex. An article in yesterday's Wall Street Journal shares how students at Johns Hopkins University are enrolling and benefiting from a personal finance course. Third party expert training for one's children does have its precedence, e.g. education and individual coaching for a sport. When our daughter approaches college age in the distant future , it will probably worth considering some "formal" personal finance training from our finanical advisor.
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This is not financial advice. Please consult a professional advisor.
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