Parents understand that discussing with their kids about “alcohol”, “sex”, and the importance of education and good ethics is essential and growing them to better persons. Opening up the lines of communication will help many make better decisions.
However one area that is still not talked about enough is ‘money’. Consequently, young adults are experiencing major debt and credit problems that will plague them through their late 20’s and if not their entire life.
Of course, as a parent, you wouldn’t allow your child to run your investments without proper education and training. Otherwise, it is just like letting him drive your car even without teaching him how to. Thus, you don’t have to allow your son or daughter to manage money without practical financial education or it could devastate your child’s financial situation for years.
On the side of the young adults, keep in mind that you have your whole life ahead of you so you need to make sure that your personal finances are on the right track. Apart from the budgeting, credit management or extra earning ideas, you need to do a little more to plan ahead of time. Here are some tips advanced personal finance tips for a better future.
You should read this article from Fortune.com and learn the 7 financial steps every young professional should take: http://fortune.com/2015/03/23/7-financial-steps-every-young-professional-should-take