Teaching Kids About Personal Finance: Expert Advice from Annette Harris

Title: Financial Coach Shares Tips for Teaching Kids About Money

In today’s world, it’s never too early to start learning about personal finance. Annette Harris, an accredited financial counselor and owner of Harris Financial Coaching, believes that educating children about money management from a young age can set them up for future success.

Harris shared some valuable insights on how she has been teaching her own children about personal finance. One key area of focus has been investing. Harris set up a managed custodial account for her 14-year-old daughter, who has shown a keen interest in learning about investing. By starting early, her daughter has already gained valuable experience and learned about the importance of understanding risk tolerance when investing.

In addition to investing, Harris has also emphasized the importance of credit card management to her children. By making them authorized users on her own credit cards, she has given them hands-on experience in building good credit and managing credit card balances. Harris has taught her children to be mindful of credit card balances, due dates, and interest charges, encouraging them to pay their balances regularly to avoid fees.

Another important lesson Harris has instilled in her children is the habit of tracking purchases. By having them write down their daily expenses, whether in an Excel spreadsheet or a notebook, her children are developing awareness around their spending habits. This practice will serve them well when they have their own checking accounts in the future.

Above all, Harris encourages her children to ask questions and seek out answers when it comes to financial matters. By fostering a culture of curiosity and learning, she is preparing her children to make sound financial decisions in the future.

In a world where financial literacy is crucial, starting early and providing guidance and education at home can make a significant difference in a child’s financial future. Annette Harris’s approach to teaching her children about personal finance serves as a valuable example for parents looking to instill good money habits in their own kids.