Ways to Be a Good Financial Father

Teaching our teens to be financially savvy is one of the more important things we fathers can do to help our teens become independent young adults.

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By Tyler Jacobson

Teaching our teens to be financially savvy is one of the more important things we fathers can do to help our teens become independent young adults. I have found with my children, helping them become financially ready to be on their own has been a combination of active teaching and role modeling.

Give Your Children An Allowance

Now, I am not suggesting you just open up your wallet and start passing out bills to your children. But, when children are taught to handle money responsibly from a young age, they have a higher likelihood of being responsible with their money as they become adults.

I have developed a very careful way to give my children an allowance to ensure it doesn’t ruin my kids.

• Start children’s allowances at 5-years old, so they become used to handling money.
• Allowances are calculated by age, where each child receives a dollar amount which equals their age, i.e., 5-year-old receives $5, a 14-year-old receives $14.