“Train a child in the way he should go, and when he is old he will not turn from it.” — wise words from Proverbs 22. But what exactly should that training entail? What are the most important things to teach our children? Sharing the Gospel with your children is obviously first on that list but teaching them to manage money wisely according to God’s financial principles can spare them a lifetime of hardship. Financial planner and teacher Rob West discusses these topics:
- How would you encourage someone who didn't receive and education on the wise use of money when they were kids?
- What practical things do we teach them?
- OK, so the kids are budgeting and managing their money wisely— but where’s that money coming from?
- Is there anything we shouldn’t do?
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If you have 4 children that collectively have liquid cash, how should they invest or use this money?
- If you inherited funds that didn't have taxes prepaid on them which pushed you into a higher bracket and you're in debt to the IRS for $89,000, should you sell a condo you own outright to mitigate the problem?
- If you bought a timeshare that's lost it's luster, what should you do to get out of it?
- Should you consider using a HELOC to pay off your mortgage?
- If you started contributed to a Roth IRA four years ago and have analyze your gains and arrived at an increase of only 2%, what should you do?
- If you just got a credit card and noticed that your credit score went down a few points afterwards, should you be concerned?
- If your 22 year old employed daughter has accumulated $30,000 in a savings account, where should she put it that would earn more but be secure?
- When do irrevocable trusts start to make sense?
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