Teach them the difference between smart money and dumb money. In his latest book, The Wealth Cure: Putting Money In Its Place, actor and best-selling author Hill Harper explains that dumb money is spent on things that decrease in value while you sleep, while smart money is spent on things that increase in value as you sleep. Money spent on credit card interest payments is dumb money. Spending on investments that grow in value and pay interest and/or dividends is an example of smart money. Helping your kids to see the difference will go a long way toward their making smarter money choices.
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