73-Year-Old Dad Shares Money Lessons He Teaches His Kids

A 73-year-old father is sharing the financial wisdom he wishes his parents had taught him when he was young.

The man, who started working at just 8 years old shoveling sidewalks, wrote to financial advice columnist The Moneyist about how he's teaching his adult children about money. His kids are now 30 and 34 years old.

Learning Finance the Hard Way

"My parents knew nothing about finance and investing, so my buddies and I had to figure it out on our own," he explained. This is a common story for many baby boomers (people born between 1946-1964) who grew up in families where money wasn't openly discussed.

The father's letter was in response to another story about parents worried about their daughter receiving a $19,000 gift. He agreed with the advice given: teach kids about money early and often.

Key Money Lessons for Kids

• Start working young to understand the value of money • Learn about investing (putting money into stocks or bonds to grow wealth) • Don't rely on others to teach you - seek out financial education yourself • Pass on your knowledge to the next generation

Many financial experts agree that parents should talk openly about money with their children. This includes explaining budgets (spending plans), savings accounts, and how investments work. The earlier kids learn these concepts, the better prepared they'll be for adult life.

This father's story shows it's never too late to learn about finance - and never too early to start teaching others.

This is an AI-generated summary. Read the original article at: https://www.marketwatch.com/story/i-was-shoveling-sidewalks-at-8-years-old-im-a-73-year-old-boomer-dad-with-two-kids-heres-what-i-teach-them-about-finance-339e1295?mod=mw_rss_topstories