Today on Momsplained: Helping Your Teen Become the Boss of Their Own Money. They’ve learned the basics from having an allowance, but now that they are a little older they’re asking for more financial independence. This is a good thing. You want them to learn good money habits early so they can eventually move out, get a great job and buy a lakehouse for you to retire in. Ok fine, be happy and well-adjusted and stuff.
Step 1. Empower Them
Your kid wants the power to make more of their own financial decisions, you want to set them up for success. A great first step is their own Youth Account from Fidelity, where they’ll have the power to spend, save and even invest. Plus, they’ll get a free debit card-which can help make their money feel real. But don’t stress. Just like with your learners permit, you’re still keeping an eye on things from the passenger seat.
Step 2. Introduce Investing
Investing is kind of like skin care. Start early with SPF and you will reap the benefits later. If your teen has been coming home exhausted from their summer job, they might like to know that they could help that hard earned money grow by investing it. Lifeguarding today equals achieving grown up savings goals tomorrow.
Step 3. Normalize Money Talk
Hello it’s 2021 and we are done avoiding money talk. Words like diversifying, compounding and yield don’t need to put you or your teen into a stress sweat. Instead, brush up on financial concepts together. And if your teen has selective hearing when it comes to your advice, the Fidelity Youth Account comes with a learning center where they can tackle money topics on their own terms. Win!
So grab your nearest teen, and give them the power to learn about spending, saving and investing. Hit up Fidelity.com/youth and start your teen’s money boss transformation. And if you have an app for getting them to floss or fold laundry I want to be your investor! Girl bye, you’ve been momsplained.
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