There is nothing wrong with being spontaneous when it comes to certain things. Yet, the average person can’t afford to be that way in everything they do in life. Thus, I’ll listed a couple of those things below.
- This isn’t something you can decide to get serious about 5-10 years before you’re planning to retire. As a result, you should start contributing consistently to this savings at least by your late 20s.
- There is a 50/50 chance that your kid is going to college one day when they’re born. Therefore, don’t wait until your child is a junior or senior in high school to start trying to save for it or worst case, leave it up to your child to pay for it on their own.
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I don’t have any kids yet, mainly because I rather be married first, but I definitely want to be able to help and give any child of mines an even better head start in life once they become an adult than what I had. This is usually the goal of all parents, but as in everything in life, things don’t always go as plan and sometime parents can actually be hurting their kid when they think that they’re helping.
A great example is letting your kid continue to stay with you after they are done with school and working. If your child is saving a significant amount of their money monthly to buy a house or putting it to an emergency fund this can be a great thing, However, if your child is just blowing most of their money monthly this can be a very bad thing, especially if he/she is living a lifestyle with you that they wouldn’t be able to sustain on their own.
The key reason I say this is because if your child is living a much better lifestyle with you and doing whatever they want with their money they will be less motivated to ever move out. Second, they probably will struggle when they do move out, whether living alone or with someone in a relationship who wants them to help out on the bills, if they’ve become accustom to doing whatever they want monthly with their pay money.
Last, if a child does stay with their parents for years after school and been working the majority of that time when they move out, but got nothing to show for it, I do feel the parents fail in helping their kid get that important head start in life.
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