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Question: After a car accident, my daughter was awarded a sum of money, which was invested and has grown to $150K. But I’m worried about what will happen when my daughter turns 18 in a few months. She plans on going to college , travel Europe, and buy a car. All great things, but I see how quickly she spends her part-time income on entertainment and dining out. I know how much easier it is to spend it than save it.
“The example of harvesting some apples each year from her growing financial tree and not cutting off major branches or worst case cutting down the entire tree at once for short-term personal gratification, might assist you with your conversation,” says certified financial planner Robert Riedl at Endowment Wealth Management.
It might even be helpful to gift her some personal finance books. “‘Rich Dad, Poor Dad,’ ‘The Richest Man in Babylon’ or ‘Who Stole My Cheese’ are simple reads that might get her to think beyond the current moment,” says Hutchins. Consider this three-pronged approach. “Consider the three-pronged approach of a financial coach, budgeting software and a real estate investment,” says certified financial planner Blaine Thiederman at Progress Wealth Management.
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