“My 18 year old son is driving me crazy. He has a great summer job and every cent he earns is spent on clothes, cell phone calls and parties. I’ve tried to encourage him to save some of his pay, but he refuses to listen to me. How can I get him to understand the importance of good money management?”
Talking to your teenager about money management can be a thankless task. I remember my mother’s pleas several years ago as she tried to encourage me to save, and I recall that her advice went in one ear and out the other. The good news is that at some point I saw the light, so there’s always hope!
How can you get your teenager to grasp the importance of starting an early savings and investment plan? As with any other communication issue with a reluctant listener, it is crucial to present your discussion from his point of view.
If you try to force your ideals and tell him why you think it’s essential to save, he might just tune you out as I did many years ago.