NewsMoney Tips To Teach Your Kids, According To The 'Budgetnista'

Money Tips To Teach Your Kids, According To The ‘Budgetnista’

Tiffany “The Budgetnista” Aliche built a seven-figure business teaching others the same financial lessons that she learned from her parents.

Tiffany “The Budgetnista” Aliche built a seven-figure business teaching others the same financial lessons she learned from her parents. Now, she shares her message all over the world as the founder of The Live Richer Academy.
Aliche’s story shows that the lessons children learn from their parents often have a long-term impact on the financial decisions they make as an adult. When she was younger, her father, a CFO and accountant, did whatever it took to ensure his children had a positive relationship with money. His teachings still affect how she saves and spends money.

BLACK ENTERPRISE caught up with The Budgetnista to discuss some of the money tips that her father taught her in order to help parents get their children on the fast-track to financial wellness.
Manage Your Credit Card Balances
According to a report released by real estate data company Clever, credit card debt ranks as the most stressful type of debt for Americans. For millennials, credit card debt is right under student loan debt in ranking but the cost of credit card debt causes many to pay hefty fees and interest payments every month.

What’s the best way to manage your credit card balances and avoid monthly stress? The Budgetnista recommends that you pay off your credit card balance in full every month.
“I didn’t have credit card debt because very early on in college, my father taught me ‘you get your credit card bill and you pay it off in full every month.’ Teach your kids how credit cards work and how to use it responsibly before they get their first card.”

Don’t Be So Quick to Buy a New Car

When thinking about making your first car purchase, consider the monthly costs involved and how that will impact your pockets. Because a new car depreciates faster than a used car, you could potentially owe more than what the vehicle is worth.

Start Saving for Retirement Early

The Budgetnista also believes that “it is your younger self’s job to look after your older self.” Realizing that most people are disconnected to their older selves, The Budgetnista named the older version of her “Wanda.” “When I make financial choices now, I’m conscious about what it is going to mean for Wanda.”

RELATED CONTENT: Dwyane Wade Admits Taking Several Years To Learn How To Manage Money

Source: Black Enterprise

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