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Affluent Christian Investor | October 22, 2017

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4 Tips to Raise Your Children to Become Financially Independent


Third John 1:4 says, “I have no greater joy than to see my children walking in the Truth.” Amen to that!  I would add my own corollary. I have no greater relief than to see my children able to pay their own way when they become adults.

We all want to help our children financially, but it is more important to teach them to become financially independent.

Here are some tips:

  • Start early with dividing all income, including birthday gifts, into envelopes for giving, saving and spending. Don’t allow any income to be used without first dividing it into these important categories. When they are young, I recommend they give 10%, save 70% and have up to 20% in a spending envelope. These ratios change over time, of course.
  • Next, give them responsibilities to pay for expenses as they grow older. Things like a cell phone, the first car, their car insurance and gas. All of these teach important lessons on earning, saving and spending.
  • Teach your children God’s financial principles about debt, saving, giving, planning and being a faithful steward. They are able to learn much earlier than we may give them credit.
  • If your adult children live at home, give them financial responsibilities and goals to achieve before moving out on their own.

Preparing your children to manage their money well will set them apart from their peers and give them a great start in life. It is truly more important to teach them to fish than to give them a fish.


Originally published on Handwriting on the Wall.

Chuck Bentley is CEO of Crown, a non-profit business and personal finance policy and educational organization, and author of “The S.A.L.T. Plan. How to Prepare for an Economic Crisis of Biblical Proportions” and “Root of Riches, What if everything you think about money is wrong?”


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