Six Financial Mistakes You Don’t Want Your Kids to Repeat

It is not the government, Wall Street or the greedy mortgage companies that are to blame for your financial crisis. The responsibility lies only with YOU. Let’s use this experience as a learning opportunity so the “sins of the father (and/or mother)” are not repeated on your children.

1. Start Saving From Day One
We have all heard about the magic of compound interest. The magic ingredient is time. The book SUCCESS for Teens describes The Choice:

At the end of 31 days, would you choose to receive a million dollars cash or a single penny that doubles each day during that term? You would be wise to choose the penny. On the 31st day, the payment is $10,737,418.24.

This is one of the most important financial lessons you can teach your children—save a percentage of every dollar they earn. The magic of compound interest can make them magically and magnificently rich.
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