This week’s “What’s Impacting Your Wallet” is full of valuable financial lessons for everyone, from students to millennials to empty-nesters. Here’s what you need to know now:

  • With the school year coming to a close, there’s no better time to teach children and teens important lessons about how to manage their money. Huffington Post reporter Steve Siebold points out that it’s right to want to be rich, and it’s possible for those who make the effort, but first, kids have to think about money the right way. Siebold lists 7 financial lessons for the summer, including getting rid of an entitlement mentality, taking control of wealth and the privileges that come with it and differentiating between money and happiness.
  • According to J.D. Power and Associates, twenty-somethings bought 27 percent of all new cars purchased last year, compared to 25 percent for Generation Xers. Before you go out to buy a new ride this summer, read CNN Money reporter Peter Valdes-Dapena’s four tips Millennials should consider when buying a new car. His advice includes keeping an open mind, using a mobile device while car shopping at the dealership, taking a test drive and using tools like TrueCar.com and Edmunds.com to negotiate a fair price.
  • It’s normal for empty-nesters to worry about their kids’ money and financial independence. U.S. News and World Report reporter Geoff Williams examines the 3 money mistakes empty-nesters make that can upset the delicate balance of your bank account. Avoiding common mistakes, like not downsizing your home soon enough, not sticking to a fixed-retirement budget, or assuming expenses will decrease and more money will be available, can make all the difference in retirement.

Leave a Reply

Your email address will not be published. All fields are required.

This site uses Akismet to reduce spam. Learn how your comment data is processed.