Sharing Financial Wisdom With Younger Family Members Over The Holidays
By Lynne Adkins
PHILADELPHIA (CBS) -- As we gather at the holidays, it's a great time to discuss financial wisdom with younger family members.
Sharing financial information that you've gained first hand can help younger family members avoid the same mistakes. Eric Seidman, CPA at Wouch, Maloney and Company in Horsham, has three tips he likes to give.
"Keeping your borrowing to a minimum, including in your spending an amount to save for yourself anytime you get paid and to keep informed and invest wisely, so that you're really maximizing the money you are saving," said Seidman.
Teach the grandchildren about good verses bad debt, such as a mortgage and a high interest credit card and the difference between need and want.
