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Money guru shares 5 ways to set your kids up for financial success and some tough love will be necessary

The article from Business Insider discusses financial advice from Mark Berg, a financial planner, on how parents can support their children financially without jeopardizing their own financial stability. Berg emphasizes the importance of parents securing their retirement first, as children have more time to recover financially. He advises against over-spending on events like weddings, suggesting that parents should set a budget and communicate it clearly to avoid future financial strain. For college funding, Berg recommends exploring all financial aid options before dipping into personal savings, and he highlights the benefits of 529 plans for tax advantages. He also touches on the topic of buying a home for children, cautioning against it unless it's financially feasible without compromising retirement funds. Berg advocates for open conversations about money with children to set realistic expectations and foster financial independence.

Read the Full Business Insider Article at [ https://www.businessinsider.com/personal-finance-parents-kids-money-college-weddings-home-mark-berg-2024-11 ]