How to Help Your 21 Year Old to Become Financially Free

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By MIghtyDreamer
eHow Community Member

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To help your twenty-one year old to be financially free, try doing one or all of the tips in this article.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

a twenty-one year old that you are responsible for

Step 1

Don't buy them a car. If you are not going to be taking care of all of the monthly payments to maintain them having a car, don't buy your 21 year old a car. The rates for someone that age is extremely high. So is the accident and death rate of drivers of this age group. The money they spend on a car could be better put together for savings for housing and could be better put to use for helping to build a business while they work and or look for work.
Step 2

Instill in your twenty-one year old to look for monthly residual income business ideas, preferably ones that are automated to go along with their planning for a career and or while they are in school or working. Help them research companies that are similar to things they already admire or do if they ask or you can. Remind them that they are entering the stage of being responsible adults perhaps for another being, such as having their own family in the next few years and how important they learn how to take care of themselves by becoming more and more independent financially.
Step 3

Stop giving your twenty-one year old a weekly allowance. Instead encourage them to find ways to make income whether they are working, in school or not. Encourage them to increase they innate creative skills as well.

Comments

hoolihan0519 said

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on 11/26/2008 AMEN! Keep the articles coming.

CYFF said

on 10/16/2008 I agree with your tips. First, a business with residual income is definitely the way to go. I am in a business with that type of compensation, and it is a great choice with todays economy.

Second, Never co-sign on a car for a child. Did I say Never, I meant NEVER. It is a disaster waiting to happen!

motherNN said

on 10/5/2008 The no-car advice is a year late for me none-the-less, very true! We ended up donating our 21 year old's car to Rawhide charity, a tax deduction & some joy for helping others.