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Better late than never: teach your kids good financial lessons

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Better late than never: teach your kids good financial lessons
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Parents spend many years reviewing their children’s report cards. A recent study essentially turned the tables on that, with young adults reviewing their parents’ performances, particularly in regard to financial matters. The findings weren’t good: Gen Z (people between ages 12 and 27) is the least financially confident generation, and a third of them say their parents didn’t set a good example for them.

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There’s a reason for the parents’ poor performance and a reason why young people should feel more confident about their financial futures.

Why many parents set poor examples

Before you blame your parents for not helping you get savvier, financially, put yourselves in their shoes. You might be lamenting that your school never taught you much about money, but your parents likely got even less financial schooling.

According to a 2023 Edward Jones survey, 80% of respondents said they never learned money skills in school. So, like most folks their age, your parents were just doing the best they could.

Many ended up deep in debt or facing other financial troubles, often without realizing how dangerous it is to overuse a credit card and how debt at high-interest rates can balloon over time.

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How parents today can set good examples

Here’s what your parents might have done had they known more about financial matters, and what you might do with your own kids now or whenever you have them:

  • Talk about money frequently – your financial goals, your financial challenges, how you’re overcoming those challenges, your smartest and dumbest financial moves, etc.
  • Show them your household budget and help them learn how much things cost.
  • Have them watch you shop in stores, online, wherever; talk about how you’re choosing to spend your money and point out when you decide to postpone or cancel a planned purchase.
  • Show them how to have fun without spending a lot of money, such as by hiking, playing board games, reading, playing sports with friends, and so on.
  • At the right time, start discussing the power of long-term investing in stocks. Show them how they might become millionaires one day if they save and invest.
  • If you’re an investor (and most of us should be since Social Security will not be enough to provide a comfortable retirement), let them see you investing. Talk about the investments you choose and why you choose them. Perhaps talk about companies of interest together. Eventually, help them start investing, too.

Basically, you want them to grow up fully aware of financial matters and of how to manage money sensibly.

Meet the millionaires next door. These Americans made millions out of nothing.

Why young people have a lot to be confident about

Finally, no matter how much they’ve learned or not learned from their parents, young people don’t necessarily have to despair over their financial futures, because those futures can be quite bright. Why? Simply because young people have a lot of something that’s vital to wealth building, something that most of us have much less of – and that’s time.

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Check out the table below, which shows how money can grow over time. It assumes 8% average-annual growth, though no one knows exactly how quickly the market will grow over any particular period. In the past, it has averaged close to 10% over many decades.

Source: Calculations by author.

Young people should see that once they’re earning money, if they can regularly invest meaningful amounts, they can amass significant sums, which can help them reach all kinds of goals, such as a reliable car, fully-paid home, supporting a family, enjoying a comfortable retirement, and so on.

You – and young people you know – would do well to take some time to learn more about investing. And then teach others.

The Motley Fool has a disclosure policy.

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The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.

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Finance

Crime Stoppers of Michigan could shut down while in dire financial straits

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Crime Stoppers of Michigan could shut down while in dire financial straits

Crime Stoppers of Michigan is in jeopardy. The anonymous crime tipline, responsible for helping solve countless cases, needs a financial fix and fast.

Big picture view:

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FOX 2 got a pretty frantic call from Detroit police brass Thursday morning to explain what was going on with Crime Stoppers, and essentially they told us the nonprofit is in dire financial straits.

Since then, we have learned that if Crime Stoppers of Michigan doesn’t raise upwards of $250,000 by July 1, they’re going to cut almost all of their services, specifically, 90% of their services.

The only thing that would remain is the anonymous tip line you know it: 1-800-SPEAK-UP.

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By the numbers:

They generate 5,000 anonymous tips a year, but a bulk of their work is elsewhere. This cut would mean no additional services for victims of crimes.

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No press conferences. No posters. No community events.

“Sometimes I think people see the press conferences, the posters or the social media, and they forget there’s a mother, there’s a father, there’s a child. They have no clue what’s going on, and they’re seeking help from us, saying, ‘Please help us, please do something,’” said Dan DiBardino, President & CEO of Crime Stoppers.

A huge chunk of those 5,000 tips goes to Detroit police. They could be seriously affected by this if Crime Stoppers folds.

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Finance

Political committee backing Ken Welch misses campaign finance reporting deadline

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Political committee backing Ken Welch misses campaign finance reporting deadline

The political committee backing St. Petersburg Mayor Ken Welch’s reelection campaign missed the latest campaign finance reporting deadline, adding another wrinkle to a fundraising operation that has already faced scrutiny this cycle.

St. Petersburg Progress, the political committee supporting Welch, missed its latest finance report deadline due to a family emergency, PC Chair Adrienne Bogen told Florida Politics.

“Due to a family medical emergency we will be filing a day late,” Bogen said.

The missed deadline comes as Welch works to build support for a second term in a race that includes former Gov. Charlie Crist — the fundraising leader with $1.6 million raised for the race — City Council Member Brandi Gabbard, former St. Petersburg Fire Chief Jim Large, Maria Scruggs, Kevin Batdorf and Paul Congemi.

The late report follows previous campaign finance issues tied to political committees supporting Welch. Florida Politics previously reported that Welch launched St. Petersburg Progress in January after his previous committee, The Pelican Political Action Committee, became mired in allegations that a former treasurer stole more than $200,000.

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That took place after Welch’s first committee, Pelican PAC, had its registration revoked by the state in late 2024 after warnings and fines tied to missed, late or improper filings.

Welch trails Crist’s political operation in fundraising, and tension between the two candidates was palpable during the first St. Petersburg mayoral debate this week. 

In the first quarter, Welch raised just under $220,000 between his campaign account and St. Petersburg Progress — though $85,000 of that came from a transfer connected to a prior committee. Without the transfer, Welch raised about $135,000 in new money during the quarter.

Crist’s affiliated political committee, St. Pete Shines, raised nearly $500,000 in the first quarter and entered April with about $1.1 million on hand. The committee recently announced it had reached $1.6 million.

The election is August 18. If no candidate receives more than 50% of the vote, a likelihood given the number of candidates running, the top two finishers will advance to a November runoff.

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Finance

Bezant secures $7m financing package for Namibian copper project

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Bezant secures m financing package for Namibian copper project
Bezant secures $7m financing package for Namibian copper project Proactive uses images sourced from Shutterstock

Bezant Resources PLC (AIM:BZT) has secured a $7 million financing package and a long-term offtake agreement for its Hope and Gorob copper project in Namibia, providing funding as the mine moves towards first production later this year.

The AIM-listed miner said it had completed definitive agreements with Hartree Metals, a subsidiary of commodities trading group Hartree Partners, covering both project finance and the sale of future copper concentrate output.

Under the deal, Hartree will provide a secured and convertible prepayment facility of up to $7 million in five tranches to support mine construction and commissioning activities. The facility carries a four-year term, including a 12-month repayment grace period, with interest charged at the secured overnight financing rate plus 4.5%.

Hartree has also agreed to purchase 100% of copper concentrate produced from the project for the life of the operation under an offtake agreement on market terms.

Production is expected to begin in the third quarter of 2026, with concentrate shipped through Namibia’s Walvis Bay port as operations ramp up.

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The financing gives Hartree the option to convert some or all of the facility into Bezant shares at 0.16p each, a 28% premium to the company’s closing share price on Tuesday. Warrants could also be received, as well as the right to appoint a director if its holding rises above 10%.

Separately, Bezant agreed to extend repayment of a £700,000 convertible loan facility with existing shareholder Sanderson Capital until September 2027, easing near-term funding pressure as the company develops the Namibian asset.

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