3 money lessons I'm teaching my kids to overcome the racial wealth gap - Business Insider

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3 money lessons I'm teaching my kids to overcome the racial wealth gap - Business Insider
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A 2016 study found that the average net worth of a white family is 10 times that of a black family

debt, compared to 69% of white bachelor's degree students. Helping my children graduate debt-free will allow them to build wealth early on and pass that down to their own children one day. . I saw my mom balance her checkbook after each grocery trip or after any check that she wrote. And now I do the same thing. I use a physical paper register and record all of my purchases.

For example, my kids often get to choose between having a birthday party with friends or a small weekend getaway with the family. We will sit our kids down and let them know that we will spend X amount for their birthday, and they get to be involved in the decision. Our aim is to show our kids that making decisions about money should be logical and planned out. We also want them to see firsthand the outcomes of their financial decisions.Lastly, I saw my parents save and invest.

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