September 21, 2012
Theresia Wansi, Ph.D., who teaches finance at Marymount University in Arlington, believes that those who develop sound financial habits when they are young will become adults who know how to budget, save and use credit judiciously.
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Experts offer advice on raising financially savvy children.
“No matter how young a child is, they can always learn good money practices,” said Theresia Wansi, an associate professor of finance at Marymount University in Arlington, “What matters in life is not how much money you earn, but how you manage your finances. We hear stories all the time about people who make millions and end up broke.” Potomac, Md., resident Glen Buco, president of West Financial Services, says many financial advisers in his McLean office are also parents who are passing along penny-wise know-how to their children. “When their children receive money, the parents help them develop a budget using a “three bucket system,” said Buco. “One bucket is for saving, one is for spending and one for charity.”