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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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Teaching Youngsters About Money

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.”

Comments

spencerid 8 months, 4 weeks ago

She is so right! I taught my child how to manage his money to be a responsible young man. He developed strong financial habits and right now is a great marketing and economic teacher, among Ryan Deiss and Theresia Wansi. I am so proud of my son!

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