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Raising, educating your kids to be financially independent

It is never too late or too early to begin conversations with your children about financial literacy and the importance of managing your money. About 45% of American young adults, aged 18 to 34, label themselves as "financially independent," according to a Pew Research study. Ramsey Solutions Personal Finance and Budgeting Expert Rachel Cruze outlines the steps and benefits of talking to kids about finances, including preparing them for the workforce and developing a responsible mindset toward money. Handling finances and creating wealth "[are] not an overnight success story. It is a marathon when it comes to your wealth building and winning with money, but it's something that you can do and the education sadly is not there," Cruze — also the host of her own podcast The Rachel Cruze Show — explains. "So I do think some parents feel like, 'Oh, my gosh, we've been terrible with money. Who am I to teach my kids when it comes to this?' But, I would say step in even though you haven't been perfect. You can change your ways and... it is your responsibility as a parent." For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Luke Carberry Mogan.