Banking on an inheritance? Think again, retirement expert says
The Ramsey Group's Chris Hogan on the steps to boosting your retirement savings, a recent survey on Millennials' lack of funds for a down payment on a home and the risks of expecting an inheritance from your parents.
For those who think they will be able to live off their inheritance, think again. Banking on your parents leaving you money is a dangerous thing, according to a retirement expert.
“When it comes to an inheritance, let’s acknowledge, this is something parents are intentionally doing. They are leaving it to their kids, but I think they need to talk with their kids and their adult children about how money works and prepare them to handle this money so they don’t squander it,” said The Ramsey Group's Chris Hogan to FOX Business.
Parents play a pivotal role in teaching children how money works, in his opinion.
“Money is something you’re going to have to deal with all your life and so the sooner parents can teach their kids to spend, save, and give, the better off they are going to be later in life.”
He puts the onus on kids to take control of their finances early.
“What we’ve got to do in America is get intentional about our dreams and get serious about our plan. We’ve got to put aside money and not wait on anybody to save the day, we’ve got to get our own cape and provide for our future,” he said.