When your kids become young adults
Introduce them to Daffy: As your children transition into adulthood, it's important to introduce them to tools that can help them manage their finances. Daffy is a great option for a Donor-Advised Fund (DAF). It allows them to continue the habit of giving they've developed throughout their childhood and adolescence, but in a more sophisticated and impactful way.
With Daffy, they can contribute to their fund as frequently or as infrequently as they like, and then recommend grants to their favorite charities at any time. This can help them feel more connected to the causes they care about, and also provides a tax benefit.
Encourage them to continue learning: Even as young adults, there's still a lot to learn about personal finance. Encourage them to continue educating themselves about budgeting, investing, and other financial topics. This could involve reading books, attending workshops, or even seeking advice from a financial advisor.
In conclusion, raising financially responsible young adults is a process that starts from a young age and continues well into their adulthood. By teaching them about saving, budgeting, and giving, and introducing them to tools like Daffy, you can help them develop a strong financial foundation that will serve them well throughout their lives.
Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.