Some parents fear their kids will waste money, sink into debt, and never move out.
The financial planner tells parents to foster independence in their kids even if it's uncomfortable.
AdvertisementMark Berg, who founded Timothy Financial Counsel in 2000, says there are steps parents can take to avoid that fate.
AdvertisementLimiting spending money also teaches kids about opportunity cost, reinforcing the idea that money is scarce and there are constraints on what they can afford.
The veteran financial planner suggested parents be up front with their kids about how much they can contribute to their college funds.
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