Money Advice for Millennials

Here's how parents can help their adult children learn to manage their finances.

My son Peter, who just turned 26, recently sent me the following e-mail:

“Saw this Kiplinger tweet: ‘FYI: Carrying a $1K credit card balance at 18% blows $180/year on interest that you could put to better use elsewhere.’ I was wondering: Wouldn’t carrying $1,000 at 18% be $180 a month? Or is the 18% an annual total, so it’s only 1.5% a month? I’ve never paid interest.”

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Janet Bodnar

Janet Bodnar is editor-at-large of Kiplinger's Personal Finance, a position she assumed after retiring as editor of the magazine after eight years at the helm. She is a nationally recognized expert on the subjects of women and money, children's and family finances, and financial literacy. She is the author of two books, Money Smart Women and Raising Money Smart Kids. As editor-at-large, she writes two popular columns for Kiplinger, "Money Smart Women" and "Living in Retirement." Bodnar is a graduate of St. Bonaventure University and is a member of its Board of Trustees. She received her master's degree from Columbia University, where she was also a Knight-Bagehot Fellow in Business and Economics Journalism.