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A12 BUSINESS
Wednesday 22 november 2023

Millennial Money: How to set good

money examples for kids

By SARA RATHNER of Nerd-
Wallet
Kids notice everything,
whether you think they’re
paying attention or not.
They repeat the curse
words you blurt out when
you step on a toy, and spill
your embarrassing family
secrets to their friends.
From a surprisingly early
age, the kids in your life also
notice money: who has it,
who doesn’t, and how your
household handles it com-
pared to other people.
They overhear arguments In this June 15, 2018, file photo, twenty dollar bills are counted
in North Andover, Mass.
and pick up on stress. With Associated Press
every financial decision,
you set an example. “You ior for all the kids in your and donate money when
are a mirror and your kid life is important, whether you haven’t set your own
is a sponge,” says Jordan you’re a parent, relative or goals and priorities. Maybe
Wexler, co-founder and close family friend. It starts you want to set an annual
CEO of EarlyBird, a regis- with figuring out your own budget for charitable giv-
tered investment advisory approach to money, and ing, or you save slowly for
company where parents then providing age-appro- upcoming expenses to
can open custodial and priate lessons. avoid credit card debt. All
college savings accounts ESTABLISH YOUR HOUSE- of these decisions tie back
for their kids. HOLD VALUES to what you (and your
So, no pressure, but model- It’s hard to teach another spouse or partner if you
ing positive money behav- person how to spend, save have one) truly value.q

IRS delays reporting rules for users of Venmo,

Cash App and other payment apps

By FATIMA HUSSEIN
Associated Press
WASHINGTON (AP) — Us-
ers of Venmo, Cash App
and other payment apps
will get a tax reprieve this
year. The IRS announced
Tuesday it will delay imple-
menting new reporting re-
quirements that were to
take effect for the upcom-
ing tax filing season.
Originally, app users who
made $600 or more selling
goods and services would
have been required to re-
A sign outside the Internal Revenue Service building is seen, port those transactions to
May 4, 2021, in Washington. the IRS, a new threshold
Associated Press
required by the American
Rescue Plan passed in
March 2021.
Instead, payment apps
and online marketplaces
will send out separate tax
forms called 1099-K docu-
ments for taxpayers who
receive over $20,000 and
make over 200 transactions
selling goods or services.q