Our son just turned 18 and got pre-approved for his first home. 3 Tips! #personalfinance

Our son Caden just graduated high school and turned 18 in July and just got pre-approved for his first home. This is the actual thread we had with our mortgage guy. Here's the top 3 things we did with our kids. Number one, as soon as they turned 13, we immediately added them to our credit cards as authorized user. That gives them a 5-year advantage before they turn 18 to already have trade lines on their credit. Okay, as a parent adding your kids as a use of your credit cards, make sure you are a good steward of your money because what you do with your credit, you ruin your credit, their credits will be ruined. If you are a good steward, they're going to be good stewards. That 5-year stretch from 13 to 18 is going to be the greatest opportunity for you as a parent to indoctrinate them about great money habits. Number 2, have them open with you a checking account with training wheels. It's called a minor checking account.