Tough love or smart parenting? "Black-ish" star Anthony Anderson said he's already cut two of his children off from his bank account, letting them know that while his love for them may be endless, his dollars have a limit.
"My 24-year-old daughter is in grad school at the University of Houston. Those purse strings were just recently cut when she decided grad school was not for her anymore," Anderson told LX News. "Well, neither is my checkbook."
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Anderson is a strong believer that financial planning begins at home and began teaching his children about saving at a young age. He shared how his son, an actor, aborted college to instead co-star on a Netflix show for a year, earning $250,000.
"We had those discussions about financial literacy and about planning for the future. I was funding everything as long as he was in school. Once he made the adult decision to drop out of college he became an adult at 19. And he's been successful and living on his own and taking care of his bills."
Anderson said he hopes the life skills he's taught his children will help them stand on their own and prove more beneficial than an open checkbook. And in a new partnership with Northwestern Mutual, he's now sharing his financial advice with others.
"Plan for the future. Because you never know what the future is going to hold. Being in the business that I'm in, we strike while the iron is hot," Anderson said. "Everything can be great today but tomorrow is a completely different story. It can start with as little as a dollar. You don't have to be a multi-millionaire to plan for your financial future."
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