Sometimes the best way to learn about money is to teach it to others!
Do you teach your kids financial responsibility? I’ll tell you that this is one of the big ongoing challenges of being a parent. Do you explain the basics of money to your kids; your financial philosophy and your long-term plan? Do you know the basics – were you taught? We can only teach what we know and from our own experiences – if you were not taught about money when you were a kid – chances are you won’t teach your kids any important money lessons either.
By providing the essential money skills to your children – you also clarify the models for yourself. And it shouldn’t be a one-time lecture. Work these conversations into your daily life—at the register when you use a credit card or at home when you’re paying the bills. By you being consistent and reinforcing these ideas with them, it will increase their understanding and confidence about money. I believe that this is the greatest gift that we can give our children.
When I work with clients that have children, I recommend that they tell the kids why they are working with me and share with them what is happening with money in the family. If Mom and Dad have been doing it ‘wrong’ then they should be explaining to the kids why and make them a part of the new plan.
If you need help in getting your own basic money skills under control so that you can be a great role model for your children, I can help you do that as a money coach. Contact me for a free 30 minute strategy session to get you started.