It’s Monday and I have a question.
And, my question is this… what’s your plan for teaching your kids about money?
Now that the kids are heading back to school, this is the perfect time to add a little financial education as well. If they don’ provide financial education classes at their school this task will fall to you. So where do you start?
Well start with the basics – spending, saving and investing. Parents love to say, “Do as I say, not as I do.” And for the most part kids get it twisted around and they find it so much easier to do what you do not what you say. So why not capitalize on this and teach your kids about money and investing by being their role model. And if you don’t know the basics yourself or you are just learning that’s perfect – because all you have to do is stay one step ahead of them. So as you learn something, practice it and then teach it.
Then tackle the other big taboo – the proverbial elephant in the room, actually talk about money. Pick a day each month where the whole family gets together to discuss finances. This time can be used to discuss stocks, creating a budget, saving or any money related topics. You can even use this time to catch up with some of your money management tasks. While you don’t have to spill any family secrets, the idea is that they (and you) get used to talking about money in some context so that it doesn’t feel strange or invasive talking about it later on.
Money is a big part of life and it touches most parts so don’t pretend like it doesn’t.
And that’s the minute for today. Keep your eye on the Minute because some big changes are coming including guests to share their money stories and ideas. If you have suggestions, send them to me at email@example.com.
Thanks for listening and as always remember that minding your money really is the path to a richer life!