Do you have one? Is it in writing? How often do you express it? In how many mediums and forms do you reinforce it? Are your children able to recite and execute it?
Here are a few reasons why a clear, concise, and written money philosophy may matter to you and your kids. One, managing money is central to a successful life, whether it is the “gimmes,” student debt, buying a home, running a small business, funding retirement, earning it, saving it, investing it, giving it or spending it smart. Two, there is a good possibility kids are going to live long lives. Today’s average life expectancy in the United States is about 80 years old. Without money, kids probably won’t lead happy lives, just long lives. Three, young kids’ minds fill up fast with information, whether it is right or wrong information. There is a good chance when it comes to money, some of the information filling up their heads and hearts is wrong. According to a 2014 Gallup survey two out of three adults worldwide are financially illiterate. Four, it is may be easier and more effective to shape a young child’s thinking and habits rather than reshape them when they are older.
One surefire way to guarantee your children less happiness is to ignore communicating intentionally with them about money and have them discover its importance through debt, divorce, or death. If you want your kids to have a good shot at being happy, you definitely want to talk to and teach them how to manage their money. These three tips will help you get more intentional about the financial information being poured and programmed into your kids’ money mindsets… READ MORE
This was a guest article written by Sam X Renick for Money Masters TV