Part of being an enlightened parent is being thoughtful about how you teach kids about adult life. Of course you want to prepare them to make good choices as an adult, especially when it comes to finances. And, you may either feel not equipped, or you may be concerned about passing on your own bad habits.
So, how do you teach kids about smart financial decision-making? What lessons should you teach? Is leading by example enough? Raising a child to be money savvy doesn’t have to be hard, especially if you have valuable lessons to pass down. But it will take a little reflection on your own financial know-how and a commitment to make passing on these aspects of adult life conscious, rather than doing it unconsciously, as happens in most families.
Kids look to us to learn about life and they pick up far more from us about what we do then from what we say. Accordingly, we can best teach children to be money savvy by modeling the habits we want them to take on for themselves and by involving them in the process. A good place to start is by being transparent about your financial habits when the opportunities arise.
For example, you could have a monthly financial meeting and include your kids. Each month review your household income and expenses like a business owner would when reviewing their profit and loss each month.
And, when you do your estate planning, involve your kids in the process by having a family meeting once the planning is done to explain the planning and introduce your child to me, as your personal legal advisor who they can turn to in the future, when needed.
Modeling sound financial decision-making for your child is an excellent opportunity to take a deeper look at your own financial habits. This is a good time to take an honest look at your finances to make sure you are on track to meet your goals.
Assess your financial health and consider taking steps now to secure your financial future. Practice what you preach and know that your children are watching, so make sure you are modeling habits you’d be proud for them to develop as they enter adulthood.
This article is a service of the Law Office of Keoni Souza, LLC, an estate planning law firm in Honolulu, Hawaii. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by contacting our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.
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