Have You Had “The Talk” with Your Kids?
Like sex, religion, and politics, it used to be that talking about money was taboo (learn about it on the street like any other self-respecting person!) Unfortunately, this might have led to people growing up with little knowledge of budgeting, saving, credit, loans, retirement accounts, and more. It’s important that parents have money talks with their children so that they can become aware of how much things cost, what the family is saving toward, how things are paid for, what are short term and longer-term goals, - even letting them know that money doesn’t just come out of the ATM if you don’t have any money in the bank. When parents share knowledge of financial mistakes they made such as being foolish with their first credit card, it may help their children to avoid similar scenarios. Sharing successful financial moves is also important, such as paying off a loan. Kids might start managing their money and making money decisions at a young age, such as with an allowance – learning to make their own way (and mistakes!) early may help them in the future. Money talks – help shape the conversation.
This information is provided for general educational purposes only and is not intended as specific advice for any individual.
Seek professional advice before taking any action in regard to your finances.