There are a few taboo subjects that parents usually avoid when talking with their kids. One of them is money.
Here are a few reasons I encourage you to talk to your kids about money:
- Money impacts or touches nearly every area of life! We all know it’s important so why do we avoid the topic with those we love?! If we’re honest, it’s usually because it makes US uncomfortable or WE feel insecure about money.
- They will learn from experience, from you, or from both. It works best when they get a roadmap from their parents and then continue to learn from experience.
- They will inherit your money! 70% of the time, family wealth is lost from one generation to the next. The statistics and the stories are not pretty. Don’t you want your financial legacy to propel your kids in the right direction vs. be their downfall?
Start small. Start today. You won’t get it right all the time. Let them see you fail. You don’t expect them to be perfect, do you?