Tip#1: Discuss Money in the Home
A lot of Americans face financial hard times because they were never taught the proper way to manage money. Think about the financial history of your parents. Some parents took the time to discuss the value of money with their kid(s). In other homes it might have been taboo to involve a child in adults business. The parents who discussed the significance of money and how credit works instill a valuable tool into the youth.
Many Americans pick up the habits of their parents. Things like comfort shopping when things aren’t going right, unnecessary spending to impress people who really don’t care, etc. The cycle needs to end; instead of boosting how great your child looks in Jordan’s. Break down how much that shoe cost, also explain how many hours it would take to buy that shoe working minimum wage. Encourage them to work honestly and save, because fast cash doesn’t last. Teach patients and longevity when talking about money with your children.
Here are some facts you may or may not know. ” Studies show that less than 20 percent of baby boomers are saving adequately for retirement and that one quarter of the adults between 35-54 have not begun to save for retirement.” The government is struggling to take care of our parents and grandparents. If we don’t get our finances back on track your Golden Years might not feel so bright. Let’s not pass this burden down from generation to generation because it will be nothing left for the future.
Stats have proven, “1 out 2 marriages in America end in divorce. ‘Studies show finance was the leading cause of marital discord.” Money should not be taken lightly when it comes to love, marriage and family. Yes love is supposed to be unconditional and priceless, but we live in a society were the almighty dollar is praised. Proper planning can elevate a lot of our financial woes. It starts at home, remember mom and dad you are the biggest superhero in your child’s life. They only inspire to be like their hero’s. Lead them towards financial safety and peace.
By: Yolanda English