As a parent, one of the most valuable things you can teach your children is how to manage money wisely. But many parents feel unsure about how to start, or they worry about passing on their own financial mistakes. The good news is, raising money-smart kids doesn’t have to be hard – it just takes intention and a willingness to learn and grow together.
Kids learn by watching us more than by listening to what we say. So, the best way to help your children develop smart financial habits is to model them yourself and involve your kids in the process. For example, you might hold a simple monthly “money meeting” at home where you go over your income and expenses – just like a business owner would do. This helps your children understand that managing money is a regular part of life, not something to be afraid of.
You can also include your kids in more important financial conversations. When you complete your Life and Legacy Plan, for instance, invite them to a family meeting to explain your choices and introduce them to your legal team. This way, they begin to understand the importance of planning and know who to turn to when they need guidance in the future.
Teaching kids about money is also a great opportunity to reflect on your own financial habits. Are you on track to meet your goals? Are there areas where you could improve? As you lead by example, you’ll find yourself making more conscious and confident decisions – not just for your future, but for your family’s as well.
If you’re not sure where to begin, we’re here to help. At Cheever Law, APC, 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, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.