As a parent, it is your job to provide them with the tools they need to succeed. Otherwise, they will find life a daily struggle. But, there has to be a middle ground because you can’t just provide them with everything they need. If you do, there is a good chance they will take it for granted.
So, when it comes to money, how do you find a perfect balance? The first thing to say is that it is never easy, especially if you have a certain amount of wealth. But, it is possible if you do it together.
Here are the tips to make it happen so that they can follow in your footsteps.
Teach Them A Lesson
The only way kids learn about money is from their parents. After all, they are like sponges that soak up everything they see. However, there is a chance that they will take your actions out of context, which is dangerous if you don’t explain your thought processes.
To prevent this happening, you need to sit your kids down and talk to them about money. It may be as simple as explaining living within your means, or you may try to expand the conversation. Whatever path you choose, don’t forget to be thorough with the explanation. Only then will they understand the dynamics of money.
So many children don’t treat money with respect because they rely on mommy and daddy. On the one hand, it is easy to see why parents let this happen. On the other, it will not stand them in good stead in the future. Therefore, they need to learn financial responsibility from an early age.
For obvious reasons, you aren’t going to give them a tax return and ask them to file it by the deadline! But, you can give them pocket money and add stipulations. For example, lots of parents love to include household chores in the deal.
Provide A Foundation
They won’t stay young forever, and there will come a time when they need to stand on their feet. The problem is that going independent can be expensive, and you don’t want to see them struggle. So, this is where wills & estate lawyers come into play.
One of the reasons you have so much wealth is to offload to your children so that their future is safe. Still, there is no need to provide them with too much too young. By planning your estate, it is easy to open up funds for your kids when they hit a particular age. That way, they can use their budget in the early stages of their lives.
Picture By Bill Branson (Photographer) [Public domain or Public domain], via Wikimedia Commons
Make It Fun
Even the most boring subjects need to be fun or else they won’t build any traction. Now, money isn’t monotonous when you have it in your hands, but the subject can be tedious. As a result, you need to ensure that your lessons are not uninteresting and not pleasurable. Try playing a board game if you don’t know where else to start.
Monopoly is a family staple, but it is also a teachable lesson every time you play.