While the topic of money has long been a taboo topic in many homes, it’s more critical than ever that we begin to make a conscious effort to teach our children the basics before someone else does, someone who may not have their best interests at heart. We all know finances impact every part of our lives from health, to relationships, to hobbies, but what we often don’t think about is how many of our transactions are made without really thinking about it.
This is what has to change for the sake of the next generation. Why? Because financial transactions are happening faster and with less emotion and thought than ever before in history. Add to that the fact that most kids are not taught financial life skills in school and there are literally millions more products to buy than a generation ago and you’ve got a critical situation.
There are things we can do to help our kids though and we need to start NOW.
5 Dangerous Mistakes to Avoid:
- Assuming someone else will teach your child what they need to know to manage money effectively.
- Consistently talking about money negatively or not talking about finances at all. Parents are the model kids learn from for all major categories of life.
- Teaching children only to be spenders. There are other key purposes for money that can help them build a meaningful and successful life.
- Overindulging children with “stuff”.
- Never giving them the opportunity to be responsible for managing their own money until they leave home.
If you aren’t sure where to start or would like more tips and resources to help teach your children basic financial life skills visit The Wela Way Store. There you will find everything from fun storybooks and parent’s guides to an audio program and a Steps to Success activity guide for young adults.
Congratulations for reading this blog and taking a step toward helping your children create a brighter future.