Finally, what shouldn’t you do when it comes to teaching your kids about money? The best tip I’ve ever heard is to have patience – you know how kids can be, don’t force them to take your advice. As we all know, sometimes learning from our mistakes can be the best form of learning. With that said, don’t be a lifeline for them to always fall back on. They’ll never learn from their mistakes if you constantly help them in recovering. Instead, help them strategize how to get out of their mistakes and what to do in the future. It’s important for your children to make their own decisions, especially when it comes to their finances. Your job isn’t to set goals for them, it’s to give them the knowledge, education and preparation necessary for them to be able to make their own calculated goals and assessments – something I’ll always value that my folks gave me.
Author: Dave Boike, Retirement Resources
