I am a type 3 parent - working hard, letting children grow up happily (can I do otherwise with 2 teenagers? 🙂)
Reflecting on my journey as a parent and looking to instill financial prudence in my 2 teenagers, here are areas that I think I should start, stop, and continue doing.
Start
- Involving Them in Financial Discussions: Begin including teenagers in conversations about household finances, budgeting, and investment decisions. This will help them understand the importance of financial planning.
- Educational Resources: Introduce them to age-appropriate books, online courses, or even podcasts about personal finance and investing. Resources like "Rich Dad Poor Dad for Teens" by Robert T. Kiyosaki can be a good start.
- Workshops and Seminars: Look for local workshops or online webinars that focus on financial literacy for teenagers. These can provide structured learning opportunities.
- Investment Clubs: Encourage them to join or form an investment club at school. This can be a great way for them to learn from peers and stay engaged.
- Practical Experience: Set up a custodial investment account where they can make small investment decisions under my guidance. This hands-on experience can be invaluable.
Stop
- Avoiding Money Talks: I tend to keep financial matters private. I need to try to be more open. Shielding them from financial discussions can prevent them from learning important lessons.
- Overemphasizing Success: While it's important to share my successes (not many though), I should also discuss my mistakes and what I learned from them. This will teach them that failure is a part of the learning process.
Continue
- Leading by Example: Continue demonstrating prudent financial behavior. Actions speak louder than words, and they are likely to emulate my habits.
- Encouraging Education: Keep supporting their educational goals and explaining how financial decisions can help achieve these goals. This reinforces the connection between financial prudence and personal aspirations.
Thoughts?
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- MatthewWalter·08-21Great tipsLikeReport