The key to raising kids with serious money smarts is to start now, suggests Lindsey Ferguson, Financial Advisory Senior Vice President -Investments, for Wells Fargo Advisors.
Parents can get a start much earlier than they think, it is never too early, and that is a good thing. There are strategies available to find a path for raising your kids that leads to successful communications on wealth and financial management.
Lindsey points to an excellent article published by Sarah Tuff Dunn for Wells Fargo Advisors ‘Lifescapes’. “How to Raise Kids With Money Smarts: Talk About It – Modeling good financial habits and talking with your kids about money can help them learn lifelong lessons in money management.”
A main point of the article is that kids can learn fast, and they begin to pick up clues about money early on. Use that to your advantage, by finding everyday experiences that can illustrate the importance of understanding money, savings and investing.
“… incorporate financial responsibility into an impromptu math lesson about money: If you find something that originally cost $100 and it’s on sale for 30% off, you can ask kids how much the new price is… and, what they might do with the $30 that’s left!”
Kids learn by example, be that for your kids from an early age. Simple concepts like spending vs saving, how to give, what money is worth are are invaluable lessons that can learn by example. Kids will easily see the benefits of money and wealth, but don’t let them stop there! Take that added steps to generate interest in financial responsibility.
“By late childhood or adolescence, parents can add concepts such as what it means to invest, what companies one might invest in, and how you assess risk with an investment.”
These lessons will advance with your child’s age, so that when they are at college age they will have the financial chops to evaluate the costs of schooling, create a college budget and a plan for the future. The goal is full financial literacy, and it can be done!
Your Kids are your future, plan it well with the helpful advice of experts. Check out the full article linked below and read the simple steps to raising kids with money smarts.
Contact Lindsey Ferguson here
Financial Advisory – Senior Vice President -Investments, for Wells Fargo Advisors.
Here is a link to the full article by Sarah Tuff Dunn on Wells Fargo Advisors ‘Lifescapes’.
By Brad Walsh