Financial Freedom For Our Children

If we want the best for our kids, we must first lead lives that set a good example. One of the most important areas for this is in the financial realm. If you are leading a financially responsible life, you can expect your children will do the same.

While leading by example is a great foundation, there is more we can do to set our children up for success. Here are a few key points you can use to give your kids the financial boost they need.

1. Encourage them to work and save at a young age. We become like those we spend time with, and who is more influential on children than their parents? Encouraging young people to work and save does several good things. It gets them in the habit of working to save, which implies saving is a priority. It also gives them ownership and the realization that money is obtained through hard work. While they might still be too young for official employment, other jobs like cutting grass or shoveling snow might give them just enough work to save some money.

2. Open a savings and brokerage account for them. While your kids might be too young to open brokerage accounts themselves, you can open accounts for them and act as custodian. You can show them how to deposit money, and even invest in mutual funds or exchange traded funds. By showing them this, you will be giving them a long term education in financial freedom. If you plan this right, it might even provide most of their money for college.

3. Show them how to save and invest, and reward them for this. Many citizens identify a lack of financial instruction in our education system, but few realize the importance of this instruction in the home. If you’ve helped your kids find some work, or even paid them to do work around the house, if you’ve opened a brokerage account for them and showed them how to invest their money, and if you’ve emotionally rewarded them for saving, this will go much further in helping them than financial lectures in a classroom.

Additionally, I can help you with your kids’ financial education, when you join my membership programEach month we’ll look at how to get you and your family to your income goals as soon as possible. Financial coaching has produced some of the greatest results.

I also encourage you to pick up copies of my books The Money MissionTax Saving Strategies, and The Blended Retirement System.

Have a great weekend, stay safe, and I’ll talk to you again very soon!

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