“Kids who have the freedom to manage their own money seem to have better money behaviors and are more truthful with their parents about how their money was spent.”
Being a parent is tough in many senses. Things that our kids learn early are often the things that influence them the most.
- When to be tough, when to be soft.
- When to help and when to let them learn from their mistakes
- When to give advice or when to keep quiet
- When to give them money and when not to
- When to discipline and when not to
- When to use a loud voice and when a soft one
So many issues to deal with and the responses might be different as they get older.
So how do we help them understand money? T Rowe Price studied this subject and some interesting results were uncovered.
The full study info can be found HERE
One of my friends said this to me this week. “I wish I could start life all over again – but with the knowledge that I have now”
We can in a way do this by helping our kids get the advice we wish we had when we were their age. We all have things that we might do differently if we started all over again. Lets pass this wisdom on to our kids.
One of the best ways for us to teach our kids about money is for us to have good plans in place as an example.
Whether it be for College Planning or Retirement Financial Planning, let’s PLAN
Dave Coen is CEO of College Planning America and a Registered Representative at Sageview Advisory
Tel: 714-813-1703 davec@collegeplanningamerica.com
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