As a financial planner, I spend most of my day strategizing with clients, helping them plan for retirement.
This consists of analyzing cash flow needs, identifying goals and objectives, reviewing current investment allocations, and a lot of other stuff that sounds really, really important.
At the end of the day my prime function is to make sure that my clients are completely comfortable and confident in the plan that we have laid out before us.
One would think that helping my kids manage money would come natural to me.
Here’s an honest and gut retching confession: I am absolutely clueless.
They Grow So Fast….
My oldest son is just starting kindergarten and I’m struggling with how to teach him the basics of managing money. I think my biggest struggle is that my parents never taught me any of those basics growing up. I had to learn them on my own, which unfortunately didn’t happen until after I was $10,000 in credit card debt in my early 20s.
The only good things that I’ve been able to do with my kids are the following:
- I’ve learned to say “No”. If we’re in the store and my kids want <fill in the blank>, I’ve been able to resist the temptation of giving in to the innocent and sweet, “But daddy, just this one time.” I love my kids and I want to buy them the moon but I know that buying whether it be a little toy or that candy bar while checking out at the grocery store is giving them the idea that they can have anything they want when they want.
- Tithing: Our church has an awesome kid’s program and they pass around an offering basket during their worship time. One morning on the way to church, my son, God bless him, wanted to take a quarter into service so that he could put it in the offering basket. I wish I could take credit for teaching him that lesson but the reality was it was our church.
Other than that, I’ve got nothing.
I want to make sure that my kids value a hard-earned dollar but I’m struggling on how to do it.
So here I am coming before you, my readers, and asking you,
“How are you teaching your young kids the basics of managing money?”
Please share your tips to help this dad do the right thing.