I'm a CERTIFIED FINANCIAL PLANNER(TM) with four boys. My oldest is 6, and I always dreamed he would have financial skills like Warren Buffet Because this is what I do all day long, he would just get it. But that hasn't been the case. Can anyone relate to this conversation we had in Target?
Son: Oooh, Dad, look at that Iron Man.
Me: Let's go bud, we've got one just like it at home.
Son: No, Dad, this one has a blue helmet... blue is my favorite color!!! (Gasp. Startling coincidence.) Can I get it?
Me: (oh great... I don't know. You have a jar at home... I have no idea how much money you have... better diffuse this situation for now) "Well, you have some money at home, but I'm not sure you have enough to ---
Son, knowing where this is going: DAD -- WHY CAN'T I GET IT??? I NEVER CAN GET ANYTHING!
Me: Let's talk about it later when we get home.
The problem is, we never got to talk later. He was over it and had moved on, and I had missed the teachable moment.
SMALL CHANGE BELIEVES IN THE POWER OF SIMPLE CONVERSATIONS ABOUT MONEY.
HERE ARE 3 WAYS YOU CAN GET STARTED WITH YOUR KIDS:
- Be ready for the teachable moments - when your child expresses an interest to talk about money, that's the time to do it. Be mindful when the opportunity presents itself and be prepared.
- Be consistent with your message - consistency is the best teacher with younger kids. It's better to tackle fewer things and be more consistent than to sporadically talk about a variety of topics
- Carve out one night a week at dinner to engage - ask fun and open ended questions. Discover what they think and where they need more information.
WHAT CONVERSATIONS ABOUT MONEY ARE YOU HAVING WITH YOUR KIDS?
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