Should parents involve children in finances? Are there different rules for younger children versus older children? We’ll explain what considerations when it comes to sharing with your kids.
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On today’s episode, we’ll share tips for talking to your kids about money. How much information should you share?
“I feel like money has become this taboo topic. Where did you learn about it? Where should your children learn about it, because they don’t talk about it in school,” said Scott. “I want to push everyone to be a little more open about having a conversation with their children about money.”
In the younger years, before graduating from high school and college, you probably need to approach this topic differently. But when your kids are graduating and entering the working world, you should think about having those discussions with them, even if you don’t want to get into the specifics of how much you make or how much you have.
Talk with your kids about thoughts, concepts and strategies around money. People often have regrets when they get older and wish they did more investing and saving when they were younger.
People often regret debt, homes that are too expensive or buying what they thought were hot stocks. You can share your mistakes to help your kids avoid them. Let them learn from your stories.
At some point, you do want to make your children aware of your financial picture, including your net worth and assets. Families who want to create wealth for future generations often share that information.
Listen to the entire episode or click on the timestamps below to skip ahead to a particular question.
[3:29] – Should kids be involved with money?
[4:25] – Older kids
[7:45] – Make children aware of your financial picture
[11:50] – Transparency
[13:01] – Scott’s parents
[14:15] – Clients’ kids
[15:24] – Opening lines of communication
Thanks for checking out this episode. We’ll talk to you again soon.
“If we could create the perfect portfolio, what would we want? Well, we’d want growth, safety and liquidity.”