Kids… It’s Time For the Money Talk…
We all know why having the “Birds and the Bees” conversation is awkward for both the parents and the kids, because it’s a very sensitive conversation.
But, why is it that talking about money and our personal finances at home considered just as taboo a conversation?
Going into adulthood, most of us are equipped with two skills.
The first is job and employment skills. School teaches us the importance of getting a job so we can make money and support ourselves.
The second skill is how to spend money. Living in a consumer world, we’re taught from a very young age how to spend money.
Some essential skills we’re never taught are personal finance and money management skills. These are some of the most basic skills that schools should be teaching us from a very early age, but never teach at all. Which is extremely scary to think about.
To make up for this void in education, parents should be teaching and talking to their children about money and personal finances.
Most parents and adults never actually learn proper personal finance skills themselves.
Additionally, many parents and adults have poor spending and money management habits. Worse yet, their kids usually pick up and mimic these bad money and personal finance habits into their adult lives.
What’s the solution?
Start talking about money at home, with the entire family.
Parents need to talk with each other about their personal finance and money situation. Look at what areas their doing well in, and what areas they need improvement.
Next, it’s the parents responsibility to educate themselves about personal finance, proper money management, investing, and retirement. Today, with the internet and unlimited amount of educational resources online, there’s no excuse for not properly educating yourself on these topics.
Then it’s time to have and encourage open family conversations about money and personal finance at home. Parents should be encouraging their children to ask questions about money and money management.
Additionally, parents should be teaching their children good money and savings habits that well benefit their children into their adult lives.