Helping Your Children Develop Financial Literacy Skills

Instilling good financial habits in children starts at a young age, but that doesn’t mean that every lesson will stick in adulthood. Once your kids start working and earning significant money for the first time, it’s pretty common to put spending ahead of saving. As parents, we want to help them establish good financial habits but what’s the best approach to do that?

In this video, John will address a question we received from a parent who wants to make sure their kid is doing more than just getting by financially. Join us as we discuss strategies you can use to get those messages across. It all begins with solid communication, but we’ll also share some ways to help motivate your kids to grasp these financial concepts that will help them work toward financial independence.

Financial literacy is a vital component of a strong financial legacy. By communicating effectively, using incentives, and finding the right balance between help and independence, parents can equip their children with the skills they need to manage money wisely.

This is part three of a four-part series where we take a deep dive into how children and grandchildren fit into financial planning, and discuss how to look at some of the bigger questions that come with that, tune in!

 

Here’s what we discuss in this episode:

0:00 – Intro

1:51 – Effectively communicating financial literacy concepts.

7:11 – What if the message isn’t landing?

8:30 – Striking the right balance when teaching kids financial literacy skills.

 

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

Schedule a Meeting: http://meetwithjohn.com

Check us out on YouTube: https://bit.ly/46RaLvL