Money Lessons From Our Parents
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In the meantime, as a mother and daughter, I wanted to share "Money Lessons From Our Parents" I once heard on NPR how our parents play a huge role in our money potential and attitude. "Kids who said they spoke with their parents about financial matters actually performed more responsible financial behaviors." according to Joyce Serido.
Now you may be thinking "Oh no - here we go - blaming our parents again." While it wasn't much of a surprise, I want to focus on the positive, what we can learn from this, and do differently.
* If you have children, have conversations about costs of living, grocery shopping, and basic saving and investing. I opened a mutual fund with my 14-year old and 16-year-old daughter. I'm still trying to explain why the market goes up and down but we are starting somewhere. I told them I would match their contributions (up to a certain amount of course) but as a way to incentive them to save more.
* If you don't have children (even if you do), examine your parent's conversations about money. Did they talk about money at all? Did they tell you "you aren’t good with money"? Did they teach you about budgeting or investing? Most of us answer "No". Just realizing our past can be a huge part in moving forward and making money changes.
* What is your money story? A client recently shared her mother didn't work, always asked her father for spending money, and therefore had no control in their family. Perhaps this is an extreme situation - but talking about money on a positive basis with your family and friends is an integral part of feeling in control of your money situation.
* It’s not too early to teach children about money - even in school. Who knows what school looks like for most of us today. But let’s start talking about money with them as early as possible! Give your children concrete examples (grocery bills, mortgage, 401k)
How did your parents talk to you about money?
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