Debt: Why it is important to understand how it happens and how to help your children build habits that will help them minimize consumer debt.
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This is the first installment of of creating a Financial Foundation. A strong financial foundation can lead to greater financial success. This installment talks about understanding your cost of living to establish a cash reserve that is in alignment with your needs.
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Today I kick off our new topic! Creating a Financial Foundation.
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Most people don’t plan to go into debt. We tell ourselves that we’ll pay our credit card bill in full every month and do so. Until one month, the bill comes and we can’t afford it. We resolve to pay it off next month, but life happens and we creep a little bit further into debt. The descent into debt isn’t always one big mindless or frivolous expense. It is
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My friend, Laurie, recently shared how she was giving money all the power in their relationship and the steps she was taking to regain control. This happens frequently. Whether we like it or not, money does wield a lot of power in our world. It’s why it’s always been so important to me to teach Lauren and Taylor how to use that power wisely, so they are in control, rather
View Blog...I found this infographic about the money secrets parents keep from their kids. You’ll see that 77% of parents don’t tell their kids the truth about money matters. Ouch. Money has long been taboo in our homes, which is bad enough, but please don’t magnify the problem by outright lying.
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We have lots of conflicting emotions about money. We think it is good, bad, evil and everything in between. We feel guilty for having too much or angry for having so little. We let money define our worth, so we start living beyond our means to remain competitive with our neighbors, friends, family and co-workers. Until one day we wake up and realize we are in trouble. Even worse, the
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Talking to my daughters about money comes very naturally to me, but I recognize that some parents struggle to do so in a manner that doesn’t come across as a lecture. I find the best way to integrate money talks is to look for everyday teachable moments. This way you avoid the “after school special” vibe and instead have a normal conversation with your kids.
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Most money lessons are fun and easy, but a few conversations are more difficult, such as talking about debt. We may hope our children never find themselves in debt, but most will experience it in some manner, whether it’s a mortgage, student loan or via credit cards. So let’s help them understand how to approach debt, because after all, not all debt is created equal.
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A common thread I noticed in the comments from last week’s post, How To Talk to Your Kids About Family Debt was the desire to ensure any conversations about family debt didn’t scare your kids, which is completely understandable. The conversation shouldn’t scare your children, but reassure them that you’re in control and confident in your plan. But what I suspect you truly fear is actually having one of these
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SHANNON RYAN, CFP®