April is Financial Literacy Month, which makes it one of my favorite months of the year. I am a huge proponent of financial literacy, and I am thrilled that we honor the importance of understanding how money works every year. Of course, we need to honor it every day but having a celebratory month helps us bring financial literacy into the mainstream consciousness, which is what matters to me.
Most of you already know that my passion for financial literacy began as a child when my father started teaching me about money. His simple lessons changed my life and even today I can still hear him telling me to make a value-based decision whenever I find myself struggling.
Beyond his unconditional love, financial literacy was one of the most important gifts he gave me. And sadly one that I have come to realize through my 23 years as a Certified Financial Planner is an incredibly rare gift. And not because my father loved me more than your’s did or you love your children, but simply because he broke the unwritten rule followed in most homes — to keep money a taboo topic.
Many times money is not openly discussed because parents believe they are protecting their kids. The unfortunate reality is that it more often does the opposite. Your money secrecy means your children have to figure it out on their own, which often leads to poor decisions because they have never been taught how to think about money or make confident decisions.
We would never just toss a child into a pool who doesn’t know how to swim and walk away, but that is what happens to most kids when they leave home. Don’t do this to your child.
I believe we are all put on this Earth for a reason and mine is to pay forward the lessons my father taught me. It is my deepest desire to help others get Financially Real and find their money happiness. To be able to spend money joyfully, rather than hoard money out of fear or spend mindlessly to satisfy their emotions. Most importantly, to help parents break the money taboo cycle, so children can build a healthy relationship with money and grow up financially confident.
To celebrate this special month, I’m putting together a short series of videos from a recent speaking event to act as a guide as you start having these important conversations with your kids and to feel more financially confident yourself.
This first video is brief introduction as to why money conversations matter.
I’ve had the great pleasure of being a guest on podcasts but never intended to start my own since I lacked the equipment and knowledge to do it by myself. However, the father of one of my youngest daughter’s friends does and he convinced me (rather easily) that I needed to start my own. After all, talking about money is one of my favorite things to do. 🙂
We just completed our first taping and I can’t wait to share the podcasts with you. Stay tuned for their release in the next couple of weeks.
As a parent, I absolutely understand the urge to give your children everything they desire. I want to do the same too. But I also know giving your child everything is less of a gift than you may have realized. Teaching them how to achieve success on their own and having a healthy relationship with money are far greater gifts. I hope you’ll join me in making money conversations with your kids a top priority, this month and ever month after.
Shannon
SHANNON RYAN, CFP®
Even with these few discussions about money, she is in a much better position to deal with finances than I was at her age. I'm excited to see what she is able to accomplish over the next few years as a young adult. :)