Family Talks and Bad Habits
Money is a stressor…trying to get it, grow it, save it, decide how to spend it, bequeath it and yes, even inheriting money… all can cause lots stress within families.
Consider also that talking about money with their kids, for certain generations, was taboo.
That’s why I was happy to see our friends at Squared Away tackling the subject of money habits in their article: Parents Pass (Bad) Money Habits to Kids. (October 27, 2016)
There are many terms related to issues of parents and kids, when it comes to their financial education (or lack of it). Terms like: financial enabling; financial enmeshment; financial dependency vs becoming financially independent; financial socialization are just a few.
But, the reality is that: parents should start age-appropriate financial conversations with their children; instill good financial practices early on; and educate by example- thereby creating good ‘money habits’ that can last a lifetime.
I have written several articles about parents, young adults and finances: Our Future Millionaires; Catching Your Student on the Fly and Inheritance and Your Financial Legacy – (available on my website www.attorneybarbaradalvano.weebly.com)
Giving a gift or inheritance to your offspring is not enough, unless you have instilled the ability to manage money wisely.
An example from the Squared Away blog: “… college students who remember that their parents had healthy credit card practices, such as living within their means, are more successful at keeping their college debt under control.”
Your estate planning attorney can help you decide when and how much financial information you might want to share with your beneficiaries.
Meanwhile, continue to share good ‘money practices’ with your children.
“You must gain control over your money or the lack of it will forever control you.” –Dave Ramsey
Working to Preserve Your Wealth and Protect Your Future…in a Constantly Changing World
Please read my full Disclaimer and How I Can Help You
Visit my website: www.attorneybarbaradalvano.weebly.com for more articles and interesting infographics