Are your children financially educated?
Don’t you just love looking out your window to such a beautiful, sunny day?! Love summer and can’t wait for more! Hope you are enjoying this summer so far as much as I do and all the great things that come along with it … the warmer weather, BBQing outside, the summer breeze, etc.!
Since kids are out of school these days, I want to spend some time on an issue revolving a lot of parents I know who’ve come to ask me what my opinion is on their children’s financial crisis … I’m not talking about just the little ones, in fact, the concern these investor parents have is about their adult children who either have just gotten out of their post-secondary education or have been trying to find a stable job for quite some time and those who want to start to finally become first time homeowners but aren’t quite ready to … these are the children I’m referring to. There have been many parents who are footing the bills to their older children’s expenditures, whether it be for their luxury expenses, like cars and food, and more importantly, their new homes!
Although my own children are not at that stage in life yet to start owning their own vehicle or getting a mortgage, I still have to prepare a plan to help them achieve these things in life when they get older. So, I find it very fascinating and exciting to see what these parents are going through to prep myself for those days to come. However, the difference I see (and many may not agree with me) is that these adult children first need to experience life’s failures themselves before they can truly achieve any real achievements in life regardless whatever it is. As parents, we love our children so much that we can’t bear to see them fail at anything (my wife being the perfect example). I totally understand her sense of security for our children as many parents have the same, but in order for them to truly learn what it means to succeed, they must learn it through failing – once, twice, or even three times or more … the more they fail, the better at it they will become. That is why, we’ve already started teaching our young ones the game of “Cashflow” by Rich Dad … it’s a very fun, interactive way to learn about one’s finance and financial education. I’m not trying to sell you the game or anything – you can play for free online! – but what I’m trying to get at is simply, allow your children to fail and they will realize life is not easy and won’t take things you give them for granted!
If you keep footing their bills, they will never truly know the real meaning of life and experience the true happiness when they finally succeed! What I will offer my kids is my knowledge, my experiences, and of course, my shoulder for them to cry on … but when it comes to financial education, my wife and I will let them experience the real meaning of life – not something they can take for granted nor easily achieved by asking for money.
Hope I’ve added a few insights to some parenting tips on financial education! LOL. Enjoy another month of summer before back to school! Until next month …