Prepare the Next Generation

There’s no better time than now to help prepare your children (or grandchildren) for the future and the often tough financial decisions they’ll have to make throughout it. One of the best ways to do that is to involve them in your own finances. You don’t have to share every little detail with them, but what you do share will help prepare them to think about how money works and turn around some of the instant gratification money traps young people (and plenty of adults too) get pinned into. Some great discussion points are; how to balance a check book, working with online banking reports to see where you’re spending your money, what the difference is between an asset and a liability, and especially ideas on how they can start creating a little cash flow of their own. It’s never too early or too late to start teaching them how to be a YOUTHpreneur! Fun little business plans like a lemonade stand or a YOUTHpreneur gumball machine are a great way to get their entrepreneurial toes wet. The biggest help you can be to your children is to break the “just charge it” mentality. So many of our children grow up now in a world of instant gratification where they see us charge items, but then don’t have to see us pay them later. Make sure your children see you pay your charges! Involve them in the process so that they understand a credit card or debit card is just not some magical device that allows you to purchase whatever you want on a whim. Involve your children in as many financial processes and ideas you can and they will be so much more prepared for the future than many of their peers.