Lie #4: Shhh The Kids Don't Need To Know

Shhh...the kids don't need to know.

A lot of parents have a hard time understanding what to share with their kids and what not to share.  Finances are messy and the truth is that we don’t want our kids to see all of that messiness.  Right?

Here’s the challenge… if we don’t share some of our money truths and lessons we have learned, what foundation are we giving to our children? It is ok to share your money mistakes so that our kids don’t repeat those same mistakes.

Parents remember this.  Perfection is not the goal. Although it would be nice to share perfect financial behaviors with our kids, the reality is that NO ONE has perfect financial behaviors. If we did, we wouldn’t have debt, money fights, or  regrets. A  good  rule of  thumb

with our kids is to teach them age-appropriate lessons they can handle.  Keep the lines of communication open to discuss good and sometimes not-so-good things.  In order for our kids to have a healthy financial outlook, they need both sides.

In an effort to shield children from financial woes some parents will give their kids everything they never had. This is well-intentioned but unnecessary. If  you begin this pattern from the day your kids  are  born,

you will inevitably want to continue it through college.  I don’t have to tell you how incredibly costly that is.  Here’s my advice speaking as a parent and financial coach of 16 years. Give your kids what they need, some of the things they want and teach them  to  earn  the

rest. Earning money changes the game.  Even a 5-year-old can understand that if they clean up their room a reward will come.  It may not be money, but the concept of work and reward is taught.

Don’t trust the schools to teach your kids everything they need to know about money management.  The best place for them to learn is under your roof.  Give them tools, experiences, and lessons early.  Waiting until they are leaving your home  is  too  late.   If  you   don’t

have the answers seek out books or experts to help guide you.  This can turn into an impactful journey for both you and your children.

The bottom line is that your kids need to know lots of things and you need to teach them. I challenge you to find something around your finances that you are strong at and teach them how to be strong too.  That is an easy and empowering place to begin.

Need some help? Schedule a complimentary session with me here.