Friday, October 25, 2013

Money Savvy Kids™

Pathways Advisory Group, Inc.
Dustin J. Smith, CFP®

It turns out, thanks in part to incomplete descriptions from some of you, that I underestimated fatherhood.  It’s much harder than it looks.  And it’s a fairly long term commitment (yikes – it’s only been four and ½ years) with many difficult decisions.  Memo to veteran parents - please hold back the laughter and play along.  One difficult decision facing all parents is teaching kids about money.  

Whether we like it or not, our kids learn financial habits from us - so teaching them isn’t necessarily a choice.  Money doesn’t grow on trees - check.  Money is earned not given – check.  But do they really need to break open the piggy bank (at the age of three) to pay for that busted switch controlling the windshield wiper blades (yes – this is a specific example – you owe us three hundred and forty seven dollars for that one buddy!!!)? Probably not.  I’m not sure what the right balance (between teaching them about money and allowing them to be kids) is, but I do know one question I never want to hear: “Dad, can I move back in with you guys while I figure things out?” Who’s laughing now veteran parents?

What’s the point of all of this?  I want to share a website with you all:  Michelle Carter, CFP®, suggested the site to me years ago.  You may find something of interest for the kid/teen in your life.  The site covers the topic (kids and money) from many angles (parenting, education, etc.) and offers some creative products for kids of all ages.  Including a clever little piggybank for young children that introduces an element of choice to each deposit (spend, save, donate or invest).

Check it out!  A little money savvy can go a long way…

Money Savvy Kids is a registered trademark of Money Savvy Generation.

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