Let's Raise Money-Smart Kids
My first lesson in business was when I was nine years old. My mother had me raise chickens. I had to keep a record of my egg sales, expenses, and the number of chickens that were lost to those thieving racoons. You may not want to follow my mother's example, but a survey of high school students revealed that 88% learned about finances from their parents.
Sadly, most schools today do not teach personal finance in their curriculum. Yet, we want our children to have strong values, to be financially astute, earn a good living doing work they enjoy, and to be generous and compassionate.
What are the money messages that have influenced you? Are you repeating them to your children? "A penny saved is a penny earned." "There's no free lunch." "Time is money." "He who has the gold makes the rules." Your children will one day remember these, and other anecdotes.
Start talking to your kids about money as early as possible. Questions they ask about money might include:
These questions can be a perfect opportunity to teach money lessons with your answers. And in doing so, your kids can become smarter about how they handle their own future financial decisions.
Help your children allocate their money for short-term gratification and longer term goals. Keep spending money close at hand, but also help them invest for the long term. Deferred gratification habits need to be encouraged and taught. They'll learn to think about the future and find ways to accomplish their goals.
Our four-generation family works together to save, invest and to pay it forward. All generations benefit and contribute. As a financial planner, I love helping families plan for the future and pass their values on to the next generation.
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Since 1988, Linette Dobbins, CFP®, has been a driving force behind the success of McGee Wealth Management, Inc., a Registered Investment Advisor, helping develop the business into one of Oregon's leading wealth management firms.
D. Linette Dobbins, CFP® is a Wealth Manager, President, and Co-Branch Manager of McGee Wealth Management, Inc, offering securities through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services are offered through McGee Wealth Management, Inc. McGee Wealth Management, Inc. is not a registered broker/dealer and is independent of Raymond James Financial Services. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of D. Linette Dobbins. Prior to making an investment decision, please consult with your financial advisor about your individual situation.
McGee Wealth Management, Inc.
12455 SW 68th Ave. Portland OR 97223