Teens and Money – a huge topic! In Part 1 we covered Responsibility, Accountability and Consequences, this week we’re talking about helping your teen build a money plan – not a budget.
Teens and Money is a biggie so we’ve split it into two parts. Here, we look at Responsibility, Accountability and Consequences.
When it comes to teaching your teens about money, you are going to be starting from one of two places.
The first is that you have been teaching your children about money from an early age, so they already have a good grounding in the value of money. Continue reading
All our decisions are governed by emotions. Food is a classic example, when we see that sandwich or the chocolate cake or the donuts, we can taste it. Our emotions have told us.
Money is another classic example. If we are happy, sad, stressed or angry, it is very easy to take the credit card for an outing to make ourselves feel better. If you use money in this way, that is what your children will also learn.
If you want to raise Financially Healthy Children, then you have to talk to them about money – warts and all.
OK, but why do we need to talk to our children about money?
There are lots of reasons but let’s look at a few. Firstly, technology has meant that adults are more likely to be using money cards than cash and children (under 10 as a rule) do not understand the connection between the two. Children don’t know that the cash Continue reading
Conspicuous spending or Keeping up with the Joneses and using money as a status symbol, used to be thought of as the prerogative of the rich and famous. Well not anymore.
Why do we feel the need to be keeping up with the Joneses? We see it frequently with clients, “We couldn’t possibly cancel the holiday, it simply wouldn’t look good.”
So what! What is more important looking good or staying afloat financially? Well, it seems for many people, it is looking good in the eyes of others. Continue reading
Lynda was presenting at a women’s conference recently about Money and Mindset. At the end of the presentation she was asked this question, “my daughter is in a new relationship, when she should talk to the new boyfriend about money?”
“As soon as possible!!” she said.
Just let me clarify. You certainly wouldn’t talk about your financial situation or expectations on a first or maybe even your sixth date! But once the toothbrush starts moving and you are planning further ahead than just the movies or dinner next week, the relationship is looking a little more serious. Continue reading