Train them young.
One of the goals for many parents is to make sure our children have comfort and security. To achieve this, it’s crucial to share valuable financial lessons and strategies with them.
In this episode, I explore five vital money lessons that I believe all parents should not only grasp themselves but also pass on to their children. These lessons are a fundamental building block to empower families with the knowledge and tools they need to navigate the complexities of personal finance, ultimately helping ensure a more secure financial future for the next generation.
In this episode, I discuss:
- Five essential money lessons parents should learn and impart to their children:
- The art of negotiation
- Simple budgeting methods
- Saving vs. investing
- Tax optimization strategies
- Tools to help kids with goals setting, budgeting and investing
- Teaching kids the art of negotiation
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Dreamers’ Wealth of Wisdom
- Budgeting is something that is very liberating. It gives you control of your money, instead of your money taking control of you.
- If you want to start thinking and acting like the wealthy, you cannot wait until it’s time to file your taxes to figure out what it’s going to look like.
- It’s important to save for an emergency fund so that if life happens, you are prepared and ready, so that you don’t have to dig into your investments or your long-term savings.
- Invest your money in your retirement
- It’s important to invest and it’s important that we teach our kids how to invest.
- It’s important to negotiate because too many of us leave money on the table.
- Before we can teach our kids, we need to learn that ourselves.
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Other Episodes You Might Like:
- How To Develop The Mindset To Build Generational Wealth And Prepare Your Kids To Carry The Legacy.
- Five Money Lessons I Learned From My Parents
- How To Help Your Kids To Become Everyday Money Smart With Bobbi Rebell
- How Saving And Investment Diversification Can Help Parents Secure Their Kids’ Future With Ksenia Yudina, Founder Of Unest