Dad, I’m really stuck. What am I going to do?Who should I blame? I work all the time and never have any fun any more. I’ve even taken a second job to get caught up, but it just seems to be impossible…
This blog will help parents and young adults understand their relationship with money and learn how to be financially free. This blog has nothing to do with accumulating wealth, but everything to do with helping young adults understand the value of money.
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“Dad, what is money?” my four year old asked me as I picked him up from school on a cold winter afternoon. His question surprised me. Did his teacher mention “money” during class today or did one of his friends say something to him on the playground about money? I quickly distracted him and asked him about his day and what snack he wanted to eat.
His question got me thinking…
I recently came across an article that argued – quite convincingly – that parents are poor financial role models for their kids. Here is a quote from the article:
“Most parents (77%) say they are not always honest with their kids about money; 15% lie weekly. Half are willing to discuss saving and spending issues but almost no one talks about tougher concepts like inflation (19%), investing (16%), diversification (11%), and asset allocation (8%). A third avoid talking about the family’s finances altogether.“
Lets break that down, piece by piece.