Thursday, May 16, 2013

Teaching kids about money- Legacy

photo credit

It's been on my mind a lot lately- money and can my kids handle this world.  I guess it's because I have adult children heading "out there".  Some people say don't talk about it just show by example- well, in the case of my husband and I, that's what we grew up with- showing by example- and some scenarios were really great and others not so good.

I think we must be think in the head, because it took us a long time to figure out our core money goals.  We've never been deeply in debt or unwise with our money, but we just didn't know how to invest or where.  We felt dumb, plus we didn't want to look dumb by asking anyone (even dumber).

Now that we are well into our midlife- we are doing much better with money.  But, now we want to show our children our mistakes and help them get it better.  I like this article about talking with your children early and actually taking them with you to a financial advisor meeting (wish we had done that!)

Lately, we've had good talks with our adult children and have found out they are doing very well- in fact, we are proud of their 'listening and learning' skills when it comes to finances.  One person that comes to mind of having a huge mentor in her life is Crystal from Moneysavingmom.com.  When you read her story of scrimping and saving, I think MORE power to ya! If that experience wasn't enough, she and her husband bought a house with cash- read that story here.  I wish when we were starting out our marriage we had mentors and goals like that.  But, it's never too late to start and I feel we are at a good place.

We want to be able to leave a legacy for a kids- teach them to be debt free so they can help others. It's really the best way to live.