One of the most common statements I have heard over the course of my insolvency career is “we were never taught how to manage money”. I firmly believe this statement to be true. People often blame our educational system. However, I strongly believe money management lessons should start long before we send our children off to school. As parents it should start with us.
The biggest issue with this premise is that most of us never received proper guidance from our parents in regards to managing our finances. This is no fault of our parents. It is simply a product of a terrible re-cycling system of people who do not understand money management.
Let’s break this vicious cycle! Why would we not want to? We all want the best for our children. Generation after generation, we seek to do better than the generation before… higher education, make more money, own a bigger home, the list can go on and on.
As parents, we are the first mentors to our children. Children are like little sponges who absorb a lot of information through observation. Therefore, parents can start with easy everyday life lessons about money by being a good example.
Over the course of a series of articles, we will explore several everyday lessons that may help you become a positive financial mentor to your own child. And, who knows you may improve your own money management skills as a result, too. 🙂
Next week I will post Lesson One next week – The Value of No and share some things I have learned