Neale Godfrey, New York Times bestselling author and Executive in Residence at the Columbia Graduate School of Business rounded out the third and final webinar in our collaborative Family Finances Series on November 27, 2018. Godfrey offered answers and insights into the questions above and many more pertaining to the journey of raising financially responsible children. Here are some highlights:
- Start early, or as soon as a child can understand the most basic concepts of managing money, as habits tend to form when children are very young.
- Talking about money can seem like a taboo topic within a family, but having realistic conversations can go a long way with teaching kids financial literacy.
- Setting up an allowance system can be beneficial! Daily/weekly chores can be setup through work for pay charts to differentiate between daily household chores and extra work that have a pay incentive.
- Teens should be included in family money talks. Talking about budgeting, how to use a checkbook, investing, and making big purchases like a car, can all be topics of discussion between parents and teens.
- Finally, have financial discussions when teens young adults are leaving the nest and will have to make money decisions on their own. Issues like car insurance, taxes, credit/debit cards, and apartment/house leasing or buying are all topics that can help your child or teen be better informed.
Did you miss this live webinar? Are you interested in learning more?
Watch archived webinar: oneop.org/event/21698
And check out the other two webinars from this series: Separation & Single Parenting in the Military and Financial Planning for Life Events.
