Why parents need to walk the talk when it comes to money management.
When it comes to money, do you tell your kids to save and spend wisely, but rack up the credit card debt yourself? Teaching our kids to be financially responsible is a big part of our role as parents, and one of the best ways we can do this is by walking the talk explains Joline Godfrey, author of Raising Financially Fit Kids. “You really cannot expect kids to grow up to be financially responsible if you are not modeling that behaviour. It is that simple and painful. If parents want their children to be safe, if they want them to be self-confident and they want them to be successful when it comes to their financial lives, then they have to demonstrate it and give them a model.”
It’s important to practice what you preach when it comes to maintaining the values you’ve taught about money. “It’s not okay to say to kids “I want you to live within your allowance” and meanwhile, you’re over leveraged in your own life in a way that gives a very mixed message to children.”
Joline Godfrey is the CEO of Independent Means and author of Raising Financially Fit Kids .
From the nationally syndicated radio show “The Parent Report”, hosted by Joanne Wilson and heard on more than 100 radio stations. Any advice or information contained herein should never be a substitute for professional and/or medical advice, diagnosis and treatment. For more information please review Terms of Service