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Train Your Kids, Early and Often

November 8th, 2010

I’m sure we all have sat back, looked at our current financial states and said, “If I could do it all over again …”

Many of us who say that are now parents of young children, and the last thing we want is for our children to make the same mistakes that we did. Let’s be honest with ourselves, a lot of those mistakes were financial.

In order to make sure our children don’t repeat history, here are a couple of tips you can offer to them (and they are worded accordingly). Even if they are 10 or 11 years old, these tips can be very beneficial as they mature.

Take out the trash: When you see those pieces of credit card junk mail come through your mailbox, throw them away immediately. The last thing you need to worry about is a card that will give you 6 % APR for a couple months and then 25 % APR for the rest of your life.

Don’t touch the piggy bank: In other words, try to maintain a stable account, one that doesn’t have to be dipped in every other week (or day). Treat it as if it’s the emergency fund for your emergency fund.

Eat your food: By “your food,” we mean the healthy food that YOU purchased at the grocery store. You don’t need to buy a pizza or visit the local burger chain every day or every other day. Save that junk-food money and put it away for a rainy day.

Do your homework: Even though you receive advice here and there from everyone, it’s never a bad idea to do financial restoration research on your own. This, in addition to re-emphasizing important facts, also gives children a sense of achievement and teaches self-satisfaction and self-motivation.

Our financial planning professionals at Robinson Wealth Management Group are here for you for all money-saving questions – no matter what the age is. Feel free to contact us for more information.