There’s no avoiding the topic. The recession is on everyone’s mind, neighborhood stores are closing, and friends and family may even be losing their jobs. The media is talking about the financial markets non-stop, so what better opportunity to talk to your child about money, and help them increase their financial literacy.
No matter their age, children are intuitive and they will pick up on tension and stress in the home. It’s important to make sure that your children understand that this financial crisis is not the fault of anyone in your family—especially them—but that it is affecting people around the world. Don’t sugarcoat the truth, but do reassure them that you will get through this together as a family.
Let them ask questions, and address their concerns. As a family, take a proactive approach to financial planning. Build a household budget, set savings goals, and encourage your children to contribute their own ideas on how to pitch in and save. There is no better time to teach your children the life skills they will need to succeed in even the toughest economic climate.
December 1st, 2009 at 11:20 pm
A career in financial planning is still lucrative despite the worldwide financial crunch. As long as money is used in our economy financial planners will be needed. You have to pay your dues to become a financial planner but once you pass the test and prove your mettle, you can expect a handsome return for your efforts.