In order to provide your child with the best chance for long-lasting happiness, you gave so much, including love, caring, and access to a solid, well-rounded education.
And while this education may have made your child a better person, the unspoken reality was that the ultimate practical benefit of the education was to provide your son or daughter with the ability to get a job and generate an income.
Yet what have you done, what has anyone done, to help your child learn how to create wealth? It is wealth creation, not income generation, that will bring your child the financial stability needed to follow his or her dreams – and greatly reduce the odds that your child would need to return home one day due to an unexpected financial hardship.
We would all like to teach our children proper financial planning yet this is often so difficult we may come to view it as impossible:
- You may not feel well-versed enough in your own knowledge of personal financial planning to teach the lessons properly
- You may be quite knowledgeable, but you have learned that often your child needs to hear these lessons from someone, anyone - other than Mom and Dad
- It is too hard to talk about. Regardless of whether you were the ultimate provider or never had as much to give as you would have liked, many parents find this topic even more difficult to approach their children with than the birds and the bees.
If any of this sounds too familiar, you are not alone. A January 2006 article discusses how more than half of the baby boomers surveyed indicated that the most valuable financial planning service would be “advice to help your children become more financially savvy.” Ready to provide your children with a better alternative?
Does your child live within driving distance of the New Hampshire Seacoast?