This year is my 10th year in real estate and over the years, I have been blessed and had the pleasure to assist many new homebuyers. Recently I was given the opportunity to assist a client that was just over the age of 20 with the purchase of a new home. What a great accomplishment!
Teaching our children at a young age to value the earnings they make and to choose wisely what they decide to purchase is very critical to their long-term personal and financial success. My client could have used the money on items that depreciate in value but thought more wisely and made an awesome investment for the future with wealth appreciation in mind.
Are we really preparing our children for a sound financial future or are we actually setting ourselves up to be their bank and ATM of choice? Let’s face it: in our society today, we give more and more to our children when it comes to money. Yes, we want to give them a “little” more than what we had growing up, but we have crossed the line and now give them our checkbooks on a silver platter.
In our minds we say, “But they need it.” But do they really need it? Do they in fact see the value? More so, are we teaching our children to value what we provide for them? Truthfully, in many cases unfortunately, we are not. We rationalize to ourselves how we are going to handle this fee or the cost for that event to make our darling loved ones able to be included in this club, or participate in that event. Many times, if not almost all, we nearly break the bank trying to do it.
Let’s get back to the basics….
1. If they want it…they need to work for it. Assign chores and hold them accountable, or they don’t get it.
2. Teach them to stick to the budget, and parents please model the behavior! Remember, you are the role model.
3. Explain your spending decisions. Why it is important to pay the mortgage before we decide spend money at the mall?
4. Instill a savings habit. When they get money, always require that at portion of it go to savings.
5. Reduce, reuse and recycle. Stop throwing everything away.
6. Help your kids to understand the gimmicks and false promises advertisers use to entice them.
7. Clip coupons, price match and take time to find “real” saving opportunities when making a purchase.
8. Use cash and leave the credit cards behind.
Until Next Time, Be Sincere, Kind and Intentional
Jackie Warner, Community Outreach Specialist
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