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Us Educational Financial Solutions Advisors: Money Talk With Your Children
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Debt may be an adult thing, but new research says it could be healthy to talk to your kids about your family’s finances; or at least, just enough to keep them from drawing the wrong conclusions about finance-related situations.
A joint study by the North Carolina State University and the University of Texas stressed the benefits of discussing financial matters with kids and preteens. By keeping your kids informed, you help them develop a healthy attitude toward managing their finances, and be aware of sources of assistance such as the US Educational Financial Solutions advisors.
What financial topics are worth sharing with kids, anyway? Are they prepared to hear about how mortgage and other loans work? Will you teach them how to file their Form 1040? Of course, kids aren't ready to take on those topics; instead, focus on the following learnings:
The Importance of Saving
Kids today generally know how to drop spare change into their piggy banks. As they grow older, they'll start earning wads of bills instead of bags of coins; but the essence of saving for the future would, hopefully, have been ingrained in them. Teach your kids not to take debts lightly, as overconfidence can be very dangerous.
Sometimes, It's Good to Borrow
Savings, however, will only get them so far in trying times. Teach them to borrow responsibly, in particular, highlighting the need to pay back what has been borrowed. Let them know how a credit card works, for example, but stress that whatever is purchased using it has to be paid for with extra costs (interest).
Introducing your children to the concept of investment could also be wise. Many banks offer children's savings accounts to familiarize kids with the world of investment, that is, how money they put aside can potentially earn more. Bank rates aren't at par with stock exchange rates, but it's a start.
Financial Planning Assistance
Finally, tell them about US Educational Financial Solutions professionals and similar advisers who can help them out in case they get caught in a bind. Let them know that financial quandaries may happen despite one’s best efforts, but solutions are always on hand. To know more about discussing finance with kids, go to ScienceDaily.com.
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