So You Want to Teach Your Children Personal Finance. Some Dos and Don’ts to Maximize Your Success.

Today’s blog is a little different. I’m not providing you with specific information about a single topic. Instead I’m offering general suggestions for you to follow no matter what financial topic you’re addressing with your children.

DO

• Encourage your child to save for expensive items.
• Listen to your child’s explanation for why he or she made certain choices.
• Try to understand your child’s point of view.
• Have compassion if your child makes a bad choice.
• Make suggestions about other possible choices only if, and when, your child is open to your suggestions.
• Remember everyone makes mistakes. That is how people learn.

DON’T

• Tell your child what to do with the money in his or her own account(s) even though he or she is a minor.
• Automatically buy things for your child.
• Rescue your child from monetary losses or mistakes.
• Say, “I told you so” or “You’re wrong.”

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