Of all the knowledge and habits that children inherit from their parents, perhaps some of the most important skills that are passed down are financial skills, though they are not always good. How parents interact with money and practice their financial habits can have a profound impact on their children.
Last week, I was included in a FoxBusiness.com article by reporter Kathryn Vasel, who outlined money mistakes that parents unintentionally teach their children. I weigh in with helpful tips that parents can consider to ensure that their children have a more reasonable and realistic relationship with money — including raising your kids in a less lavish environment, and showing children the importance of budgeting and being a smart consumer. “Attitude is caught not taught,” I explain. “How parents live their lives, spend their money and prioritize savings is very important to shaping their children’s approach to money.”
Click here to read the full article.