As a parent, you are the foremost teacher for your children, and teaching them how to make smart choices about money is one of the most valuable lessons you can impart. While it may seem daunting, it is possible to put your kids on the path to being financially fit by setting the right example and making a consistent effort. It’s best viewed as a multiyear effort: Your kids will mature through several stages, each offering opportunities where you can have a significant impact. The important thing to remember is it’s never too late to offer your own guidance and experience.
As you consider where to start, I find it helps to think about your overall goal: Teaching your children the life skills they will need to become financially fit adults. What core lessons are you trying to teach? What will success look like to you? While some parents may want their kids to achieve great wealth, others may simply want their children to do as well or better financially than they have done. One noble goal in my mind is to arm your kids with the skills they’ll need to achieve financial freedom. I want my kids to have sufficient savings and not too much debt so they’re able to pursue the careers and dreams of their choice. In others words, I want them to have enough money so it doesn’t control them, but to still understand the value of hard work.