My parents didn’t spend a great deal of time teaching my brother, sister, and me about money. As a matter of fact, I don’t ever recall a conversation about saving, investing for retirement, etc.
Family finances are still a private matter. I see clients all the time and we discuss their finances. I’m not shocked that their parents didn’t discuss money issues with them as well. It wasn’t something routinely discussed. But how things have changed since my early years
We are now a consumer-driven society, and young adults are not encouraged to save a dime. They are bombarded daily with new and unique ways to spend every penny they make, and then, they are enticed to finance everything else.
I know it sounds crazy, but if I think back on all the money I wasted on frivolous things that had no meaning, and if I had spent a little more time learning about saving and investing, maybe I would be retired. Well, that’s life—and I’m certainly not retired! I guess we were all young once and we thought we knew it all. What I can do now is pass on a little wisdom gained through experience.
In today’s society, it’s very difficult to live within your means, but trying to keep up with the Joneses will only destroy your future. My siblings and I had a comfortable life as children because my parents were frugal. Chances are you want your children to be comfortable as well, so it’s time to think about a budget, how to stick to it, and how you want to discuss these issues with your children.