And what I mean by go awry is without preparation, without thought in that money conversation, it can quickly go to a place where perhaps your kids will ask you a question that either you don’t know how to answer or you feel uncomfortable answering. Now, the bottom line is when it comes to taking to kids about money, it can go awry, that conversation. So really an excellent, excellent motivation when I get this question. Which is about, in the money talk, making sure that you’re communicating essentially a core value, which is that you want your kids in general to be self-sufficient, independent human beings, but at the same time you want to give them support and help to be their best selves. So really this question comes from such a positive and good place. Or something that they want to do pursue their passion and purpose because perhaps I was able to do that, or wasn’t able to do that. Not too much to do nothing, but just enough to do something something either more than I’ve done or something extraordinary. Even if it’s exclusively putting food on the table and a roof over our children’s heads.Īnd what they come back to me with is, well, in that talk I want to make it clear that I want to provide them with not too much. So what are we really talking about here when we don’t want them to be entitled to money through a conversation, even though we’re always providing support, financially speaking, in one shape or form. Help them out even as young adults, and maybe even older adults. And I say, well, when you say that what exactly do you mean? Because as a parent we commonly give to our children allowances, we buy them things. And I don’t want them to feel that way.Īnd I think this is very interesting. I know it’s a good idea, but underlying my concern in starting the conversation is really around making my kids feel like somehow through that conversation they’re entitled to money. I wasn’t really taught how to talk about money from my parents, because of all the money taboos that exist. Why are you asking me this?Īnd the most common articulation I hear is, well, I want to know how I have the money talk with my kids because I’m stuck in money silence. And I think about why I’m getting that question and you probably know why. So if I’m at a cocktail party, at a client meeting, client event, it almost always comes up. In this episode we’re gonna ask ourselves: how do I have the money talk with my kids? This one is probably the most common question I get from clients, human beings in general, as a behavioral scientist. So we can all get closer to our money goals. The question is why? We’re gonna address those taboos head on and break through money silence. For many of us, money was and still is a taboo topic to openly discuss. We’re gonna have a lot of fun together, and start our first season with money taboos. By understanding our money behaviors, we all have the opportunity to make better money decisions. I’m a behavioral scientist who loves openly discussing money to help humans better understand their money behaviors. Hey, humans, I’m Michael Liersch, and this is the About Money Podcast, presented by Wells Fargo. Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested.
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