It is pretty common for parents to shy away from discussing money matters with their children due to cultural or societal norms that have been ingrained in them over time. However, this approach can do more harm than good in the long run. Entrepreneurial children who are shielded from discussions about money often grow up with a lack of understanding and knowledge about financial decision-making. This often leads to poor financial choices, which can cause financial insecurity, stress, and long-term financial struggles. Therefore, it is essential to break away from the taboo surrounding money talks and educate our children about financial literacy to ensure they are equipped with the skills they need to make informed and responsible money decisions in the future.
As a father to five children ranging in age from seven to eighteen and working as a fiduciary wealth manager for over two decades, I’ve seen firsthand the profound impact that a family’s attitudes and communication around money can have on their future. The way you approach discussions about money, the emotions you associate with it, and the language you use can leave a lasting impression for generations to come.
