MAZAL TOV! and Congratulations!! You just had a child! How can you ensure that they will be financially secure throughout their life?
Today, Doug speaks with Efraim, who is preparing to be a young father, about tips and tricks for the best way to financially prepare for a growing family, and how to educate young children about money, so you can best raise financially savvy kids.
As parents, we want the best for our kids, but it’s important to remember that a parent is not obligated to hand over $1M to their children when they grow up. Perhaps the best gift a parent could give their children is to educate them so they will be able to manage on their own. It’s never to young to begin teaching your child about money; even a 5-year-old can understand basic concepts, and as they grow older, they can understand more.
Make sure to listen to Doug’s three tips on what to teach your kids on handling their own money.
Don’t forget to model good financial behavior for your children, and put aside money for their future needs. When saving, it is a good idea to invest in an ETF (Exchange Traded Fund)?
Life insurance is something that is crucial for young parents or a young couple to have when they are planning on having kids, so if heaven forbid something happens, your kids will have something to help them get back on their feet.
Let me know how your children react to your implementing the three tips on handling their own money.
The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and resources mentioned in the show, go to https://goldsteinongelt.com/radio-show