If you are a parent or grandparent, what are you doing today to prepare the next generation in your family? Are you providing opportunities for your children to learn how to manage money and be responsible for their decisions? Are you starting when they are pre-schoolers or waiting until they are teenagers?
As a parent of school-age children, you may question why you give your kids an allowance when they spend it right away and ask for more. If you are a parent of adult children, you may see them making poor money decisions. You wonder if an inheritance will help or harm them? As a grandparent, you may think the next generation is spoiled and entitled. You fear for their financial future.
Families are the tie that reminds us of yesterday, provides strength and support today, and give us hope for tomorrow. No government, no matter how well-intentioned, or well-managed, can provide what our families provide. Bill Owens, former Colorado governor
As an author, my focus is helping kids from 3-18 learn to manage money as a number. The No-Cash Allowance is my guidebook for parents to give their kids a hands-on financial education in their home.
In my opinion, parents are the best people to help their kids learn to manage money. Parents are available for their kids all the time, especially in the critical growing up years. In addition to knowing their kids best, parents can provide the tools kids need to learn about money.
Money management is all about making money decisions. The sooner kids start making choices with their own money, the sooner they develop confidence to continue making good decisions in their future.
Allowances are about parenting
However, allowances aren’t about money. Allowances are about parenting. Those important early years lay the groundwork to prepare the next generation in your family.
Parents tell me how amazed they are to see increased decision-making and independence in their kids. An allowance gives kids money as the tool for hands-on practice to learn this new skill, similar to learning other skills such as sports or music.
To learn to manage money kids need three essentials: money, control of the money, and responsibility. In reality, money management is a day-to-day skill of making decisions that starts in childhood and continues throughout life.
How to prepare the next generation to become financially responsible adults is extremely important. What happens to those money savvy kids when they leave home? Who will mentor them in the next stage of their lives?
How to prepare the next generation
As I pondered these questions, serendipity connected me with Lori Coonen, a Heritage Design Professional™. Lori works with parents and grandparents to mentor the next generation. Not only does she provide guidance on financial matters like inheritances, she also helps families strengthen relationships to ensure that the family legacy in stories is passed on to the next generation.
Over lunch one day Lori and I came to a startling realization. We were both addressing two things that affect everyone: family and money. It was time to connect our expertise to benefit each generation: kids, parents, and grandparents.
We were creating a big picture view of a family, each generation with different experiences and views of life. We created Finch & Coonen as a collaboration to create awareness and facilitate family discussions to create a legacy of values and empowerment.
Our expertise begins with teaching kids to manage money in the learning years and continues through the earning years on to wealth transfer and inheritance.
Parents we work with say this one word
Parents of all ages are amazed to tell us the same thing, “I never knew my kids were so capable.”
Capable. When parents say this, pride glows in their faces. Their children are discovering the power to reach their potential.
Capable. Isn’t that what all parents want, the satisfaction of knowing their children are capable.
Today, people are paying more attention to family. In particular, we hear about older generations yearning to pass on their life stories and legacy. We hear that adult children value stories more than inheritance. Money is part, but not all of a family’s legacy.
Take the next step to prepare your family
What can you do today to prepare the next generation in your family? Start by joining us in the efforts to make our families stronger. Connect on social media. Get updates on webinars. Learn about speaking engagements. Follow Finch & Coonen on Facebook. Join our LinkedIn group: Preparing the Next Generation
Only families can make families strong and successful. Working together we help you prepare the next generation in your family starting today.
