As parents, we understand the importance of talking to our children about sex and drugs. We get them involved in sports early to teach them the value of teamwork and physical health. Yet how often do we discuss budgeting, compound interest or debt management? When it comes to finances, we don't want to stress them out, think talking about money is rude, or feel they don't need to understand finance until they are older. Yet every step our kids take from college through retirement will be directly influenced by their ability to manage their finances: student loans, credit cards, jobs, mortgages, savings, etc. Some schools teach personal finances, but a financial literacy test given by the National Financial Educator's Council found that test-takers from 15-18 years old scored an average of only 59.6%. So it's up to the parents to make sure our children have a financial education before going out to the real world, where they will make financial decisions that will affect the rest of their lives. Of course, no child big or small will respond well or retain a sit down lecture on finances, so you have to sneak in the education; make it fun, interactive and relevant. The more you integrate finances and money into their everyday life, the more comfortable they will be with personal finance as adults.
Read Entire Article: https://www.forbes.com/sites/lizfrazierpeck/2017/06/28/how-to-teach-your-children-about-finances-at-any-age/?ss=personalfinance#2311bb46b2fe
“Four or five years ago Sports Illustrated did an article on professional players,” he said. “Whether it be football, basketball or baseball, five to seven years after they have retired I think 75 percent of the guys are broke. They never talk to the guys that have been there, trying to get a perspective. I find that when young people get money, they think they know everything. They won’t even come to you guys, bona fide accountants, to try to set them up. I always pay homage to my parents’ guidance. They guided me using common sense. When someone brings me a deal, I try to sit down and I think about it. I was born in Atlanta, Georgia. I was really embraced by a village. I know that’s sort of a cliché, but I had parents, grandparents, aunts, uncles, my peers, my coaches. So whenever I’m faced with a problem, I hear that village. It’s like my mom is always saying, ‘It’s nice to be important, but it’s more important to be nice.’ My grandfather talked about common sense. Use common sense.”
Read Entire Article: https://www.accountingtoday.com/news/walt-frazier-meets-the-accountants?feed=00000158-20c3-d6a2-adfb-70eb31330000