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Leaving a Financial legacy

by Joe on October 19, 2013

Most people if not all, hope that one day when they are no longer in this planet; their offspring’s will lead a better life than they did. That is why parents encourage their children to achieve higher and conversely, most children try as hard to outperform their parents. This is in essence what has transformed our society from medieval age to ‘techno civilized’ society. We are driven with this sense that something it can be greater, can be improved and perform better than the version/model past. In this context, finance is one key element of life that most of us struggle with. Either because we do not have enough money to meet our ever growing list of wants, we just do not know how to manage what we have, or we have no clue. Whatever the reasons, I personally believe that mastering some financial skills and applying it in our own personal lives is a key factor to our success in life.

That being said, what can one do to prepare the upcoming generation for financial success?

1-     Let them make financial decisions: Do not make all the financial decisions for them let the children learn to make decisions, and guide them on those decisions always emphasizing that there are consequences to our choices.

2-     Encourage them to earn some money at a young age. Not so that they can help pay the bills as that should be the responsibility of the parent, but to reinforce the appreciation of personal responsibility and hard work. Also most people including children are more careful with money earned as opposed to money given.

3-     Participate together in a community activity:  while this may not have a direct link to financial giving. Understanding that giving back is part of financial success doesn’t have to begin with dollars. Time spent helping out at a local homeless shelter is as worth as money given to a charitable organization.

4-     Allow room for mistakes : Mastery at any art is as a result of doing something over, and over again and learning from the mistakes. Give the little ones room to be kids and guide then when they make mistakes.

If you can leave a financial legacy roadmap for your offspring, they will take the path and they will be successful when they move out of home, get jobs, get married, have kids of their own. Who wouldn’t want to leave such for his/her child?

This is your time.

What are you doing to prepare your child financially?

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