Wanting our children to have a great financial foundation is one of the many things we hope to teach them before they leave our nest.
Teaching them finances does not have to be a heavy lift. Consider adding this to your everyday conversations.
I’ll show you how:
1. When purchasing a toy from a store or even groceries, place your card or cash in your child’s hand to hand over to the cashier. This shows them that there is an exchange happening or something transactional in order to buy the goods.
2. Read a fun book like The Four Money Bears. This is a great way for kids to learn about the basic functions of money. They will learn about the Spender Bear, Saver Bear, Investor Bear, and Giver Bear. (You may learn a thing or two, as well.)
3. Playing family games like Monopoly will not only help our older children understand real estate, but the cost associated with real estate as well.
4. When your child starts working, whether it’s a lemonade stand, cutting lawns in the neighborhood, or babysitting, help them understand the value of a dollar and establish a checking account.
The list goes on as I am just sharing the tip of the iceberg.
Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.