Weathering the Financial Storm: Lessons for Our Children

We are faced with challenging times. The economic crisis has global implications and may be longer rather than shorter lasting. As parents, we all hope to protect our children from harsh and painful experiences. Sometimes this hampers our ability to provide them with the sound education they need to deal with these experiences if and when they occur. The ups and downs of the economy and the job market, as with marriages and relationships, are a part of life. Consistency, good judgment, knowledge and a willingness to make changes when called for all play a role in our ability to navigate the storms of life. Teaching our children to have a healthy relationship with money is one of their best defenses. The self-discipline involved can also be used as a basic template to apply towards successful life management as a self-sufficient young adult.

The current state of affairs is the perfect entrée to discussing your own family values with your children. What is the purpose of a job? On what do we spend our earnings? What defines us as successful? Why do we save? What do we think about philanthropy? Teaching your children in practical everyday ways will help them gain an understanding of how the world works according to Mom and Dad. These regular conversations will bear fruit as your children learn to be thoughtful in the face of mass media, targeted Internet marketing, impulse buying and the desire for material goods.

Ms. Joline Godfrey's book, Raising Financially Fit Kids is a parent guide that recommends teaching children the importance of exercising good judgment and practicing responsible habits such as prudent spending and disciplined saving. Being able to live within their means is a mark of maturity we hope all our children will bear. This life skill will help children to live independent and contented lives as contributing members of both family and their community.

By our own example and efforts at simplicity, prudence and thoughtfulness in financial matters and life, our children will learn to manage their own affairs with confidence and competence, thereby helping to ensure that their future will indeed, be bright with hope.

Laureen Chang, PCI Certified Parent Coach®
CoachingforaHealthyFamily@yahoo.com
(626) 282-9626

Laureen's parent coaching practice focuses on supporting parents of preteens through college age young adults. She has a BA in Child Study from Tufts University and an MBA in Finance and Marketing from UC Berkeley. She has three children, lives in San Marino, California, and enjoys good books, great friends, and memorable adventures.