What kind of financial role-model are you?
Written by Jolandie Strydom (Young Entrepreneurs)
As a parent you are the first and most important role model for your kids. The best way to raise money-smart kids is to be money smart yourself and to be able to explore the topic on money more easily with your kids since you know how money works.
It is a good idea to think about what kind of role model you are for your kids. Do you spend money impulsively or are you cautious and intentional about your spending? Do you save up for a big purchase or do you buy what you want when you want it, charge it to your credit card and worry about it later? Do you pay your bills on time and keep organised files or do you throw unopened bills on top of the fridge and ignore them?
Values are the things in your life that are most important to you, that you are willing to take a stand for. Some people value education, achievement, prestige or wealth. Others value security, family, friendship or adventure. The way you spend your money and deal with your finances says a lot about your values. Do you know what your top five values are?
The values you pass on to your kids will help them prioritise their spending and set meaningful and compelling goals for themselves. The combination of solid values and strong money management skills create a good foundation for making sound financial and life decisions.