When we talk about leaving a legacy, we usually think in concrete terms: money, property, or some other type of asset. However, sharing financial literacy and wisdom with the generations that follow us can make just as big of an impact as leaving a gift.
Financial literacy has become a national topic in the past few years and the subject is being taught in more and more schools. Still, studies suggest that kids learn about money and pick up financial habits from their parents. So talk to your family about financial matters directly; share helpful financial resources; or simply model healthy financial habits. Create a legacy of financial literacy. The financial wisdom that you pass down to your children and your children’s children can have a positive, long-term effect on their lives.
What kind of money issues should you discuss with your children? It’s probably best to simply ask them if they have any questions about finances. Beyond that, you can use Mint’s infographic above that to choose topics to discuss. According to their study, credit cards and basic money management are at the top of the list of things kids want to know about money.
Do you have an ongoing conversation about money with your kids or parents? What topics do you discuss?