Finances are a sensitive subject. I get it. What I don’t get, though, is why we aren’t educating our kids (and ourselves!) about basic concepts and strategies for financial stability. I’ve seen every shade of money struggle among my clients from parents who haven’t saved for retirement, to 20-somethings suffocated by student debt, to teens and young adults who are constantly swiping credit cards and have never heard of the word budget… And, as adults and caretakers, the biggest mistake we can make is to bankroll our kids without instilling any sense of financial responsibility.
Given today’s unpredictable financial climate, coupled with increasingly burdensome expenses like summer camp, college tuition, real estate and unbridled Soul Cycle addictions, we quite literally can’t afford to keep avoiding money conversations. Money certainly isn’t the most important thing in life, but mitigating the fear and angst that it so often generates is priceless.
sugg-jess-tion #2: David Bach’s Book Series
David Bach, a financial expert and bestselling author, had four books on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists simultaneously. Bach’s foundational philosophy isn’t about numbers. Instead, he takes a refreshingly heart-centered approach to finances and encourages readers to start by identifying their core values. “When your values are clear,” he says, “your financial decisions become easy.”
Bach’s books offer tangible strategies for a wide variety of demographics, and offer easy to understand concepts that are worth sharing with kids of all ages (I was first assigned Smart Women Finish Rich in college but wish I had read it sooner!) For example, one of his signature tools, The Latté Factor®, is based on the simple idea that putting aside as little as a few dollars a day for your future rather than spending it on small purchases like lattés, fast food, cigarettes or magazines, can really make a difference between accumulating wealth and living paycheck to paycheck.
From basic financial education to improved financial planning skills, Bach’s books can set you and your loved ones up for success and stability.