By Setting positive examples for the next generation
Last week, my oldest son Gates brought home one of those terrible school fundraisers. You know, the kind we all dread that requires your child to raise sponsorships in order to earn a cheap and useless prize. This time, the prize was a giant plastic Frisbee, and Gates wanted it… desperately.
I was tempted to just to tell him to forget about this “great opportunity,” and that the frisbee wasn’t worth it, but I had a change of heart at the last minute. Instead, I decided to encourage his entrepreneurial spirit. I’ll admit, I also wanted to see if he had a talent for sales like his father! So, Gates and I sat down together and wrote out a script for him to use when asking for sponsorships, and then I urged him to call close family members to ask for their support. The project was a huge success. Each time someone agreed to sponsor him, Gates would silently celebrate on the other end of the phone.
The entire process reminded me of the importance of working hard to meet the financial goals we set for ourselves. Though this is a simple concept, it seems to get lost in today’s world of instant gratification. We have become impatient people, and working towards long term goals that require us to delay gratification is often an idea we reject. But the reality is, good planning habits are essential in developing a successful financial future.
Developing these habits is not only good for your family today, but it will also impact future generations. When you feel good about the financial decisions you’re making, you’ll have the confidence to discuss your habits with your children. As they watch you work hard, save wisely, and achieve your goals, your kids will begin to understand how to have a positive relationship with money.
We can help you make sure that the habits you’re forming and passing on to your kids are good ones. Whether it’s saving for your family’s dream vacation, or setting up an emergency fund, our team will assist you with making wise decisions so that the money you work hard to earn is being utilized well.
Whether we like it or not, our kids will learn by watching us and following our lead. In order for us to make sure their financial futures are bright, we must take a look in the mirror. Are we leading by example, and making the effort to develop good habits of our own? The next generation is depending on it!
Article by David Smyth, CLTC, Senior Partner at Family Financial Partners — a financial services firm in Lexington, Kentucky.
