019 – How To Start Your Grandkids Off On The Right Foot

the Retirement Resource - Start your grandkids off on the right foot

How To Start Your Grandkids Off On The Right Foot

Today we’re going to talk about how to start your grandkids off on the right foot financially. Now we’re not just talking about giving them a crisp $20 dollar bill – we’re talking about what (and how) we can teach our grandchildren to set them up for long-term success.  

If we prepare our grandchildren, then by the time they get to adulthood and retirement, they might be in better shape than we are and they will have an opportunity to avoid many of the pitfalls and mistakes that we’ve seen and made.

DISCUSSION TOPICS

  • Role modeling a positive money mindset & good financial habits
  • Looking for opportunities to learn together
  • Gamify money

ROLE MODELING

Parents and grandparents are the primary role models for kids in most aspects of their life, including finances. Our beliefs and mindset around money are formed by the things we hear, interpret, and see from our parents and grandparents, for the most part.

You also have an opportunity, knowing that, to create a positive mindset around money. How can money work for you? How can it be used as a tool to accomplish goals and objectives?

Just be aware that you’re a role model, whether you choose to be or not, when it comes to your grandkids.

LEARNING TOGETHER

In a lot of families, money is something that you just don’t talk about. We need to change that because, by not talking about it, our kids and grandkids learn the lessons when life teaches them lessons – and we all know that, quite often, life can be a cruel teacher.

This can be as simple as finding an age-appropriate financial book and going through it together. Don’t use the excuse that no one taught me financial literacy so I don’t really think I’m in a position to teach my kids or my grandkids – that is an opportunity to learn together!

You’re not just creating valuable financial lessons that can last that grandchild the rest of their lives, you’re going to create memorable experiences of you two doing those activities together.

GAMIFY MONEY

Gamification is a great way to take the negative energy away from money, and generally just a great way to learn. That way, money is viewed as a positive tool that, as we’ve said, can serve them and help them move towards their goals.

My challenge today: be creative! This is a great opportunity not only to teach and learn, but to have fun and create lasting memories.

Resources:

How To Start Your Grandkids Off On The Right Foot

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About Beau Henderson

Beau Henderson is a financial advisor, author, coach, radio personality, and CEO of RichLife Advisors. He has helped over 3,000 clients to not just improve their relationship with money, but to live the life of their dreams.

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