7 ways to pass on your money smarts
Put your children on sound financial footing by giving them the knowledge they need to manage their own money well. It may be a richest legacy you can provide.
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It is hard to get your kids to open up to you about their finances when they are young adults. I think they fear you still want to control them like in high school.
I found what works best is each year I sit down with my sons, either by phone, skype or in person and update them on were we are in planning our retirement. I present it to them as if I die they will need to help mom. Boys always want to take care of mom.
We go over the investments and how they preformed last year. Changes to the investments and why. Our future investment allocations and the withdrawal plan. I make sure they know where the Wills are and the insurance policies. Our debt and the timeline for payoff.
It has worked nicely for opening the doors to talk about their financial situation and asking questions.
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