Teaching Your Grand Children about Retirement
It is a beautiful thing when you are able to set sail around the world and never work again. Retirement is the reason people chase the American dream for most. However, although you may have the gift of retirement retiring from Grandchildren is not an option. More than ever the younger generation is in need of educational financial advisory. Statistics show 68% of American households live paycheck to paycheck. With that said, it is important to teach your grandchildren the important of managing money at a young age so they are able to grow up with healthy finance habits and one day retire themselves.
A Tricky Way to Teach Grandkids about Money
In general, when it comes to teaching kids how to manage money it can be rather tough. As a grandparent, you have a few advantages over mom and dad. For example, you can spend all day with the grandkids then send them home. Using the above example, have your grandchild tell you something they really wish to purchase. Then each time they come over to visit take them to the bank and have them deposit money into a bank account, assuming you help them open one first. They will develop a pattern of regular trips to the bank, and associate those trips with having fun at grandmas and grandpas. Therefore, they will be eager to save up their money and make their regular bank deposits.
Grandparents as Retirement Advisors
When we seek out services and products, we always want the best. Naturally, you would want the best for your family too. Teaching your grandkids about retirement is not about telling them how wonderful it will be to travel the world it is about showing them how they can live debt free. If proper financial habits are not given to children at the right age, they will blow money more than save it. They will live beyond their means rather than within their means. The only way to help children learn is by teaching them to live below their means and explain why.
Allow your grandchildren to experience humble living from a young age. This will help your grandchildren appreciate their future finances and may be even help them find a niche to invest future assets. However unless they follow healthy money habits they will not see retirement. Who better to teach them than the recently retired grandma and grandpa?