We’ve been getting a lot of calls and inquiries from those of you with kids and grand kids about what’s going on in our world right now. People want to know how to talk to their kids about what is happening with our financial
situation.
I have some suggestions:
1) The younger they are, the less I suggest you tell them in terms of specifics. They need to be reassured that everything in life is cyclical and that nature has a tendency to work things out in the end. This situation is no different (if we’d just let it work itself out, that is). Show them graphs of how the stock market has gone up and down over time. Do a Google search for stock market history and learn how it works together.
2) The older they are, the more they are looking for facts,
figures, what to think, how to feel or respond to all the news they are reading and all the chatter they are hearing from so many sources it’s hard to keep track. As I’ve said many times, I find it best to ask them how they are feeling, what they are seeing, what they think about what’s going on. Have a conversation with them and do your best to keep from having a one-sided lecture on the ‘crisis’ at hand.
My take on the whole thing is not as alarming as most people’s. I have learned that the less I ‘react’ to any given situation, the more educated and rational the decisions and choices I make. I believe this situation is no different.
This morning, mcnbc posted an article entitled: Financial fears trickle down to kids, written by Melissa Schorr. I encourage you to read the article to see what others are suggesting and then do what feels right for you and your
family.
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My last suggestion is to turn OFF that Boob Tube! What we
focus on expands and the more we listen to how awful it is,
the more awful we are going to feel about it. Use this time
instead to have conversations with your kids about how they
can earn money, how they can save and invest it, talk about
business ideas they may have, help them write up a little
business plan, etc. I can guarantee it’s a far better use
of your time. Who knows, perhaps the whole family, working
together, will come up with a great internet business idea,
make tons of money and be able to help others around them
that aren’t quite so fortunate.
And I have to end with suggesting that my book, The
Ultimate Allowance, will give you all kinds of tips, trick
and information on how to create money savvy kids out of
those beautiful youngsters of yours!
All the best,
Elisabeth and everyone at Creative Wealth