Week 36: Wild Card Topic

What can you do this week?

• Explore ways to connect your own adult children with financial education resources, experiences, and advice.

• Create opportunities at birthdays, the holidays, and otherwise to connect on money.

• Evaluate gifts given and are there ways to not only give them money that creates opportunity down the road but also financial know-how now.

What Intergenerational Wealth Is

• You can pass down things but they don’t live on without values, knowledge, and habits to manage them effectively: Know-How.

• Most will need to create their own wealth and that again takes know-how.

• I love working with families. That can be code for a very wealthy or “family office” clientele in this business.

• Rather, I love to work with parents that help set up their young professional children on a solid track.

  

  You Can Get It, Even If You Don’t Have It

• There’s a few ways to make this happen.

• Direct your loved ones to quality, vetted financial education resources.

• Create or connect them to financial learning experiences. Think a stock market game or other “gamified” approach for them to see, feel, and experience money.

• Share your own advice resources. Your own planner maybe well positioned to provide your adult children advice as well.

  

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Buyer Beware

• If you’re looking to pass down wisdom, start with reputable sources.

• Many Tik Tok and Instagram finfluencers are not accredited professionals, held to standards, subject to oversight, or liable for their recommendations.

• You have to understand their incentives which is usually viewers and promoting affiliate products more than your long term financial outcomes.

• A family of 5 making $80,000 may be hearing about infinite banking with life insurance or buying private real estate investment trusts, but that doesn’t mean it’s best for their situation if they have credit card debt or little emergency savings.

• Information tailored for the largest audience possible can never do what personalized advice can.

Resources

• There are so many places to look for help. Concise, simplified, and advice focusing on the fundamentals is key.

• The Stock Market Game can be a great activity for your kids to learn about the basics of the financial markets.

• This piece is helpful for how to talk to your kids about money.

• The Psychology Of Money is a great read for new to the workforce adults and older.

• Another is still The Millionaire Next Door.

• If they’re not big readers, Audible is great for walks and the car.

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