Lastly, if your kid is between the ages of six and eight, you don’t need to get down and dirty with them on exactly how much money you make, what your investments are, and how your asset allocation is split up. That’s not age appropriate or helpful.
But the goal is that once they become an adult, you can have conversations about how you’re building family wealth. You can talk to them about estate planning, investment choices, budget choices, and family values. That will require having a solid foundation in financial literacy that grows as they mature.
We talk here about generational wealth and leaving a legacy. We aim to give our kids the knowledge and confidence to enter into conversations with others confidently about money. That’s when you know whatever wealth or lessons you leave with them, they’re going to be able to take them and turn them into something even greater to pass down to the following generation.
By starting this conversation today, you are one step closer to making that dream a reality.