TAMPA, Fla. (IVANHOE NEWSWIRE) There are countless ways to pass wisdom that you’ve learned along the way to your kids. But here’s one you probably haven’t considered: writing a letter. Specifically, a money letter.
She can whip up a meal in minutes. And if her son’s around, personal chef Eileen Morris will toss in some motherly money advice as well.
“You might interject these things and sometimes they might not really be listening to them,” Morris said.
Instead of the advice going in one ear and out the other, she wrote it down in a family money letter.
It boils down to some recipes for financial stability.
Don’t use credit for anything that won’t last as long as the payments, ignore advice from someone who doesn’t have a proven track record, and understand that one of the most common money conflicts is scarcity; typically there is never enough.
“You realize you have more tips than you thought you did,” Morris said.
Women’s wealth advisor Celine J. Pastore from SimplePath Retirement, LLC says big money matters aren’t talked about much with the kids.
“When you’re talking about money a lot of emotions can come up and i think there’s also false information about money as well.” Pastore explained.
So Pastore thinks a family money letter is a must during the teenage years and should include these tips: learn about finances by taking an accounting course. Diversify your investments. Don’t gamble on hot stocks, and make sure you have an emergency fund.
“Putting it in writing, and sharing your values. I think that’s really the key.” Pastore said.
Eileen’s son, Scott Morris, says he glances at his money letter often and plans to give one to his kids.
“As we all know verbal, tell me I’ll forget. Show me I may remember, involve me and I’ll understand and that kinda helps you to be involved.” Scott said.
Because this kind of information … shouldn’t be classified as secret ingredients.
One mother advised her daughter to be a “collector of adventures,” according to the New York Times. A father observed how few women aggressively negotiate raises. An Australian study found that 48 percent of men believed their salary was negotiable, while only 32 percent of women felt the same.