Most of my life I've only had my mom, her life as a single mother was hard and she worked 2 jobs and long hours to make sure we had everything we needed and then some. As a kid I can say that I didn't have a good grasp on the concept of money, and my mom never sat down and talked to us about it. As I got older I began to see things differently and would see how much we really struggled, and how hard my mom worked to make sure we didn't see her struggling. I appreciated it, but now my concept, and money management skills are the worst. I heavily rely on my mom for advice in all aspect of my life, like most Hispanics, but starting the dialogue and asking for help was the hardest part.
Why do you think it's important to have the money talk with your family?
A major study conducted by Chase and Center for Research on Consumer Financial Decision Making at the University of Colorado discovered that Boomers put more value in having the “money talk” with their kids than “the talk” about “the birds and the bees”. As I've opened the dialogue about money with my mom, I feel like our relationship has strengthened. It also shows me that I by better myself and using my knowledge I can show Mila bear how to be responsible with her money as she gets older rather than later in life.
Having the money talk with your family has so many benefits. You show your kids that you are open and honest, and that they can come to you with pretty much anything. By teaching your kids about money, and having the money talk with them at any stage of their life it really sets them up for success. Check out Chase's video about having the money talk here!
Why do you think it's important to have the money talk with your family?