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Page 84
The Dispatch/Maryland Coast Dispatch
May 3, 2013
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Talking To Kids About Money
OCEAN CITY – It’s an age-old planning their financial future.” parenting dilemma. When a child 3. Use philanthropy as a teachbegins to edge into adulthood, ing tool. For example, children can how do you make sure he or she be allotted a giving budget and has the knowledge and skills charged with jointly evaluating needed to make smart financial charities and deciding which ones decisions? to support. Of course, this will also Even if you’re wealthy enough have the direct effect of teaching to provide your kids with support kids about the importance of phiand security, you may not want to lanthropy itself. deprive them of motivation or the 4. Introduce investing. Investing gratifying – and educational – ex- smaller sums with limited conseperience of succeeding on their quences is a great way to learn own. At the same time, however, about making informed choices today’s depressed job and managing risk, particmarket for younger workularly in a market plagued ers could present chalwith uncertainty. “One oplenges. tion is to open custodial It’s critical to recognize accounts with starter that becoming financially funds for each child and independent is a journey let them work with your Fi– one that may take longnancial Advisor to create er in today’s uncertain a small portfolio and evaleconomy. “Achieving fiuate its performance,” BRIAN SELZER nancial autonomy is a Allred says. “Be sure to transition rather than an abrupt explain that it’s not about never change,” notes Eileen Gallo, co- making a mistake; it’s about learnauthor of Silver Spoon Kids: How ing from those you make.” Successful Parents Raise Re5. Let them falter. Whether it’s a sponsible Children. “Early adult- bad investment or a splurge that hood is a time of exploration, of busts the monthly budget, a misfinding out who you are. If your step is bound to happen every so son or daughter is on target by 25, often. When one occurs, resist the that’s great. But maybe that’s not urge to swoop in and rescue your to be.” child financially. Fortunately, there are ways that 6. Offer selective support. allow parents to ease the journey There are some expenses it may to financial autonomy. Here are six make sense to fund, such as medideas for providing education a- ical insurance, continuing educabout money matters and judicious tion, vocational testing or therapy. financial support. “These are things you feel are im1. Share information. Affluent portant but which, faced with payparents are often so concerned ing such costs themselves, your about their children feeling entitled son or daughter might not do,” that they keep them in the dark Gallo explains. “Making sure your about the family’s assets. But chil- child has health insurance or the dren often learn a family’s values guidance she needs to figure out best by observing those principles what she wants to do with her life in action, notes Stacy Allred, is not an indulgence.” director, Wealth Structuring Group Families with greater assets at Merrill Lynch. “Entitlement is a that want to set up trusts for kids natural state we all go through in can actually tie trust distributions youth,” she says. “To emerge into to certain benchmarks. One idea, stewardship, you need to learn a- Gallo suggests, is to create a “rebout money and accountability.” sults-oriented trust,” which identiIt can be helpful to ease into fies specific results for a beneficisharing elements of financial plan- ary to achieve while offering some ning. Rather than revealing your degree of flexibility. Alternatively, a entire investment portfolio, for trust could simply state that the example, start by reviewing a col- children will receive their money lege savings account once each whenever the trustee – who could quarter. “One family I worked with be a family friend or a trusted fihad their son attend family finance nancial professional – is confident meetings from when he was quite that they are mature enough to young,” Allred says. “Early on, the handle it. A Financial Advisor can statements he saw had percent- help you obtain more information ages instead of dollars; then later, about the various trusts you can when he was emotionally ready, use. he got to see the dollars as well.” Every family will have its own 2. Explain the importance of idea about what specific assets to budgeting and saving. Helping a give the next generation, and teenager or young adult create a when. But the most valuable monthly budget is a great way to things to give your children may instill financial discipline. “Sit down well be the knowledge and skills and discuss the basics of money they need to spend, save, invest management,” Gallo urges. “Or, if and share their income responsithere’s resistance to your involve- bly. ment – which is common at these – Brian Selzer ages – bring in your Financial AdSpecial To The Dispatch visor. He or she can help kids cre(The writer is a senior financial adate a budget, learn basic skills like visor and can be reached at 410-213paying bills online and discuss 8520.)
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