“They are your children for the rest of your life. Parenting doesn’t stop after college. Early in their lives is a great time to show your children what it takes to be responsible financially.” –Michelle Oliver, Financial Representative, Virginia Asset Management (Oliver, 2011)
Many of us wonder how we can help our children succeed financially without giving them everything, but while still emphasizing good work ethic. Here are some questions you can use given by Northwestern Mutual to evaluate yourself in this area:
- Do you have enough life insurance now that a child depends on your income?
- Is your disability insurance sufficient?
- Would your child be able to attend college if something happened to you?
Family financial planning may derail by the unexpected death of you or your partner. A disability or illness could prevent you or your partner from working and side track your own retirement plan. You may need to expand your family financial planning to include increases in life insurance and disability insurance to help ensure financial security for your child (Northwestern Mutual, 2012).
“Once you have done these steps, involve your children in their money matters. When they are mature enough you can explain their insurance policies to them. You can have them begin depositing money in their savings account, and you can have your child’s savings account to pay for their college tuition by an automatic draft. This teaches them that they too are investing in their future.
If you as a parent don’t understand finances enough to explain them to your child, contact a financial advisor or a registered representative to assist you with your financial strategy. There are many classes that can teach your children about money as well” (Oliver, 2011).
Here’s a crossword puzzle for you to print out and enjoy!
Preparing for Your Child’s Financial Future
S G Q E E H C O B V T I V B X P E W T I B A Q Y S E P H D V C N S H L H R J H O Q L V H D V L E Z U F S C A A P A H V B Y E N V C V V Y B M I U N G T S P B B V N V K H Y Y K J E Z L R W H F G E H O A H A E T L T M O C E S A U U Y D R S U X N C M O Q M B T T K L N S O U C P T Q F T N U O C C A N B F N C J M L K Z I M C W Y X F O Z E C Q P T E L P E F X R P B G E T Z K R H B C A L A I H X F L H I S S G F Z A I L S Z O N M H E F R R A T H M C L P L R P G L K F Z W R C S V J M M Z W G D M E Y F G L X O V C X W J K P C T E R M O N E Y B E Y V H I I M Z Q L F D E G L M X Q L J X C A Z E E O G V Y D N C A E Q I R S V Q M G N O X S E U T U K F S J L F C A I E N I D I O Y O S P P S D Y U L L Z V J Y X Z L W B H K J P Y E J B G M B O E H T B E D S P H C E Z H A Z G R N R O C P M W A G R F O M U R U ACCOUNT CHILDREN COLLEGE DEBT INSURANCE MONEY PARENT PLAN PREPARE SAVE SAVVY
Northwestern mutual. (2012). New child. Retrieved from: http://www.northwesternmutual.com/financial-guidance/personal/starting-out/new-child.aspx
Oliver, M. (2011, March 30). Preparing for your child’s financial future. Urban Views Weekly. Retrieved from http://urbanviewsweekly.com/2011/03/30/preparing-for-your-child’s-financial-future/
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