Mutual fund giant Vanguard shared a link from DebtWatchdog.com entitled "How to Stop Your Children from Getting Into Debt". The article offers up six different ways in which parents can teach their children how to manage their money better. While I like many of the points that the article brings up, I think they're all predicated on a single issue: honesty.
By being honest with your children regarding money issues, there will be a deep mutual respect that will last a lifetime. After all, if your child does not know that you are a struggling financially, how can you expect to "give them the world" when "the world" requires lots of money these days? Indeed, the old adage is correct in that money isn't everything; unfortunately, in this day and age we're often of the perception that it is - and perception is everything. Remain honest with your children and talk with them about your financial mistakes. After all, if they don't recognize that bad financial decision making can lead to severely adverse consequences, then what will prevent them from making the same mistakes you did?
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