Learn the "value of a dollar," is oftenrepeated by parents worldwide. Kidswho miss out on this timeless talk mayface devastating consequences. Thebest approach for physician-parents isto teach by example. It's up to you topractice the same financial principlesthat you preach to them.
Our grandparents sang the same value-of-a-dollar tune to our parents, who thenpreached the harmony to us. But, the connectionis becoming so distant.
Unlike the years when the employedstood on pedestals, in today's mobile societythere are an unprecedented numberof 2-income families, bringing in moremoney than ever before. Yet, work limitstime with our kids, which leads to tremendousguilt. In response, the tendency is toprovide children with money in lieu oftime. Money actually becomes a substitutefor participating in our kids' lives.
The end result of all this is thattoday's youth expect more and knowless about what anything costs. Rarelydo they work for their money and,therefore, don't appreciate the value ofa dollar. Acting as if money grows ontrees sums up the attitude of the majorityof today's fiscally challenged youth.
Today, money is more available thanever. Even teenagers can receive creditcards without parental approval. Whatteenagers don't realize is that easymoney has strings attached. Kids whoskip the tough lessons become financiallyhandicapped, making it difficult forthem to take responsibility for theirmoney problems. By failing to teach thevalue of a dollar, we're raising a generationof children disinterested in makingtheir own financial decisions.
Give your kids a healthy financialstart. Teach them the basics of moneymanagement, and make sure they watchyou practice it. Use the following valuabletips to get your children fiscally fit:
Implementing these ideas into yourchildren's financial plans puts them onthe right track to becoming productiveindividuals. It's part of our social responsibilityas parents. Follow through withthese ideas, and set a good personalexample. Encourage often, and providelots of positive feedback. Teaching kidsto have a healthy attitude about moneyhelps them learn patience and disciplineâ€”skills necessary for success inalmost any situation today.
Joel G. Block, knownas the Growth Architect, ispresident of Growth-Logic,Inc, in Agoura Hills, Calif.Growth-Logic provides financialplanning, insurance, andinvestment services. For more information,call 818-597-2990 or visit www.growthlogic.com. James P. Murphy is a partner in theaccounting firm Lucas, Horsfall, Murphy &Pindroh, LLP, and a principal in LHMPFinancial & Insurance Services, LLC, inPasadena, Calif. For more information, call626-744-5100 or visit www.lhmp.com.