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HOME > INSIGHTS |
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| Harris myCFO offers a broad array of special reports, articles and white papers on topics that are timely and meaningful to wealthy families. |
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| Seven Tips for Teaching Financial Values |
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Teach values through small doses of financial education for preschoolers and increase doses as children get older:
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| 1. |
Answer questions in a forthright and age-appropriate manner. |
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| 2. |
Tell children only as much as they need to know and are able to absorb. |
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| 3. |
Establish allowances with portions dedicated to savings, charity and spending. |
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Start an investment club, giving older children several thousand dollars to manage. |
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Set up an internal family bank to provide venture capital for members who want to start a business. Rather than depleting family wealth, this increases it and fosters enterprise. |
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Establish a family foundation to give grants to individuals and nonprofit groups. Give younger children the opportunity to determine how to disburse small ($100) donations. |
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| 7. |
Give adult children discretion over a larger trust fund with the help of a financial advisor. |
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| Source: Laura Kastner, Raising Healthy Children in Families of Affluence, 2007. |
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