6 Money Myths Parents Pass on to Their Kids

Interview Kathleen E. Owings.

Financial Advisor, Kathleen Owings, is a Principal and Financial Advisor for Westbilt Financial Group.

What Kathleen Owings Can Say in an Interview:

We need to teach our children the tools to being able to have the kind of  financial future that can support generations to come. This means that we as parents need to learn what we do not know. When we make good decisions with our money, we are being good role models to our children.

We often just keep perpetuating money myths and we need to break the habit of doing so. Here are 6 common ones:

  1. “Pick something you love to do and the money will follow.”  While, sure, we want our children to find their passion, we don’t want them to live in our basement forever.  They have more data available to them than ever on what jobs pay what and what lifestyle they can create around what drives them. Ideally pick something that can give you more of both.
  2. “For college, you can just take a loan.”  Is just assuming debt the mindset that we want to teach our children? We have a nation that is brought up to disregard their means for being able to pay for things. The result is debt, high credit card bills—and banking institutions cashing in on interest.
  3. “Go be a doctor or a lawyer and you’re set.” Choosing any profession based solely on salary is never a good idea. Besides the fact that they these professions may not be aligned with your unique gifts and passion, there are likely many things about these professions that you would not enjoy.
  4. “Having a car payment is just the way it is.” Why do we just accept this as the law of the land? We need to teach our children how to delay gratification so that they can pay for the car (or anything else they want) when they have the means to do so, instead of creating yet another monthly bill.
  5. “Always put 10% aside from every paycheck.”  Great advice, however, they often don’t know what to do with that 10%. They need advice on that from a qualified professional to maximize the money they put aside.
  6. “Save your money.”  What does that actually mean? This is too broad and provides no direction. The typically savings account of young adults is low.

Education is key to harnessing the power of money. Parents should read the best books out there on ways to accomplish this, or seek the advice of a sage financial advisor. Doing so will help put themselves and their children on the right path to wealth and financial security.

 

Available for Interviews: Kathleen E. Owings.

Kathleen E. Owings is Principal and Financial Advisor for Westbilt Financial Group. She was named one of the 4 Under 40 in 2018, a prestigious award given by the National Association of Insurance and Financial Advisors to only four young advisors in the country. Kathleen manages assets for individuals, families, and businesses to the highest standards of fiduciary duty.

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