Episode 38: Establishing a solid financial foundation starts in the home; most people develop their money habits, good or bad, from their parents. While it's not the case for everyone, most carry on the same behaviors witnessed when while growing up which means it is important for parents to show good money habits, but also teach them to their children.
My guest, Frazer Rice spent 15 years working with ultra-high net worth families where in addition to helping them manage their finances, he also helped them teach the younger generations to be ready for the wealth they would one day inherit. In this episode, we discuss some of the exercises Frazer used to use with his clients and translate them into exercises anyone can use, regardless of net worth. Financial literacy is not reserved only for the rich, and as you'll see important lessons can be taught with little dollars required.
This episode has something for both financial advisors and clients; financial advisors think about how you can help your clients educate their children, your future clients, to develop responsible money habits. If you're not a financial advisor, think about the lessons you wish you'd known when you were younger and teach those to your children. Frazer and I give you a few examples, and if you need more help with what you should teach your children, check out this episode from the past with some of the smartest people I know in finance.
I hope you enjoy!
Book: Wealth, Actually
Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimer page.