Fi­nance Ba­sics for kids

5 WAYS TO HELP YOUR KIDS BE AMP Adad­vi­cei fi­fi­nan­cialil ad­viser di KERRIE-LEE LORD shares her tips

Woman’s Day (Australia) - - Contents -

1 SHARE YOUR MONEY MIS­TAKES

If you tell your kids about your past mis­takes, hope­fully they won’t make the same ones! Be­ing open and honest about your fi­nances should cre­ate an en­vi­ron­ment where your kids come to you when they mess up.

2 KNOW NOTH­ING COMES FOR FREE

Noth­ing in life comes free, and the ear­lier kids learn this, the bet­ter off they will be when it comes to man­ag­ing their own fi­nances as they get older. So if your adult chil­dren are still liv­ing un­der your roof, make sure they’re con­tribut­ing to fi­nan­cial ex­penses rather than just help­ing out with chores!

3 RE­MIND THEM IT’S A LONG GAME

Build­ing wealth doesn’t hap­pen overnight. In­stil in your kids that bud­get­ing and putting small amounts of money aside reg­u­larly for sav­ings and in­vest­ments will help them build wealth, and en­able their goals and as­pi­ra­tions to hap­pen.

4 TALK ABOUT GOALS

A goal with­out a plan is just a wish. En­cour­age your kids to start think­ing about what they want to work to­wards now and into the fu­ture. Is it to go on an over­seas hol­i­day, to buy a house or to re­tire ear­lier? Hav­ing clear goals will help them cre­ate a plan to achieve them.

5 SEND THEM TO THE AMP GOALS EX­PE­RI­ENCE CEN­TRE!

A coach will help them to vi­su­alise and ex­plore goals from ev­ery an­gle. Of­fered across Aus­tralia, the ses­sions are com­pli­men­tary for a lim­ited time only at par­tic­i­pat­ing prac­tices. Visit amp.com.au/goals360

Kerrie-lee Lord

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