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