Viking Magazine - September 2012 - 26
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Solutions for you + your family
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ust as parents and grandparents
want to pass on family
history and traditions, they
can pass on financial lessons to
the next generation.
" Most people don't do
enough to talk about money
with kids, " says Laura
Vanderkam, author of " All the
Money in the World " (Portfolio,
March, 2012). " Often many of
us are confused about it too. "
Similar to any big topic, advice
about money is best doled out in
small chunks rather than a big
sit-down talk.
When shopping, explain to
children that even though you
have money, you can't buy
everything you want, suggests
Vanderkam. You have to make
choices based on your budget.
Talk about your work and
how it allows you to get a
paycheck, but also do something
you enjoy. Let the kids in on the
bill-paying process and tell them
about savings.
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Grandparents are often in a
good position to take a role in
money mentoring.
" Their budget isn't so connected
to the kids' budget, "
says Vanderkam. " Parents don't
always want to share the details
of their money, because they don't
want the kids to worry. " Grandparents
can be more transparent
and talk about how they have
saved and managed money over
the years, she says.
If grandparents have the
resources, they can use special
occasions as teachable moments
about money. " Because
they are giving the money,
they can give with strings attached
to help impart financial
values, " says Vanderkam. For
instance, if you give a grandchild
$1,000 you can require
that $800 be put in the bank
or a brokerage account.
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If kids ask about the stock
market, jump on the opportunity
for some hands-on experience
with investing. Work with your
Viking Magazine - September 2012
Table of Contents for the Digital Edition of Viking Magazine - September 2012
Contents
Viking Magazine - September 2012 - Cover1
Viking Magazine - September 2012 - Cover2
Viking Magazine - September 2012 - Contents
Viking Magazine - September 2012 - 4
Viking Magazine - September 2012 - 5
Viking Magazine - September 2012 - 6
Viking Magazine - September 2012 - 7
Viking Magazine - September 2012 - 8
Viking Magazine - September 2012 - 9
Viking Magazine - September 2012 - 10
Viking Magazine - September 2012 - 11
Viking Magazine - September 2012 - 12
Viking Magazine - September 2012 - 13
Viking Magazine - September 2012 - 14
Viking Magazine - September 2012 - 15
Viking Magazine - September 2012 - 16
Viking Magazine - September 2012 - 17
Viking Magazine - September 2012 - 18
Viking Magazine - September 2012 - 19
Viking Magazine - September 2012 - 20
Viking Magazine - September 2012 - 21
Viking Magazine - September 2012 - 22
Viking Magazine - September 2012 - 23
Viking Magazine - September 2012 - 24
Viking Magazine - September 2012 - 25
Viking Magazine - September 2012 - 26
Viking Magazine - September 2012 - 27
Viking Magazine - September 2012 - 28
Viking Magazine - September 2012 - 29
Viking Magazine - September 2012 - 30
Viking Magazine - September 2012 - 31
Viking Magazine - September 2012 - 32
Viking Magazine - September 2012 - 33
Viking Magazine - September 2012 - 34
Viking Magazine - September 2012 - 35
Viking Magazine - September 2012 - 36
Viking Magazine - September 2012 - 37
Viking Magazine - September 2012 - 38
Viking Magazine - September 2012 - Cover3
Viking Magazine - September 2012 - Cover4
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