Financial Independence and Your Children – Part 4

May 31st, 2008 | Stacey | Financial Freedom, Financial Independence

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Financial independence seems so difficult to attain when you reach adulthood. One of the reasons may be the philosophies you are taught about money as a child. Often we are encouraged to get a job and be secure but we really don’t know the first thing about attaining financial independence.

Teaching our children about financial independence is one of the greatest gifts we can give them. It’s like the old saying you can give a man bread or teach him how to make it. We want to teach our children how to take care of their money and themselves for greater freedom in their future.

Our series discusses ways to teach your children how to approach finances with confidence and a sense of savvy rather than being submissive and taking second best. Another way to teach your child about the importance of money and how it is spent is to make them part of your major purchasing decisions.

Whether you are shopping for new appliances or a new car, you can discuss the procedures for making major purchases with your children. Let them help you go comparison shopping, do research and look for coupons and discounts. Encourage them to read magazine and online forums to find out the most information. Show your children how you negotiate with salespeople to get a better deal.

When you hold out for the best deal, you’re not only helping yourself but teaching your children. Your kids learn from what they see. After watching you negotiate a good deal, your children will never pay ticket price when they make major purchases. Help your children learn a valuable lesson about financial independence by making them part of a making purchasing decision in your household. Our next entry will discuss even more ways to help your kids learn about financial freedom.