- Not talking about money. No problem for us in this category. In fact, I'm a personal finance junkie and have to work hard to find other topics :-)
- Being embarrassed at cutting back and saving. Not me. While all my colleagues bought new cars, I drove the 13 year old family car during my first two years of working. I also plan to quit buying clothes for the next ten years.
- Not walking the talk. I learned this one when we were failing to get my daughter to eat vegetables, when I wasn't. I now eat the most vegetables at meals:-)
- Not taking advantage of teachable moments. I'm sure my daughter wishes I'd give fewer coaching tips.
- Not teaching the difference between needs and wants. We may have to put more effort in this area. Even though our daughter is only four, she pointed out that a Corvette is a "very nice car" she'd like us to have.
Personally, I would add one more: letting them learn through experience and small mistakes. For example, I had her make her first purchase when she was three.
For more on Crossing Generations, check back every Thursday for a new segment.
This is not financial advice. Please consult a professional advisor.
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