Teaching Kids Lasting Financial Principles

kid givingThe news practically went viral when Utah blogger, Lisa Henderson announced on her Over the Moon site that she and her husband were cancelling Christmas. Why? After recognizing some entitlement attitudes from her three gift-focused boys, she decided to nix the traditional festivities and refocus her kids on attitudes of gratitude.

In relation to Henderson’s bold move, I think about my own family. Gift giving is one of the hallmarks of the season, and sometimes the ‘softer messages’ of the holidays can get easily lost among the presents. I actually took an informal poll recently, and about 98% of the people I talked to hope to get some kind of electronic device. My heart sank a little knowing that maybe all of us (not just kids) focus too much on the getting.

The Happiness of Giving

On the flip side of the gift-getting coin, is the joy you get when you give. There is a great feeling that comes when watching a friend or family member open a present that truly makes them smile. I hope that all of us have experienced that moment. It almost doesn’t matter what type of gift is given – as long as there is meaning behind it. Getting that satisfaction is what makes me appreciate the gift-giving tradition of the holidays.

A More Meaningful Gift 

When I introduce parents to the concept of using the features of their Life Insurance to teach kids and young adults solid financial principles and habits, I love how excited they get!

Life insurance is NOT just any financial product. It’s a type of money strategy that supports families during their lifetime and beyond.

When working parents are utilizing life insurance as part of their financial foundation, they are exercising the very habits they are trying to instill in their kids, like:

  • Saving regularly
  • Being a better steward of money
  • Understanding interest better (he who understands interest, collects it; he who doesn’t, pays it!)
  • Spending money wisely

Not only can you teach kids lasting financial principles with life insurance, you can also leave them with a family legacy.

I don’t expect any parent to stuff a life insurance policy into their child’s stocking, but utilizing this tool to exercise good financial habits can help kids grow to be self-sufficient and money aware.

So, maybe next year Christmas won’t need to be cancelled.

To learn more about the value of Whole Life Insurance listen to Ryan Lee’s Family Banking Webinar.

Bryan McCloskey

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