Different Stages Money and Children Go Through In Your Life
Our financial relationship with our children will go through many stages as they, and we, age. The four key stages of your financial relationship with children are:
In almost all cases, these stages will overlap. As your children grow up you simply play more roles. Your roles as a provider and teacher certainly will overlap for some time. When you are no longer the provider for your children, you will remain, at least in your view, their protector – even if not financially. And you will always be a teacher. The only change is that as they mature into adulthood, your children will probably become more willing to listen to you; you will gradually grow wiser in their eyes. Even the financier stage of the relationship may extend well beyond paying for some or all of their education if you help them buy a car or a home.
Bruce Helmer is the President and founder of Wealth Enhancement Group, a Minnesota-based financial planning firm with experts in the fields of financial planning, investment management, tax strategies, insurance, and estate planning. He hosts a weekly financial education radio show on stations throughout the upper Midwest and is the author of “Money and the People You Love.” To learn more, visit wealthenhancement.com or