I love surveys. They are just a wealth of awesome information. One recent survey found that more people believe in ALIENS ON OTHER PLANETS than believe Social Security will still exist for their children's retirement. So what are we doing to prepare our kids for that possible eventuality?!
Imagine- a world without the safety net that is Social Security. If there is really NOTHINBG for people, which isn't what I anticipate, but your guess about the future is just as valid as mine, then what would you need to do to prepare yourself or, more importantly, your children, for an eventuality such as that? Well, four percent is the common number used as the amount that might be withdrawn from savings for an income. $500,000 dollars saved would equal $20,000 income.
Tell Them True Stories- Parents often hide bad things from or kids thinking it will protect them. Not everyone agrees with that method of parenting. The ups and downs of real life really can be a very good and memorable teacher of truths to kids. Speaking of truth, when it comes to finances apparently- according to this survey- 75% of parents LIE to their kids about money, with 15% lying WEEKLY.
Your finances- We are all learning this finance stuff. So don't be shy about the journey to financial fitness taking you on a trip as you discover mature answers that you never learned. Get your finances under control as you take steps to teach your children. And don't be shy. You have won the Tour de France and yet you persist in teaching your children the skill or two-wheel bike riding. You can teach them something without being a perfect example of the skill.
Teach them- The survey found that a parents' advice to their children- believing there is not safety net- is to work hard. You cannot only give that advice. But that's exactly what people ARE doing, nothing. In the survey only eighteen percent - 18% of respondents listed advice of 'start saving early for retirement' was needful advice. So, teach them: about savings, share your mistakes with them, teach them to save early for retirement.
Citation:
Marion Syversen, MBA
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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