Money affects everyone regardless of age. The worry increases with age as bills and responsibility change over time. However, according to the Long Island-based financial advisors, Money Masters, Inc., conversations about money should start at an early age.
“Our goal is to raise children that grow into prosperous adults who have a healthy relationship with money,” said Richard Weinstein, co-founder of Money Masters. “We want them to have money literacy.”
On Jan. 22, the Freeport Memorial Library welcomed Weinstein to the monthly Financially Fit workshop to tackle the question, “How do parents talk to their children about money?”
Freeporters interested in mastering the sticky world of finances, while learning new ways to have conversations with their kids attended the workshop in hopes of tapping into new resources.
“I don’t think people see the need for this, but this is starting to be a topic of discussion,” Weinstein added. “Parents are reluctant to talk to the children about money because they don’t feel comfortable. It’s a void and we’re trying to fill that void.“
Weinstein is a business owner of a New York City-based electrical contracting firm for over 30 years walked, parents and grandparents, through different steps they could raise money-smart kids. Through the workshop, Weinstein introduced Walter the Vault, a cartoon character he created in efforts to help children better understand the fundamentals of money.
On the Money Masters’ website, walterthevault.com,Walter the Vault stars in a collection of games, coloring pages, puzzles and spending charts centered around spending, saving, budgeting, financial goals and earning.
According to Claire Lynch, vice president of business development at Money Masters, parents should start conversations with children at a young age in efforts to start developing a healthy relationship into adulthood. An approximate, 72 percent of parents say they’re reluctant to talk to their children about money, says Weinstein.
“It is overwhelming for parents to explain finances to their kids. We hope our guide can help parents answer their kid’s questions,” Lynch said.
Weinstein recommends parents to find ways they can teach the children how to earn money around the house by assigning chores or even shoveling snow. Another suggestion was to give the children a weekly allowance. However, the most important thing to do, says Weinstein, is to keep track of the money and store it in a safe place.
“You wake up in the morning you plan out your work day and health day,” Weinstein said. “You should put that same emphasis in your planning your financial day — what am I going to spend, earn, save or donate.”