Simple Ways to Share Financial Literacy with our Youth
I say it all the time, “financial literacy is best taught at the dinner table”. The dinner table is a metaphor for a location where loved ones communicate without the fear of being judged. At the “dinner table”, we expect information to grow our mind, our spirit, and our heart.
My challenge for you is to share your knowledge of finance with those that are a generation or two below you. Try using a process I call Financial Statement Review. This process can take as little as 10 minutes but if used regularly can significantly influence the financial trajectory of the ones you care for.
Exposure is a big part of the development of our youth. Allowing our youth to just review a financial statement and internalize the information before adulthood will result in a more financially mature person.
The best part is you do not have to be a financial expert or have even been successful with money. All you have to do is explain what you know.
How It Works
Select a personal financial statement (Mortgage statement, bank statement, insurance statement, investment account statement, retirement account statement, etc.) that you feel comfortable sharing.
To increase engagement find pictures or stories to reinforce the information being shared. Take into account what’s happening in your audience’s life to make the talk as relevant as possible.
Predetermine the questions the person you sharing the information will have
Find a location and time where you can have the person you are sharing the information with undivided attention. Make sure the noise level is appropriate for the conversation.
Now, share the information you have.
Summary
Do not expect the person you sharing information with to become the next billionaire investor. You might not even be around when the light bulb comes on concerning the information you have shared.
The Financial Statement Review should not be a one and done activity. Continue to share different types of statements with the person you sharing the information with. Expect to revisit the same type of statements multiple times in a year.
Zig Ziglar once wrote, “Repetition is the mother of learning, the father of action, which makes it the architect of accomplishment”.
If you want your loved ones to accomplish great things with money, share with them what you know and what you have experienced with money.
Randall Avery
Financial Advisor │ Author │ Public Speaker
R.S.A. Deasil Advisors, LLC
Office: 531-333-2745
Email: Deasil@rsadeasil.com
Website: www.rsadeasil.com
P.S. If you would like me to speak at your next event, please click HERE
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While working with clients, Randall realized there was a missing process that individuals were not performing when choosing to use their money. Motivated to fill this gap, Randall developed three models to ‘Hack The System’ and allow individuals to Create Your Own System (CYOS). Randall hopes effectively using these models will help individuals identify the best moral and ethical use of their money.
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