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Helping children and grandchildren get off to a great financial start

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Raising a Money Smart Child
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Helping children and grandchildren get off to a great financial start

  1. 1. HELPING CHILDREN (& GRANDCHILDREN) GET OFF TO A GREAT FINANCIAL START © 2018 LWI Financial Inc. LWI Financial Inc. (“Loring Ward”) is an investment adviser registered with the Securities and Exchange Commission. Securities transactions may be offered through Loring Ward Securities Inc., member FINRA/SIPC B 12-031 (Exp 7/14)
  2. 2. Your Challenges Today Concerns about financial future Providing the best for children so they can enjoy everything life has to offer Educating the next generation to manage family wealth effectively
  3. 3. The Kids are All Right? Sources: “Insight on Wealth and Worth Annual Study,” U.S. Trust, 2012; “Money Across Generations II Study,” Ameriprise Financial, 2012; 2011 National Endowment for Financial Education Study. Of affluent baby boomers… 50% want to leave money to their kids 33% said they would rather leave it to charity 32% are confident their children will be ready for a financial legacy 47% worry their children do not understand what it takes financially to prepare for retirement 35% concerned their children have not learned fiscal responsibility 59% of parents provide financial support to adult children
  4. 4. Key Considerations Importance of starting early in childhood (around age 3 or 4) Hands-on, daily practice of basic skills Simple messages when questions or other learning situations arise
  5. 5. Simple Steps Financial results come from the small decisions we make and actions we take each day. Parents need to help children prioritize and make good choices as well as learn from mistakes You can do it!
  6. 6. You Are the Most Influential Financial Teacher Your Child Will Ever Have
  7. 7. The POWER of Three No matter how old your children, there are a few key concepts for them to learn over time: 1. Differences between needs and wants 2. How to prioritize and make good choices 3. Understanding the consequences of these choices
  8. 8. How to Teach Divide all income into categories: Give, Invest, Save, Spend (GISS) Use cash Tell stories Look for everyday teaching Take the time to explain things Help children learn valuable lessons from mistakes Encourage creative “entrepreneurial” thinking
  9. 9. GISS Method of Money Management Give Invest Save Spend
  10. 10. Why Do It? Dividing money into “Give, Invest, Save and Spend” categories provides: Repetition and relevancy Memory skills Critical thinking and decision making Profound and meaningful conversations Practice in goal setting Pride and responsibility
  11. 11. Allowances This “practice time” teaches children consequences of choices and personal responsibility. Also allows them to learn the value of things. Decision Making and Responsibility Tie to Chores or Not? A Simple Solution — The “Mini” Allowance How Much and When? Increases
  12. 12. Mistakes to Avoid Talking negatively about money… or not at all Thinking you must be a math or investment expert Teaching children only to spend Overindulging children with “stuff” Getting upset at a child’s decision and not identifying lesson within the “mistake” Giving stock “yes” or “no” answers to save time Going to the mall as a regular pastime
  13. 13. The Key to Effective Money Lessons Consistency Personal relevancy Age-appropriate responsibility Hands-on practice
  14. 14. Next Steps Commit to being your child’s #1 financial teacher Teach your children financial skills every day Tell stories Share experiences Use cash to help them practice numeracy skills Help them set up a GISS banking system
  15. 15. SO HAVE FUN WITH IT! Your kids have the capability to learn these skills and you have the capability to teach them…
  16. 16. QUESTIONS
  17. 17. Capital Associates 6901 Rockledge Drive, Suite 500 Bethesda, Maryland 20817 (301) 581.4108 info@capitalassoc.net Rob Ugiansky robert@capitalassoc.net (800) 601.5281 Mitchell Katz mkatz@capitalassoc.net (800) 601.5281 http://www.capitalassoc.net The principals of Capital Associates Wealth Management, as individual financial advisers with Eagle Strategies LLC, a Registered Investment Adviser, offer their clients the services of Loring Ward, third party money manager available on Eagle Strategies Investment Management platform. Capital Associates Wealth Management, Eagle Strategies and Loring Ward are independently owned and operated. LWI Financial Inc. (“Loring Ward”) is an investment adviser registered with the Securities and Exchange Commission. Securities transactions are offered through its affiliate, Loring Ward Securities Inc., member FINRA/SIPC. B 16-020 (4/18)

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