Wednesday, April 6, 2016

Make A Money Roadmap For Your Kid

Today’s fantastic family finance article is:
Money Roadmap Milestones

“Would you tell me, please, which way I ought to go from here?”
“That depends a good deal on where you want to get to,” said the Cat.
“I don’t much care where–” said Alice.
“Then it doesn’t matter which way you go,” said the Cat.
“–so long as I get SOMEWHERE,” Alice added as an explanation.
“Oh, you’re sure to do that,” said the Cat, “if you only walk long enough.”
(Alice’s Adventures in Wonderland, Chapter 6)

Like Alice in Wonderland, your youngster — not surprisingly — has no idea where she’s headed financially, or how to get there.

That’s where you come in.

Unlike the Cheshire Cat, you have a firm idea of what your child’s destination should be. Take the time to map out the waypoints — the key financial skills you’d like your child to learn along the journey from preschool through elementary, middle, and high school. Even onto college and beyond.

Looking for a sample roadmap? Check out Trae Bodge’s example in today’s article. Customize the steps to match your family’s unique values and goals.

Don’t panic. You don’t have to get it right all up front. Adjust and fill in more detail along the way. The key is to be intentional about the path as early as possible. You’ll find the trip is over before you know it.

If you don’t map out your child’s financial journey ahead of time, she’ll end up down a financial rabbit hole that, more often than not, circles right back to your doorstep.

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