I am really having fun exploring the concept of raising responsible kids in this series, so thank you for joining me. I certainly hold no credentials on this topic, but I absolutely love talking about these things as a mom and as an attorney.
So, welcome back to the second article in our series on How to Raise Responsible Kids. You can read part 1, where we kinda redefined what responsibility means here.
In short, responsibility in the context of this series means your children are “able to be trusted to do what is right.”
So let’s look at what that looks like in several different areas and how we can support our kids becoming truly responsible.
Let’s begin with money because that’s one common realm where I find a lot of parents are interested in raising responsible kids.
What does it mean to be responsible with money? What does it mean to be trusted to do what is right with money?
To begin with, it means that we are confident our children know how to make good use of the resources that come to them, regardless of how it comes.
As I think through this, I realize that before I can ensure my child becomes responsible in this area, it makes sense to look at whether and how I am taking responsibility. Can I be trusted to make good use of the resources that come to me? Woah, heavy.
In my experience, most people do not feel confident in this area. I have certainly not felt confident myself at times. That lack of confidence may show up as an over focus on money, an unnecessary stinginess, or as an unwillingness to make the time to really look at what we have.
I think that if we find ourselves in any of these situations, supporting our children to become responsible with money needs to begin with us.
It makes sense then that we can take responsibility by getting clear on what we have and what we need to provide a life of comfort and connection with the ones we love. We can show our children what responsibility looks like by creating a Family Wealth Plan that engages our children in planning for their own futures.
This is the coolest part – when you bring our children into the Family Legacy & Wealth Planning process, in a well thought out manner, we are preparing them for a life of financial responsibility.
I’ve been witness to far too many situations where parents come in for planning to leave inheritances to their kids, only to have them come back in years later wanting to protect their assets from their kids. This doesn’t have to be the case for your family though.
Whether you have young kids or adult kids, it’s not too late or too early to start this process of taking full responsibility for your money and leading your kids by example.
Next week, we’ll look at relationships.