As a financial planning business, our top priority is to ensure that you and your family are taken care of; not only when the main income earner passes away or if they become disabled, but through every step of life. It's a well-known fact that the public school system has little to do with money education for kids in Canada. Sad but true. So, teaching the proper care and stewardship of finances falls heavily on the parent. BUT, if you are OUR client, we want to meet your kids! As an extension of you, we consider them to be our clients. One family brought their son in to sit down with Rob. Upon the boys request, we set up a savings account to deposit his allowance into each month! We love that.
A great way to teach your kids about saving money is to open up a BYOB for them. (You know, "Become Your Own Banker" ... we blogged about it a while back.) As parents, you can open up this unique whole life insurance policy for your kids when they're young for a FRACTION of the cost if they were to wait until they're older. Tell them that you're doing it because you want to help them save for their future. When you fully grasp the idea of the infinite banking concept (another term for BYOB) you will agree this is an amazing tool for your children's future.
As they grow, so will the value of the BYOB as well as their understanding (especially if we get a chance to explain it to them). Finally, when they hit 18 or so, have their first job and feel confident to take it over, you can change the ownership to your child and they're off!