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I failed as a dad financial planner this weekend
Our family saving experiment took an unexpected turn….here’s why everybody needs an objective financial planner. I failed as a financial planning Dad this weekend. If you have been following along, you know we are in week 7 of our family experiment teaching our 7, 5, and 3 year old about savings and the value of $1. Each week the kids get a dollar for our trip to the grocery store. They can spend it, save it, or even pool their money together for something bigger down the road. We track it every week in their ledger and the kids now know exactly what they have. And so far, they have been saving for something bigger, letting their “accounts” grow. They each have $7 built up. Super proud! But this weekend took an unexpected turn. My 7 yo saw something she wanted for $11. She REALLY wanted it. The tears started. The look in her eyes. Even the store manager came over and started pleading her case for her! So of course as her Financial Planner, I told her she couldn’t afford it, that she needed patience, and that in another month she would have enough. Right? WRONG! I caved. I bought it for her. We negotiated a payback plan but now my daughter is $4 in debt. Just like that. From a great saver to a girl in the red. Because in that moment, I wasn’t her Financial Planner, I was Dad. And all the emotion that come with that. And I won’t even share the conversation with Mom when we got home. So here’s the lesson: 👉Marketing and influencers are powerful – I blame the store manager! 👉Emotion is powerful when it comes to making money decisions. 👉Good habits and best intentions need constant work. That’s why EVERYONE needs an objective planner by their side to help stay on track. Because even the best of us can make a wrong decision when it comes to our own money. Hey – at least I’m charging interest on the loan. Time to teach her (and me!) the hard way. 💪 👇Follow for more. #ParentingAndMoney#RaisingMoneySmartKids#FinancialPlanningForFamilies#FamilyFinance#MoneyLessons #KidsAndMoney#WealthBuilding#FinancialEducation#AndrewOnTheGo #FutureFocused#TeachingKidsMoney#SmartParenting#GenerationalWealth#FinancialWellness
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