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Thought leadership series
Should I pay off my daughter's debt?
Should I pay off my daughter's debt? 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 last weekend took an unexpected turn when my 7 yo saw something she wanted for $11 – but only had $7 saved up. 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. But now I have to hold my ground when someone stepped up and offered to pay off her debt. The saga continues! 👇Follow for more. #ParentingAndMoney#RaisingMoneySmartKids#FinancialPlanningForFamilies#FamilyFinance#MoneyLessons #KidsAndMoney #WealthBuilding #FinancialEducation #AndrewOnTheGo #FutureFocused #TeachingKidsMoney #SmartParenting #GenerationalWealth #FinancialWellness
Thinking about selling a business? The amount you can bank on might surprise you.
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Thinking about selling a business? The amount you can bank on might surprise you.
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