by Christopher A. Straub, Henley & Straub LLP –
I wrote a few years back about money and children. As I write this my wife and I are planning for our annual weekend away without our kids. This year we are headed to Las Vegas, and will have returned by the time you are reading this. We will have undoubtedly been relieved of some change – the house always wins – but an annual getaway is much needed and worth it. We have spent months planning, budgeting and preparing for this holiday. Going away is a time investment well before the plane takes off – the logistics of everything from petsitters and babysitters to flights, accommodations and activities while away. Taking the time to make a budget and plan for a vacation can help you relax and enjoy yourself without fretting over the details. Travel can be expensive and as with all things financially related, informing and educating yourself before shelling out is prudent and just plain responsible.
Our children have been asking a lot of questions about our trip, and some of these include questions about costs and expenses. They always have lots of questions about money, and we regularly encourage discussions on the topic. Of late they seem to wonder about the financial side of a lot of day-to-day life, from the pros and cons of working as an employee versus being an employer, to the federal workers striking along the side of the road as we drive to school and their negotiations with the government, to the housing market and real estate sales. These questions can often be difficult to answer and I often find myself using the internet to clarify a detail here or there. As I tapped my queries into Google, I realized that adults often have the same questions, but are often afraid to ask them for fear of sounding uneducated.
With financial matters, it is important to appreciate that not just children have questions about money. When I went to high school, we didn’t learn much in terms of financial literacy. Nevertheless, I have clear memories of banks waving credit card application forms at anyone with a pulse during my first year of university. There seems to be an expectation that adults have it all figured out when it comes to money management, but this is the furthest thing from reality or what should be expected. The most important thing a “grown-up” should know is that they don’t know everything! That is perfectly okay. That is why there are accountants, investment advisors, lawyers and other professionals to help. People should not be afraid to ask questions about money. As I say to my clients, staff and kids: there are no stupid questions. Surrounding yourself with people that can work together and facilitate your decisions regarding budgeting, investing, tax planning and important life events is just plain smart. Take advantage of what the professionals in your life have to offer – it’s what they’re there for!
