6 Steps To Raise Financially Responsible Children: Step 1

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Family Culture

In order to set up a friendly financial learning environment in your household, you must assess their current situation. In order to raise financially responsible children you must have a family environment that supports learning and achieving new goals. You should be able to establish clear expectations, provide a vehicle for good communication, and set family rules.

  • Ask yourself if you currently outline what you expect from your child as productive members of the family unit?
  • How do you communicate with your child?
  • Are you open and honest about what is happening in the family and how it affects their life?
  • Is your child open and honest with you about their life?
  • Does your child know the family rules?
  • What happens when they break those rules.
  • Are you consistent in your parenting practices?

Parents need to make sure that their family culture is conducive to implementing a new family plan before they start. Otherwise they could be faced with some difficult challenges even trying to accomplish simple tasks. If the foundation is not strong, it is difficult to build upon it.

 
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