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when do you plan on passing your professional ethics down to your children
Or is your plan to have your children financially comfortable for the rest of their lives
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ShaRon’s Answer
Dorian,
This is a very interesting question you ask. I believe that as parents it is our responsibility to start teaching our children as soon as they are born and throughout their lives. It is an ongoing process. As parents we set an example by the way we live our lives. Our children watch us from the beginning of their existence, so they get so much of who they become from the example we set for them. I began teaching my children financial responsibility at an early age by showing them how to save for purchasing things they wanted. By giving them an allowance for personal spending and teaching them to tithe to the church. During High School I got them checking accounts and taught them how to balance a checkbook and manage their spending so that when they went off to college they would know how to take care of money and have a healthy relationship with it. There job was to excel in the classroom and in the sport/art they chose. Both earned scholarships to College. I continue to provide biweekly deposits into my college age son's account - his job is school and basketball. He works during the summer to cover the cost of his training and to have extra money during the academic year. My daughter is on her own and no longer requires my financial support.
I will leave an inheritance for them but my expectation is that they will work hard and earn for themselves, as I did. They will know the value of hard work and appreciate the sacrifice that goes into what is left behind. That way they will understand the value of the gift I leave. My hope is that it will be handled with care as a result. That way they are not waiting for me to die to reach there own full potential.
This is a very interesting question you ask. I believe that as parents it is our responsibility to start teaching our children as soon as they are born and throughout their lives. It is an ongoing process. As parents we set an example by the way we live our lives. Our children watch us from the beginning of their existence, so they get so much of who they become from the example we set for them. I began teaching my children financial responsibility at an early age by showing them how to save for purchasing things they wanted. By giving them an allowance for personal spending and teaching them to tithe to the church. During High School I got them checking accounts and taught them how to balance a checkbook and manage their spending so that when they went off to college they would know how to take care of money and have a healthy relationship with it. There job was to excel in the classroom and in the sport/art they chose. Both earned scholarships to College. I continue to provide biweekly deposits into my college age son's account - his job is school and basketball. He works during the summer to cover the cost of his training and to have extra money during the academic year. My daughter is on her own and no longer requires my financial support.
I will leave an inheritance for them but my expectation is that they will work hard and earn for themselves, as I did. They will know the value of hard work and appreciate the sacrifice that goes into what is left behind. That way they will understand the value of the gift I leave. My hope is that it will be handled with care as a result. That way they are not waiting for me to die to reach there own full potential.
Thank you so much for the advice Ms ShaRon, and I hope everything is well.
Dorian
Updated
Stephanie’s Answer
As a parent who also had a career I made sure that my children understood the value of earning their own money and gaining financial independance. Obviously we provided for them as children but along the way during their entire childhood, we stressed the need to own responsibility for chores around the house. This taught them that they need to contribute and work, not have everything done for them or provided to them. As they got old enough (pre-teen years) to earn money, we guided them to take on small jobs like babysitting or pet care where neighbors paid a small amount in return. This taught them how to be accountable to deliver on the jobs. As teenagers, our kids both had part time jobs so they could earn spending money but also have some visibility into the work world and being part of a work team. This taught them how to balance their school work and extra curricular activities in order to be responsible to their part time job. All of this contributed to where they are today which is post-college young adults in professional roles where they are fiscally responsible. I see the decisions they've made in the last few years and am proud of how they understand the value of working to earn a living to cover their mortgages, bills and expenses and yet they have a good balance that enables them to spend on fun trips, vacations, and hobbies that they enjoy!
thank you so much for your input Ms Stephanie, you gave me new ideas as I was reading your comment,
your response is heavily appreciated.
Dorian
Updated
Arathi’s Answer
As a new parent, this is a very interesting question to consider. I believe I would start as soon as they are able to understand what it means to have a career or a profession, probably when they are in middle school. A very crucial part of this is to teach by example - of how my professional journey is a culmination of the principles and values I started off with and how they set me up for success. In simple terms, it would mean showing my child how I value time and deadlines, of how learning is always on and making it big also means working incredibly hard and smart. I would want my child to make smarter finance decisions than I did and giving them the right kickstart to begin their respective journeys.
Ms Arathi, your outlook on how you see life and your goals for your children is refreshing, and your response also is very interesting to think about. I like how everyone who answered my question had their individual responses, it didn't seem like I was reading responses from bots.
enjoy the day you deserve.
Dorian