Living Paycheck to Paycheck?
Did you know that 78% percent of people live paycheck to paycheck?
This means that 3 out of every 4 people you know would have a difficult time paying bills next month if they lost their job today.
In my world as a loan officer, I see deep into the financial picture of my clients when I do a preapproval. It's always heartbreaking for me when I see people living paycheck to paycheck, which is why I have such a passion for teaching financial literacy to my clients. For me, it’s not just about getting a mortgage but how this mortgage fits into their long-term financial goals.
When it comes to money habits, a lot of them are formed at an early age. This is why as a parent, it’s something I’m trying to figure out and teach my girls. I have two daughters (who are 11 and 13) and who are growing up way too fast! I don’t want to drop the ball by not instilling good financial habits in them along the way.
It feels like a tug of war between giving them what they want without spoiling them. We have the chance to give our children more than we had, be we recognize that there has to be a limit. We are always asking: Where’s the balance?
I know that it's super hard to keep the emotions out of your financial decisions when it comes to your children.The best book that I have read on the topic of children and money is “The Opposite of Spoiled” by Ron Lieber. Ron talks about how to raise financially conscious children who learn the value of money through open dialogue and giving them responsibility.
My biggest takeaway from the book is to have open communication with your children about money. This can be difficult because it requires a hard look into the mirror about your own financial habits, but trust me, it's worth it!
If you have any tips on building good financial habits in children, please feel free to share them!