The Long View Mark Berg: How to Help Kids Financially Without Ruining Them
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Nov 19, 2024 Mark Berg, founder and lead advisor at Timothy Financial Counsel, shares insights on helping children navigate financial challenges. He emphasizes the importance of teaching financial responsibility without fostering entitlement. Mark discusses strategies like allowance systems and the value of family experiences as investments. He also addresses the delicate balance of supporting major life events while maintaining financial prudence. Listeners will learn how to manage gifts and ensure a meaningful inheritance, promoting independence in their children.
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Early Money Conversations
- Start money conversations with children around ages six to eight.
- Use physical cash to illustrate financial concepts visually.
Teaching Financial Limits
- Use allowances to teach children about finite resources and budgeting.
- Encourage work and delayed gratification for desired purchases.
College Funding Conversations
- Set clear expectations early about college funding contributions.
- Encourage children's participation through work and savings.