Happy September- Please explore our updated website! Please enjoy a recent article I wrote, published by Durango Neighbors magazine:
Last spring I had the pleasure of teaching second graders a week’s worth of financial education through Know Your Dough. As we sing songs and play games about saving, spending, and sharing, I hope these lessons plant a seed that will be nurtured throughout their childhood.
While square dancing and parallelograms are part of the curriculum, financial literacy is not comprehensively taught everywhere. Non-profits like Know Your Dough recognize that these concepts are so critical to success and good citizenship that they strive to help fill the gap.
Planners like myself provide guidance to retirees whose income has ended and must now live off their accumulated retirement assets.
Helping some retirees cope with a precarious financial situation motivate me to go upstream- a kind of time travel. Rewind the clock and educate those future retirees who still have a lifetime to get it right: young people.
We hear a lot about the economic challenges facing younger generations. Much has been written about why this is, but sending young people out into the world without the tools they need to make good financial decisions certainly doesn’t help.
As you guide the young people in your life, I encourage you to supplement their education with financial literacy wherever you can find it.
I encourage you to teach your child how you budget, make decisions and set goals. Share with them the mistakes you’ve made and lessons you may have learned, along with the resulting triumphs and achievements. Guide them as they learn about banking, borrowing, and filing a tax return. Encourage them to save on day one of their first job and show them the power of compound interest.
If this isn’t your area, there are many people in the community like me eager to help you both.
Consider giving to Know Your Dough or other non-profits that are providing this education, or volunteer to pass on the wisdom you’ve gained. It could make all the difference in someone’s life!
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Securities and Retirement Plan Consulting Program services offered through LPL Financial, a
Registered Investment Advisor. Member FINRA/SIPC. Investment Advice offered through Western Wealth Management LLC, a Registered Investment Advisor. LPL Financial, Kennebec Wealth Management LLC and Western Wealth Management LLC are separate entities.