Families' most common financial mistakes

Gregg Murset, CFP Founder & CEO of MyJobChart, shares advice for parents on some of the biggest mistakes parents are making when it comes to money and their kids..
The Most Common Family Financial Mistakes
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Families' most common financial mistakes

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So one of the biggest mistakes parents are making with their children when it comes to money is they overindulge their kids. And it doesn't matter if they have a lot of money or if they don't have a lot of money, they seem to want to over indulge, they think it's a natural thing for parents to want to do because they love their kids and they want to give them what they can. But sometimes you have to not do that so that they can understand the real value of a dollar. So I was speaking to a group of 12, 13 year old boys, there was about 15 of them and the way I decided to teach them was I brought $3,000 in $20 bills into the meeting and I gave that to one of the boys and I had him count it. And he counted it up and said, "There's $3,000 here." I said great. So then we went through what it cost - they thought what it cost to heat their house, what it cost to insure their mom's car, what it cost to, you know, enroll them in some class, and we started adding it up and it was so amazing to watch their eyes after that $3,000 was gone. And I had a list of ten more things that had to be paid that month. And so these are the kinds of things kids don't have a clue unless you really teach them about it, and just constantly overindulging your kids as a parent is not gonna help them understand that. So even though we want to do that, we really have to try not to so that they can understand the value of a dollar earlier on in their life.

Gregg Murset, CFP Founder & CEO of MyJobChart, shares advice for parents on some of the biggest mistakes parents are making when it comes to money and their kids..

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Gregg Murset, CFP

Founder & CEO, MyJobChart.com

Gregg Murset, CFP, is the father of six children, a Certified Financial Planner and the Founder and CEO of the fastest growing website, MyJobChart.com, which teaches kids about work and money.

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