Talking with your daughter about money is essential to providing the best future possible for her. With alarming statistics such as 2 out 3 women state they know little to nothing about finance, the responsibility lies on all of us to help raise up a generation of financially conscious and independent daughters.
The money talk does not have to be stressful nor awkward and with a few simple tips below you will help set your daughter up for financial success.
First, know what you want to cover. It’s not a bad idea to make an outline of things you want to discuss with your daughter. Topics to consider:
- Budgeting
- Retirement planning
- Investing and saving
- The value your family places on money.
- Credit and credit cards
- Careers in finance
- How to ask for a raise or start her own company
- Giving back financially
- Marriage and money
Don’t dumb down your information. Helping your daughter understand money on her terms is important, but don’t dumb down the information. Use the help of existing information out there on YouTube or websites, such as DailyWorth, geared towards helping women become more financially literate.
Have her follow us on Instagram. With lots of tips, tricks, and encouragement, your daughter will find a community of like-minded, goal-driven, empowering women talking about all things finance. You can find us here.
Most importantly, give her real world practical application. What better way to teach your daughter about money than to give her a hands on, real world experience. Set aside a designated amount of money to help your daughter learn about savings and investments. Help guide her through the planning and discuss the outcomes of the experiment. Or you can consider advocating to your local school to bring the Rock The Street, Wall Street experience to their campus.
Another hands on experience can be done through the help of financial apps. Load a few up on her smart phone, such as Mint or Smarty Pig.
No matter how you approach the topic, it is important that you do so and in a way that makes sense to your daughter. Arming her with the tools to be financially independent will help her feel more confident in her future and empower her as she heads off on her own.
Join RTSWS as we work to end financial illiteracy and spark the interest of girls into careers in finance! Start the conversation now!