What your spending habits teach your kids
SEATTLE -- Experts say the way you handle your money in these challenging times could have a direct impact on the way your kids handle their money in the future.
With more families worried about losing jobs and investments, wealth adviser Spencer Sherman says the so-called "generation recession" is absorbing some frightening parental pronouncements.
"'We may not get through this crisis, we may lose our home in a minute, we may lose our jobs any second,'" he said.
Sherman says kids pick up on their parents' stress and emotional messages of instability could lead to extreme frugality or financial paralysis.
"Right now, they're hearing stock market is risky. 'Don't ever invest in stock market,'" he said.
Sherman, who has written the cure for money madness, says talk of a tumultuous market could make youngsters more sheepish about taking risks when they grow up.
"You might miss out on business or investment opportunity because you're in so much fear still," he said.
We all know money doesn't grow on trees, but Sherman suggests planting the seed of patience.
"We can teach our kids that when invest money, want to give it time to grow," he said.
In his workshops, Sherman teaches people to put a positive spin on the childhood money messages to help steer their spending.
"For me, the good messages are about 'There will always be enough that you're worth way more than how much money you have,'" he said.
But before you rewrite what your relatives shared, give it a thought.
"My grandfather lived through the depression and said, 'Better save for a rainy day.' And I thought, 'Grampa, we are past that,'" said Lynn Greig.
Sometimes they do know best.
With more families worried about losing jobs and investments, wealth adviser Spencer Sherman says the so-called "generation recession" is absorbing some frightening parental pronouncements.
"'We may not get through this crisis, we may lose our home in a minute, we may lose our jobs any second,'" he said.
Sherman says kids pick up on their parents' stress and emotional messages of instability could lead to extreme frugality or financial paralysis.
"Right now, they're hearing stock market is risky. 'Don't ever invest in stock market,'" he said.
Sherman, who has written the cure for money madness, says talk of a tumultuous market could make youngsters more sheepish about taking risks when they grow up.
"You might miss out on business or investment opportunity because you're in so much fear still," he said.
We all know money doesn't grow on trees, but Sherman suggests planting the seed of patience.
"We can teach our kids that when invest money, want to give it time to grow," he said.
In his workshops, Sherman teaches people to put a positive spin on the childhood money messages to help steer their spending.
"For me, the good messages are about 'There will always be enough that you're worth way more than how much money you have,'" he said.
But before you rewrite what your relatives shared, give it a thought.
"My grandfather lived through the depression and said, 'Better save for a rainy day.' And I thought, 'Grampa, we are past that,'" said Lynn Greig.
Sometimes they do know best.