Debt problems are a family affair
When I meet people at my Mississauga or Brampton office they are often embarrassed and ashamed of their situation. No one likes to deal with debt problems, people like to tell other people about their debt problems even less. I’ve become accustomed to being “the last person” anyone wants to come see.
Debt problems often remain a secret until the problem becomes so large it can’t be hidden any more. Very often Families with children will do everything they can to insulate the children from their debt problems.
Except in the case of very young children who lack the ability to understand financial troubles, I firmly believe that children can benefit directly from being “clued in” to the financial problems you are facing. . Particularly when teenage children are involved, I believe that it is very important for parents to share with their children the problems facing the family. Very often solutions to debt involve radical lifestyle changes. Teenagers in particular can be bewildered about the reasons for such changes and can put up substantial resistance.
If teenage children are involved in the solution and informed about the financial challenges facing the family a valuable life lesson can be gained. Insulating your children from the debt problems facing the family and the solutions available and implemented only serves to deny them valuable experience. This experience can be useful later in life when they have their own finances to attend to.
Dealing with debt is not taught in any school, there are no financial management lessons for teenagers. It’s up to parents to teach successful strategies for financial success and warning signs to watch for in the cases of trouble.
You may be surprised by how supportive and helpful your kids can be to help the whole family get through financial troubles. You never know, the experiences you share with your kids just may help them to avoid financial troubles in the future.
If you’re having financial problems and you are worried about your future and the future of your children call us at 310-PLAN and let’s get started on your family survival plan.
