facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
%POST_TITLE% Thumbnail

When should you bring your kids into your financial lives?

When should you bring your kids into your financial lives?  What should you share and what should you keep to yourself? 

From my experience, the earlier the better.  But it doesn't mean to do it all at once.  If you bring a child into a conversation too early, you may have to say no to things for decades to come.  Once a adult child knows a parent has money the demands may come often.  Can you help me buy a car? A house? Pay off my student loans? Pay off my credit card? And on and on, saying no gets exhausting!   

Multigenerational wealth doesn't happen by mistake.  It doesn't grow by itself, and it doesn't continue without effort.  Much like a garden needs constant care and planting year after year so do the seeds of money discussions.  So how can you bring your child into your family money discussions regardless of age? 

Bring the conversation in early, keep it based around values and habits.  Avoid focusing on amounts until there is alignment around goals.  There is a balance that needs to be found between a parent’s desire of the funds and a child's autonomy.   

This dynamic can be difficult especially in the event of adult children.  Autonomy has long been established if a child is already in their fifties or sixties.  Their goals and values will need to be considered alongside the parent.   

What are the key points that need to be shared between a parent and child? 

1. Who are the professionals in a parent’s life?  

Financial, Tax, Legal, Medical, etc.  Who are the people that can be called in the event something happens.  


2. Where are the key documents?   

Is it a box, a file folder, or a binder?  Are there electronic copies stored somewhere?  It's not always necessary to know what is in each document but where they are is important.


3. What are the child's responsibility. 

Nobody likes surprises, if a child will be acting as a medical or financial power of attorney.   Let them know, it will likely lead to deep discussions around topics like end-of-life care.  


Careful discussions between a parent and a child may lead to deeper relationships.  It will also create an elevated platform for successive generations to build upon.

So, when should you bring your children in to your finance discussion; as early as possible.  

The commentary on this website reflects the personal opinions, viewpoints and analyses of the Ascend Investment Partners employees providing such comments, and should not be regarded as a description of advisory services provided by Kesler, Norman & Wride, LLC dba Ascend Investment Partners or performance returns of any Ascend Investment Partners Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Ascend Investment Partners manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. 

Ascend Investment Partners provides links for your convenience to websites produced by other providers or industry related material. Accessing websites through links directs you away from our website. Ascend Investment Partners is not responsible for errors or omissions in the material on third party websites, and does not necessarily approve of or endorse the information provided. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites.

To Get Started Click Here


Sign Up for Email to stay in touch