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Every parent wants their children to be successful financially, but running to the rescue can actually hinder their financial growth and understanding.
The hard truth: Let your kids fail
In this episode, Financial Dignity® Coach, Christine Luken, speaks with author, podcast host, and co-founder James Lenhoff, CFP® about how to set kids up for financial success. James focuses on why letting kids and teenagers fail with money is beneficial to their financial literacy and shares his experience with letting his own kids experience failure with money.
Christine and James discuss:
- Why parents often swoop in and rescue their kids rather than letting them experience failure with money
- Some of the long-term issues that result from making financial mistakes as a child or teenager without any financial consequences
- What the progression of “failing with money” in a controlled environment looks like
- The long-term benefits of letting kids fail with money when the amounts and consequences are relatively small
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