Money Minded Families

15Let's Recap

The Top Financial Wellness Practices:

• Financial socialization is a learned process of acquiring knowledge and developing skills. Use this book to acquire the knowledge to develop new skills for yourself and your family.
• Financial wellbeing can be learned and practiced like any other life skill.
• Conscious spending and saving will not only help you meet your financial goals, it will demonstrate the same skills for your children.
• Find teachable moments about your child's favorite store to talk about budgeting to buy their favorite things.
• Explain to your child how a credit card works and why you are using it.
• When possible, have your child pay or participate in a spending decision.
• Habits are the strongest foundation for healthy financial wellness.
• Take the money personality quiz to understand your starting point (https://ig.ft.com/sites/quiz/psychology-of-money/).
• Evaluate your decisions in light of your newfound personality.
• Embrace your family's money personality and understand the positive and negative lessons you can learn from it.
• Money is a leading cause of stress, but try to use deliberate thinking in order to impact positive financial behaviors and lead to decreased anxiety about financial matters.
• Understand how your generation influenced your money mindset and how your child's generation is influencing theirs.
• Money is just a thing; never make the mistake of giving it your power.
• Think in terms of your personal economy.
• Consider: What are you willing ...