Are you honest with your children about how much money you have?
Or don’t have?
Memphis’ Daily News recently reported that roughly 77% of parents lie to their children about money.
This staggering number explains why so many young people suffer from poor financial decisions. Having learned incorrectly from their parents, they grow up with little to no savings, a high amount of debt, and a weak plan for future investments (think house, car, or retirement fund).
I think a lot of parents are embarrassed to tell their children the truth. Every day I meet people in my office who are terrified their children might find out if they file bankruptcy. They don’t want the kids to feel scared, or ashamed. And they don’t want to look weak in front of the family.
Other parents might be too busy to teach their kids about finances. In a rush, they might tell them things that aren’t true, or they might spend unwisely just to save time.
But, the truth is, most of us lie to our kids about money because we’re lying to ourselves about it.
We don’t want to admit we’re struggling. We don’t want to look at the credit card bill and see our debt. We don’t want to think about how much we owe.
But the best thing we can do for ourselves and our children is to face our financial woes. We have to see the problem and fix it.
If we want our children to do well with money, we have to be honest with them. We have to discuss our own failures, and celebrate our strengths. We have to get out of debt, and learn how to stay out.
It may sound hard, but I’m here to help. A bankruptcy law firm Memphis, TN trusts, like the team at Darrell Castle & Associates, can help manage the best timing for your case.
I can help you figure out what to do next. Plus, I offer all of my bankruptcy clients a free credit score course. It shows you how to improve your credit score to an A rating or higher in as little as a year, even after a bankruptcy! That’s a great way to get back on track.
So contact me today to get started. The conversation is completely free.