The Talk You Shouldn't Skip with Your Kids

As a father of two young boys, I frequently ponder the wide array of conversations that I will be having with them as they mature. Some talks will be simple, such as discussing our favorite Cleveland athletes, while others will inevitably be more challenging, such as addressing the loss of a loved one. Every conversation offers an opportunity to share a bit of wisdom or perspective. However, a crucial conversation that many parents often overlook pertains to financial literacy and wealth.

For instance, a study from the Merrill Center for Family Wealth reveals that two-thirds of families with at least $3 million in investable assets have yet to discuss wealth with their children or never intend to. I have seen these figures over and over for years and each time I encounter them I am startled. It leads me to wonder: would we ever hand over the car keys without driving lessons first? Or put them on a baseball team without first teaching them to swing the bat or catch the ball?

Whether we’re talking about young children or adults, these open and honest discussions about finance are crucial. That is why I strongly advocate for introducing these conversations early in life, to establish a robust groundwork for children and families on their unique financial voyage. A comprehensive plan isn’t just about crunching numbers—it’s about building a solid base of knowledge and encouraging open dialogue.