"Money letter" that wrote how to use money, all parents should write to their children

ByEFile 989

In some American homes, there is a custom called "money letter" in which parents write letters to teach children how to use money. Ron Lieber, who writes a column on money at The New York Times, encourages parents to write a money letter and send it to children for children who graduate from college and go to society.

The Money Letter That Every Parent Should Write - The New York Times
http://www.nytimes.com/2016/06/18/your-money/the-money-letter-that-every-parent-should-write.html


The knowledge about money is often overlooked in education of children, but as children grow, the children themselves begin to gradually realize that "knowledge of money is as important as sexual knowledge". In the United States I gathered family notes on money etc. on one card "NotecardThere is something called "family", which can summarize the fundamental idea about money, but there seems to be too little space to describe more detailed knowledge.

Columnist Lieber recommends that parents write letters that summarize money knowledge during the period when children graduate from college and go to society. If it is a letter, unlike note cards, we can write advice for children with a long sentence with a great deal of mind, and the children we receive can leave the letter at hand for a long time. Also, it will be a nice way to know more about how the writer himself thinks about the economic situation.

"Smart Mom, Rich Mom: How to Build Wealth While Raising a Family"The author of Kimberly Palmer said," I still have a money letter I received from my mother and two sisters 13 years ago, "he released a template to easily write money letters I will.

To ○○○○

I am writing this letter to tell you about the knowledge of money. I wanted to teach you when I was a child, but knowledge was difficult to teach. I hope this letter will be useful when inevitable difficulties concerning money in your life are at stake.

First of all I will write about my own economic problems.

The best decision I made about money is ○ ○ ○ ○, and even now I support my family's financial security.

To pay △ △ △ △ in the family, I paid money for □□□□.

I hope that you acquire the following five habits on money after you grow up.

I want to help when you face money issues and I am looking forward to finding an economically stable foundation. I hope this letter will be of help.

Palmer says, "A good money letter is one that describes one or more episodes about the big economic difficulties writers have faced and the experience of getting a lot of money, and about money We should list the important habits list and the events that supported the family's success. "

Mr. Lieber wrote important knowledge to know about money in writing a better money letter.

◆ Knowing ignorance
Important stories and views on money are often born from the mistakes made in the past. Mr. Palmer's mother Gail Shearer wrote in the money letter "Do not invest in things you do not fully understand". ShearerConsumers Union"I was affiliated with the NPO organization for 23 years and said," Tax reform was done in the US in the 1980s.I was not notified at the time of enrollment, but if I do not make complicated tax returns for many years I did not get it. " In addition, it was also recommended that investment trusts with unclear mechanisms were recommended. Therefore Shearer is advising her girls that such a big failure should be avoided from the beginning.

◆ Beware of genius
In addition to Mr. Palmer's family, there are people who traditionally write a money letter. Mr. John D. Spooner, an investment adviser and a writer, is one of them,No One Ever Told Us That: Money and Life Letters to my Grandchildren"I write advice that" Do not believe anyone who insists that you are knowledgeable ". Spooner is former chairman of the Federal Reserve Board of Federal Reserve (FRB)Allan GreenspanQuoting Mr. Speech, "When you talk with a person who can not explain your economic concept with simple sentences of several paragraphs, you should think that the economic concept is more likely to be dangerous".

◆ Identify the timing of stock sale
Mr. Spooner also writes regrets about not selling millions of shares held in the book before the Lehman shock in 2008. Mr. Spooner was advising the company, he said he was overconfident in himself, "I am familiar with the timing of stock sale." But in fact it is said that Mr. Spooner did not let go of the stock until the stock price of $ 55 per share (about 5700 yen at that time) is $ 1 (about 103 yen). Although it is difficult to sell valuable things, Mr. Spooner wrote that "If it has less than three benefits to own one, it is time to sell it."

◆ The record of expenditure shows the value of money
Mr. Shearer advises "Giving a record of expenditure" as advice to the daughters. Mr. Shearer seems to have had the opportunity to talk about economic situation once a month with her husband at the time of marriage. "It is really important to check each other's intentions regarding money and share values ​​and goals," Shearer says. For Shearer's husband and wife, saving money for children's education is the first goal, and it seems that emphasis was also placed on accumulating the couple's living expenses for the old age at the next point.

Palmer says, "Families that are bound by the traditional sexual role that fathers make investments and mothers manage their daily living expenses are more likely to plant children with wrong knowledge about money. I will tell you. So Palmer gives advice to children to find and read good self-development books.