ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 87: Setting Your Kids Up For Financial Success

An interesting thing about being a parent is that there is variation from person to person on how children are raised. The topic of money, and the way it’s viewed, understood, and managed is no exception. For some, parenting on the topic of money may revolve around financial acuity: making sure their child understands checks and balances and the value of a dollar. For others, it may mean pushing innovation and being an entrepreneur. And for others, it may mean saving a certain amount in a child’s name as a cushion for when they leave the nest.

Regardless of your desires, on today’s episode, we cover the topic from various perspectives and provide methods that can make a tremendous difference, financially, on your child’s life.


Topics Discussed:     
  • The importance of teaching your children about finances.
  • Simple tricks you can use to help your children learn about money.
  • How to teach your kids about credit scores.
  • The benefit of putting your children on your business's payroll.
  • Investments you can make that will impact your child’s life.
  • What happens to your assets when you die if you have kids.
  • How to create an estate plan with your children’s best interest in mind.
  • The value in getting life insurance.
Resources Mentioned:

Tags

planning, financial planning, ER doctor, doctors, finances, children, financial education

by 
Scott Wisniewski, EA