• The BDO wealth advisers guide to talking about money as a family

The BDO wealth advisers guide to talking about money as a family

08 October 2018

This Financial Planning Week 2018: 8 – 12 October, BDO Wealth Advisers are proud to launch their third edition of the BDO Wealth Guide.

Our adult relationship with money is influenced by and all starts with our earliest childhood memory of money.

As parents, we play a significantly influential role in our children’s lives. Everything they say, do, and how they behave, is influenced by the experiences they have in their home environment, and in our actions as parents.

“The same applies to their relationship with money. How we engage with, react to, behave with, and talk about money as parents will form the foundation for how our children will relate to money. This will be their norm and their benchmark when they start making money decisions,” says Ricardo Teixeira, CFP® and Chief Operating Officer at BDO Wealth Advisers.

“Nobody learns about how to make ‘good’ money decisions in school or university. During our tuition, we are schooled in topics that have an indirect relationship with or impact on money; such as accounting, mathematics, economics, tax, and so on. But we aren’t taught how to make money decisions. Those lessons are learnt through our experiences, and the bulk of our teaching starts at home: around the breakfast or dinner table, while out shopping with our parents; or when listening to our parents speak about money to each other, to their relatives, to their friends, or to their colleagues,” continues Teixeira. “Through our parents’ actions and reactions to money, we begin to learn our behaviours and ultimately define our relationship with money. Whether we love, fear, respect, or squander money, can all be traced back to the “classroom” of home and the teachings of our parents.”

‘BDO Wealth’s guide to: talking about money as a family is a compilation of shared experiences from the BDO Financial Planners. “These experiences have been gathered through life lessons, watching clients make mistakes, and the great examples some parents have set for their children,” concludes Teixeira. “Through this collection of life experiences, we hope to inspire you to reflect on the money lessons you are imparting to you children.”

Click here to download the 2018 e-book

View our previous e-books here.

This Financial Planning Week 2018, BDO encourages you to speak to a Financial Adviser and make use of their objective and independent perspective in sharing professional wealth advice for you and your family. The hope is that through these discussions with a financial planner, the correct money information will be filtered down to your family and it can start to change your relationship with money for generations to come.

Join in the conversation on Twitter, LinkedIn and Facebook by following #askaCFP and #FPW2018 and #BDOWealthGuide2018.

Speak to a BDO Financial Planner in your region today and start changing your money relationship.