June 13, 2022

Teaching your adult kids to thrive with money

Sharon Brewer, an advisor at Goodwin Investment Advisory is also a mom of an adult child who just turned 30 on Saturday. When her son was eight years old he began to mention visiting Colorado. Being native Floridians, he had only seen snow once. At 24 years old her son decided it was time to pursue his dreams so he started making arrangements and packed up his apartment. Over the Fourth of July weekend, he took off to Denver, Colorado. She remembers that day like it was yesterday. She had many thoughts, fears, and questions running through her mind… “Was he ready?”, “Did I teach him or model for him the things that I felt led to a happy, fulfilled, and productive life of purpose?”

As a professional in the financial arena, most of her questions and thoughts gravitate more towards the area of finance. She asked questions like, “Is my son prepared to stand up to the pressures of this instant gratification culture that we live in right now?” She didn’t want him to fall victim to the charge now-pay later track that she saw so many people finding themselves stuck in. She thought, “Is my son equipped to make financial decisions that would lead him to freedom, or was he going to make financial decisions that lead to anxiety, sleepless nights, or even divorce and regret?”

The truth is unless your child has a major in finance they were likely never taught in school the basic principles of finance. They probably never learned money management skills, much less the power of compounding interest or the principle of the time value of money – both of which are the building blocks to wealth. At GIA we have a deep understanding of the peace that comes in accordance with having a plan, or even a roadmap, to financial independence. Our vision at Goodwin Investment Advisory is to see your family empowered with a confidence that your legacy will last for generations.

While you’re on our website take a look around and check out our guide titled, “Advisors Guide to your first $100,000” in investable assets. You can also check out our blog titled, “Financial Life Hacks for College Students.” If you like what you see, take a minute and click on the link to schedule an intro call with one of our consultants who would love to talk to you and get to know your story, and answer any questions you might have.