Trilogy Financial

7 Steps to Teach Your Child Good Financial Habits

By Trilogy Financial
June 6, 2018
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It’s the time of year when many parents have watched their children graduate from high school. While no doubt proud of their offspring’s achievements, in the back of their heads, all parents wonder about one thing: does my child have good financial habits. As they embark for the first time into that brave new world of adulthood, they’ll also be venturing into the terra incognito of money. Are they prepared?

It’s a challenge for parents to teach their children everything they need to know to ready them for their lives ahead. A good, practical, common sense financial education often falls far to the back of the priority list (though sometimes for good reasons). It shouldn’t. “If there’s one huge gift we as parents can give our kids,” says Jessica Ludvigsen, Sr. Vice President of Retail Banking at Axiom Bank in Orlando, Florida, “it’s the knowledge they need to grow up to be financially stable adults.”

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By financial planning logo
April 8, 2019

Written by: Matthew Phillips | The last words of the email stood out the most. “… the thing is … we are deaf.” This is how the prospective client closed her message to me in 2017.

When I agreed to meet with the woman and her husband, I was feeling uncertain about how to best communicate with them. To prepare, I added captions to my usual video presentation. But halfway through, I realized the couple was completely overwhelmed with the financial vocabulary I was using, which was entirely new to them. Improvising, I pulled up a blank Word document and started typing which allowed us to converse back and forth. I felt completely inadequate and regretted not preparing more, but did my best to connect with the couple.

To my surprise, the meeting concluded with the wife rejecting my handshake and instead grabbing onto me tightly as she began to cry. “Matthew, thank you for what you have done,” she said. “We have sat with five advisors, and none have come close to helping us like you have. I know we have missed out on financial opportunities because we are deaf.”

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By Trilogy Financial
July 2, 2018

It’s human nature to address challenges based on their most pervasive effects, rather than dissect their causes. Take the ongoing discussion about the need for diversity in wealth management as an example. Endless articles have been written about the need to have more women, more people of color and more age diversity in the industry. As one of the white males who too often exemplifies the status quo, I couldn’t agree more with the impulse: the future of financial advice must be more female, more ethnic and age diversified than it is today.

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