Top financial mistakes made by parents & how to fix them!

Joline Godfrey, Author & CEO of Independent Means, explains the top financial mistakes made by parents and shares advice on how to fix them
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Top financial mistakes made by parents & how to fix them!

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Every parent has good intentions for how to raise a financially fit kid. Unfortunately, some of the major mistakes they make have to do with wanting to make their children happy and we talk about the unintended consequences of making your children happy, so that means giving them whatever they want, caving to whatever demand they come up with. The other big mistake families make is to bail the kids out, so later on, when they are teenagers or they are off at college, if they have maxed out their credit card, the parent wanting to protect that FICO score, of course, will pay off the credit card. The problem is that just teaches the children that somebody will pay off their credit card, it doesn't teach them to be more responsible. So, bailing them out, indulging their every wish, those are two of the big pieces. But the third one, I'd say, the third big mistake families make is to not match intention with their good intentions. Good intentions everybody has, but intention to really teach and hold kids accountable is something that takes real time and concentration on the part of the family. So, really being intentional, I think is the work of parents as they're trying to make financially intelligent kids.

Joline Godfrey, Author & CEO of Independent Means, explains the top financial mistakes made by parents and shares advice on how to fix them

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Joline Godfrey

CEO of Independent Means

Joline Godfrey is the CEO of Independent Means and the author of Raising Financially Fit Kids; Our Wildest Dreams: Women Making Money, Having Fun, Doing Good; No More Frogs To Kiss: 99 Ways to Give Economic Power to Girls; andTwenty $ecrets to Money and Independence: The DollarDiva’s Guide to Life.

A clinical social worker by training, at the beginning of her career, Godfrey was an executive of the Polaroid Corporation where she provided in-house family and therapeutic services to officers and employees. One of the first women in the nation to manage a spin-off from a Fortune 500 company, she launched Odysseum, a spin-off from Polaroid, and sold it in 1990. Odysseum was a creativity training company serving other Fortune 500 firms.

Godfrey is a graduate of the University of Maine and Boston University and was awarded an Honorary Degree in Business from Bentley College in 1995. She was a Kellogg Leadership Fellow and the recipient of the Leavey Award for Excellence, as well as the Beta Gamma Sigma Entrepreneurship Award.

Recognized in features for The Today Show, Oprah, Fortune, Business Week, The New York Times, and more, Ms. Godfrey is a frequent speaker and consultant worldwide. Godfrey grew up in a family business in Maine and lives in Ojai, CA.

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