Egypt Sherrod, author of ‘Keep Calm… It’s Just Real Estate’, and host of the HGTV series Property Virgins, wants parents to know the importance of being financially literate and of passing that knowledge on to your children.
“We are not teaching our kids about wealth preservation. And that’s the key. You can make a great salary. You can save all the money you want. But if when you die, you’ve done no estate planning at all, you haven’t taught your kids how to manage their money, how to invest, how to make credit work to their advantage, then you’ve not done your job. Instead of leaving our children legacies, we’re leaving our children debt—generation after generation, digging ourselves deeper in a hole.” Egypt shared with Black Enterprise. She went on to add,
“We need to learn about estate planning, about creating a trust to protect our money, about insurance. Those are the things we need to learn—not just in college, they need to teach those things in high school. Honestly, I can’t remember when I’ve ever used calculus, but what I have used is my credit. Why didn’t they teach us that in high school? We can’t depend on society to teach our children, so we have to do it ourselves. And it starts by us stepping up and saying, ‘Let me learn first.’”
Parents, do you agree? Maybe some learning songs might be a good strategy for making it more engaging for children. Is it our responsibility to teach our kids about credit and money management? Or should these courses be offered in high school? Estate planning is an important thing to have your kids learn, it builds on money management, bills, taxes, how the economy works, etc. If they are asked the question “What do you want to do with your parents’ estate?” by a lawyer and they have no clue and make bad choices for it, this could cause more trouble and worry for them. Sound off in the comments below.