Break the news about taxes
In order to ensure a successful financial future, it is imperative to help your kids understand taxes. As a financial advisor, I often observe how even my adult clients forget to account for taxes in their own planning. You will teach your children what taxes are and the different types they will have to pay.
1) READ THE CHAPTER
For information and a deeper dive into having money talks with your kids. Read the chapter with relevant financial literature to give you a sufficient foundation on the topic. Order your copy of the book below.
2) LISTEN TO THE PODCAST
Listen to this lesson’s episode where I’ll walk you through the questions to ask your kids during the conversation as well as the likely responses you’ll hear from them.
3) SEND THE TIKTOK
Send this video to your child, so you can set the stage for the topic you’ll be discussing, in a language they understand.
@totalcents Nothing is certain in life except death and taxes! #protectyourwealth #moneytalks #financialliteracy #finance #moneytok #learnitontiktok #personalfinance #taxes #taxtok #taxesfordummies #taxesbelike ♬ original sound – Total Cents
4) HAVE THE MONEY CONVERSATION
Using your printed one-page conversation guide and enjoy the dialogue with your family to get them financially launched. Now’s the time to discuss and start the conversation.
Additional Lesson Resources
- Taxpayer Bill of Rights by the Internal Revenue Service
Explore your fundamental rights as a taxpayer.
Financial Literature (FinLit)
- Bank of America- Better Money Habits (Taxes & Income)