(WBBM NEWSRADIO) — A local financial advisor says it's never too early to teach kids about money.
Craig Bolanos, Founding Partner and Chief Executive Officer of the Wealth Management Group, told the WBBM Noon Business Hour that parents need to get past some taboos about kids and money.
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For example, he said, parents can invite their kids to take part in conversations about family finances.
"It's important to share with our kids when we're at the grocery store, Home Depot, shopping over the holidays, that there's some discussion of price, some discussion of value," Bolanos said Friday.
He said it’s also important for parents to teach kids about saving money and investing.
"We've got to teach our kids that investing is not a get-rich-quick scheme. There's a big difference between investing and trading," Bolanos said.
He added that parents need to teach their children the purpose of investing.
"The purpose is to achieve a goal and then use our mathematical skills to determine how much money we need to save periodically to reach that goal over time," Bolanos said.
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