8. Teach Your Grandkids to Be Financially Savvy

It’s not as difficult as it may appear at first glance. The key is motivation. You can motivate your kids, grandkids and even yourself to become financially savvy and therefore financially secure.

Let me share a story to you.

When our eldest grandchild, Jenna, graduated from high school, my wife and I wondered what would be an appropriate graduation gift. There wasn’t anything she really needed. Her parents work hard to provide the things that she and her siblings need and, on occasion, want.

On the other hand, money-cash-solves all problems. We decided that we’d give her money. She would be attending college in the fall and there are always extra expenses. We decided to give Jenna a $1,000 as a high school graduation present. That would go a long way toward giving her a jump-start. So it was settled.

But as I thought about it, I came up with another idea. We would give her a choice. She could have $1,000 cash, or she could have $25 a week for an entire year. That choice would give her $1,300 for the year. Would she choose instant gratification or a steady cash flow? The choice would be completely hers. My wife and I had fun debating which option she would choose.