Money is a touchy subject, and can create challenges in every family. Scott and Bethany Palmer help us examine the five money conversations to have with your kids at every age and stage of life:

Here are the five money personalities – your child probably has one primary personality, and one secondary personality. Understanding each one can lead to positive, constructive dialogue with your children.

Saver – when someone is a Saver, they think long-term and like to have money put away for the future.

Spender – loves to spend but frequently goes into debt to give to others.

Security-Seeker – they don’t like to spend, but when they do, they seek investments and something that will last a long time. The downside for this person is the tendency to say “no” to most new ideas and purchases.

Risk-Taker – this person loves new adventures, new business ventures, new stock market strategies… they are in the minority, but when they win, they win big. The downside is that this person is easily bored by routine and safety and needs to learn contentment.

Flyer – someone who is more focused on the relationship impact of the decision than the actual decision itself. When someone is a flyer, they can tend to be reckless with spending because they feel less stress about debt than about losing or damaging a relationship.

How can you interact with your child when you have opposing money personalities?

Bethany offers some practical tips:

“Understand that if your child is a saver, that is their first instinct. Make sure you’re encouraging them to spend their money by giving it. We can shame our children without knowing it. Recognize that your first reaction is not always the right one. Use stop, drop, and roll… stop the conversation, drop the issue, and roll out of the room.”

Scott talks about how to encourage each individual child in their money personalities:

“Have a plan. You’re actually going to increase your joy by spending money in the right way.”

Scott and Bethany’s book is .

Highlight : How to parent a spender

The 5 money conversations to have with your kids

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