Apr 23 2024 37 mins
What’s the secret to raising financially and mentally healthy young adults? This is never easy, and for wealthy families it can be particularly challenging.
This week on Red Carpet Retirement, Adam Scott, CFP® teams up with Liz Mohler, an esteemed ICF-accredited career and life coach, to explore the complex but crucial topic of raising financially and mentally healthy children. Their conversation includes strategies for instilling a healthy relationship with money in children, especially those growing up in affluent environments, and shared experiences aimed at guiding your kids toward a prosperous and balanced future. They tackle the complexities of parenting in today’s economic landscape, offering actionable advice on everything from allowances to nurturing a sense of purpose, so vitally important to mental health.
By combining insights from financial planning with invaluable life coaching expertise, this discussion is a must-listen for parents who want to equip themselves with the knowledge to guide their children toward financial and mental well-being.
Adam and Liz discuss:
- The psychology of money and understanding the difference between being rich and being wealthy
- Practical tips for introducing financial responsibilities through allowances and job opportunities
- The importance of modeling financial behavior and communication within the family about money matters
- How to support young adults financially without compromising their sense of purpose and independence
- The importance of instilling a strong work ethic and sense of responsibility from a young age
- Guiding children through making smart financial decisions, including savings, spending, and investing
- Strategies for discussing money matters openly and constructively within the family
- Encouraging pursuits that foster mental well-being alongside financial stability
- And more
Resources:
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About our Guest:
Liz Mohler is a well-regarded Executive/Career and Life Coach who has a strong background in academia and a deep commitment to empowering my clients. For 20-plus years Liz has passionately devoted her coaching practice to guiding clients toward personal and professional growth. Liz’s professional experience, both domestic and international, has enriched her perspective and equipped her with expertise in various coaching capacities including career management and leadership development coaching, team building, and transition coaching across a spectrum of industries.