Learning to say “NO”!

I remember going to the grocery store when my children were toddlers. You put them in the cart and hurry through the scrying baby leotore to get all of the items you need as quickly as you can. And inevitably, as you are waiting on the check-out line, the candy display comes into focus for your chocolate-loving toddler.

Trying not to make a scene was forefront in my mind. What’s the harm in buying a piece of candy to keep the peace (not only for me, but for the people around me)?

But learning to say “NO” teaches my toddler, for the future visits to the grocery store, that they will not always receive a treat. This lesson is quite valuable for their future growth, but it is not an easy lesson.

The desire to give your child what they need is one of the obvious aspects of parenting. But their needs are different from their wants. And learning to differentiate the two is often difficult for parents.

As you get through the tough stages of parenting, the lesson of saying “NO” becomes even more significant. There are some instances when your adult children will come into financial difficulty. Your tendency is always to help out to make their life easier. This may impact your own financial life and your future retirement plans.

Will saying “YES” impact your financial future?

And if so, who will be able to ensure that you are provided for when you are in your later years?

Often parents will continue to give to their children even if it means impacting their own future. And this could be disastrous when reaching the later years of retirement.

Teaching your child the difference between what they need and what they want is a valuable financial lesson for their future success. And managing their own financials needs will help ensure that you can keep your retirement plans in focus.

So the next time you are near the screaming toddler in the grocery store line, smile. That parent has just taught them one of the most valuable lessons that will last a lifetime!

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About Maureen Crimmins

Maureen Crimmins is co-founder of Crimmins Wealth Management and a fee-only independent financial advisor. Have a financial question? ASK MAUREEN

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