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Talking to Your Kids about Financial Concepts

The perfect gift for your new graduate?  Financial literacy.  In this edition of Dollars & Sense, Anita Knotts, Founder & CEO of the Lotus Women’s Institute, joins 630 Naperville host Joe Chura to talk about the importance of teaching kids valuable financial concepts.  Anita offers tips and advice on how parents can initiate financial conversations with their children about budgeting, investing, and the responsibilities that come with owning a credit card.

Four Tips for Initiating Financial Conversations with Kids:

  1. Open a dialogue by talking about the importance of being financially prudent. Share with them – if you’re comfortable – your household budget.
  2. If your child is earning even a small income, encourage and help them establish an investment account. If your child is under 18, you can open a custodial account to help them get started.
  3. Talk to them about the pitfalls of not being financially savvy, especially with credit cards. Get them in the habit of how to use one wisely while they are under your roof.
  4. Do this for yourself.  The more financially literate your child becomes, the less likely they will be living in your basement when they are 40.

Who is Anita Knotts?

Anita Knotts is the Founder & CEO of Lotus Women’s Institute. After a successful career in wealth management, Anita launched this enterprise with the mission to attract, develop and advance women in finance. As a woman of color, she wants to see more women enter client-facing roles and connect them with firms who are sincerely committed to DEI. While she is based in the Chicago suburbs, Anita is working with financial service firms around the country who are seeking female candidates for their organizations. Anita strongly believes that the hiring; development, and advancement of diverse groups in our business communities is not just an altruistic mission, it is a business imperative.

What is the Lotus Women’s Institute?

Lotus Women’s Institute is on a mission to transform the world of finance. Our vision is to attract, develop and advance women – and women of color – in finance!

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