To spend or not to spend this holiday season. It’s not really a question of what to spend or not to spend this holiday though, is it?  It’s more a question of what and how much we will spend – and why.  In addition to all the gift-giving, the holidays also give us a chance to stop, think and reflect (my favorite three words) about our life and those in our life.

Experience as a holiday present

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The conventional wisdom is that in polite company one should never talk about money, politics or religion. I disagree with at least one-third of that advice; not only do I think that it’s OK to talk about money, I think that it’s vitally important to do so. Some of the best financial knowledge that I have accumulated over the years started in conversations with my parents, spouse and financial advisor.

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Often money is seen as the “be-all, end-all” solution to our problems. But here’s the thing – you need to speak the language of money basics to have the freedom to make choices. And money well-managed is at your service and ready to be at least some of the solution to the challenges and opportunities life throws your way. So how do you learn to speak the language of money?

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I am often asked by parents what they need to do to teach their kids about money. Before I answer I usually ask the parent to tell me about their money behavior, their money values. Inevitably, it leads us to another conversation – how money was handled in their lives. How they remember the lessons from their parents. That conversation is the critical first step that parents need to take before they begin to teach their kids about money. I call it a “look in the mirror” moment. Why? Because we all carry money baggage around with us. Understanding what that baggage is – both good and bad – is important as it will come through in the lessons you teach your kids about money.

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