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Actress and model Brooke Shields’ two daughters spent the summer of 2020 working — their first time holding down jobs. So Shields decided it was time to start having some money conversations at home.
Her two teen daughters, Grier, age 14, and Rowan, 17, were realizing just how hard they have to work for money, and she wanted to start teaching them how to use it well.
“They would get a paycheck and we would talk about it,” Shields says. It quickly became a conversation starter to touch on all sorts of money topics. “That was a jumping-off point to have a conversation about finances and being smart and protecting yourself and having a safety net,” she says.
One of the money conversations she had with her daughters was about life insurance, Shields tells Business Insider. Shields, who is working with the nonprofit Life Happens to promote life insurance education, hopes that her daughters will come to understand not only why life insurance is so important to have themselves in the future, but also know what she’s set up for them.
She makes it a conversation about financial responsibility
Like any parent, Shields expects a certain level of financial responsibility of her daughters. In doing what she can to illustrate this herself, she’s started explaining life insurance to them. “We don’t make it too heavy,” Shields says. “I start the conversation [by talking] about being responsible.”
Life insurance is an important part of any financial plan, and can help cover expenses and support children if something happens. It’s critical for parents, and Shields says that the conversation is about teaching her daughters that it’s one of the ways she’s protecting them — and how they can protect their own families later.
“It’s …read more
Source:: Business Insider