Talking to Your Kids about the Financial Crisis

6 Tips to Help You Cope

 From Author Jeffrey Feldstein

 

The news about the financial crisis seems to grow more disturbing each day. Newspapers headlines and television news channels are focused on bailouts, bankruptcies, foreclosures and layoffs.  Nobody really knows what's going to happen next. Hardly anyone feels safe or prepared. Everyone knows someone who has been affected.  Collectively we worry and ask ourselves "What if?"

 

Our children see what is happening and are getting extremely nervous. They hear the news. They overhear the talk among adults. They sense the tone and the anxiety in adult voices. They are nervous. Some act out. They wonder:

 

Do we have enough money?

Will we be okay?

Will mom or dad lose their jobs?

Will we have to move?

Will Grandma be able to retire?

Can I still go to camp or college?

 

It is up to us as parents to shield and protect our children from the uncertainties of life while teaching them valuable lessons that will help them grow up and be responsible citizens. My book, There Ain't No Can't, offers life-changing techniques and goal-setting strategies to help families overcome challenges, reduce anxiety and attain their dreams.  Here are six action steps you can take right now to help your kids face the future with renewed hope and confidence. 

 

Six Steps to Help Kids Cope During a Downturn

 

1.    Focus on Family. Make family time a priority. Do things together. Reinforce the idea that the family is a team and that the family works together in all circumstances.

2.    See the Little Picture. A lot of what happens in the news does not affect us personally. Don't dwell on the big picture. Focus on your circumstances and the immediate issues you face.   

3.    Work Together on a Plan. Put together a plan that addresses your current financial situation. Involve your kids in thinking up ways to tighten your belt, conserve resources or reduce waste. Position the plan as a family activity.

4.    See Things in Perspective. Our economy is cyclical. Things go up and down. It's not the first downturn. Reassure your kids that what goes up must come down and visa versa. Refer to past family events to reassure them and to give examples. ( e.g. the time Mom had to get a new job, or after Grandpa came back from the war we didn't have a lot of money)

5.    Give Back. Remind your kids that we're all in this together and that giving back is very important. Nobody can feel entitled; we all have to help get ourselves out of this mess. Give kids a very active role in helping others.  This will build or restore confidence and give them a sense of participation and self-worth.

6.    Be in Control. Children pick up on the smallest things.  If you are nervous, anxious, and excitable or out of control, they will be too.  Kids look to parents to ground and validate their world. And even though things are uncertain, be clear that we'll all get through this somehow.

 

 

About Jeffrey Feldstein (see bio attached)

 

 

 

Jeffrey's "Staying On Your Game" seminars are designed to help kids understand and overcome their fears and realize their dreams.

Please visit Jeffrey's website:  www.thereaintnocant.com for more details.

 

Jeffrey Feldstein

Motivational Coach, Author and Personal Improvement Professional

 

Jeffrey Feldstein is a motivational coach and personal improvement professional. The author of There Ain’t No Can’t, Jeffrey created a system to help his son, Noah, overcome many of the symptoms of Tourette Syndrome, by using a combination of visualization, directed action, diet, exercise and self-talk. In the book he expands the system to address a wide range of children’s fears and anxieties offering a point-by-point program to overcome worries, achieve goals and realize dreams.

 

Inspired by his father, Martin, who built up a successful New York City court reporting business and by several motivational speakers, Jeffrey channeled his entrepreneurial skills and his desire to help others into a training and seminar series aimed at kids. He is frequently interviewed and quoted in the media.

 

After growing up in Long Island, Jeffrey earned his BS in Industrial Design at University of Bridgeport in 1989. He owned and operated his own industrial design studio for several years, worked as a Vice President at a leading linguistics company, and has been an executive with Barrister Court Reporting since 1998. Jeffrey and his wife, Mindy, are the parents of Noah and Joshua. They live in Northern New Jersey.  

 

 

Back to listings of articles about Money