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    YOUR PRICELESS LEGACY
    Children in their teens who are aware of what is going on in our economy—and within their own family’s finances—are less likely to repeat the same mistakes. They can feel the stress and worry and they are way too smart to want the same for themselves. But what makes me truly optimistic about the future of today’s children is the fact that so many of you, their parents, have financial regrets. In “Stand in Your Truth” we talked about changing your inner dialogue from “I wish I hadn’t” to “I am glad that I did.” Well, there is no more important proving ground for that intention than to raise children who from an early age respect the value of money and know how to make smart money choices. Much of this comes down to creating an environment where those lessons are woven into the daily rhythms of your family’s life. Raise a child in a home where money is valued, and that child is likely to be an adult who values money. It is really that simple.
Life Insurance: The Ultimate Gesture of Love
So many of you tell me you would do absolutely anything to protect your children, yet when I ask about your life insurance policy you look at me sheepishly and admit you don’t have one. That is an unacceptable act of hypocrisy. If you love your children and if those children are financially dependent on you to provide them food, shelter, and education, then you must have life insurance. There are no ifs, ands, or buts here. If your death or the death of your spouse or partner would leave your family unable to continue to pay its bills and maintain the lifestyle you help provide today, it is your obligation to have life insurance. And I do mean obligated. Life insurance is a must when you have dependent children.
Purchasing that protection is neither hard nor expensive. In the vast majority of situations all your family needs is a term life insurance policy. Just as an example, a 40-year-old male in good health could purchase a $1,000,0000 policy—meaning his survivors would receive $1 million tax free upon his death—for a monthly premium of $80 or so.
Go to www.suzeorman.com : In The Classroom you will find a detailed explanation of how term life insurance works, what features you want in a policy, and resources for working with top-notch insurance agents.
    SET THE RIGHT TONE
    Your family will take its cues from you. If your words and actions telegraph that you are scared, or sad, then that is exactly what you are going to transmit to those who depend on you.
    Do not apologize . There will obviously be instances when standing in your truth requires saying no to spending you previously said yes to. Be compassionate. Be patient. But please do not ever apologize. There should not be any regret. That is not respectful of yourself, and it also sends a message to your children that you feel bad about these changes.
    Focus on what will be gained, not lost . Make sure your family understands why you want to make changes. When you present your truth in the context of wanting to move toward realistic new dreams, you set the tone that this is not about loss or defeat. This is a triumphant step forward into a new life where you can build lasting financial security for yourself and your family. Every spending cut is an appropriate measure that moves you closer to your family’s greater goals.
    Be patient but strong . I am not going to pretend this is going to be in any way easy if your kids have grown accustomed to having everything they want, when they want it. They are going to be upset. There will likely be tears. I realize that can be excruciatingly hard to impose—on all parties—but please focus on your long-term goals. You are not punishing them. You are not punishing yourself. Just the opposite. I think you will be surprised at how quickly your kids will adapt to your new ways, but you need to summon the strength to stand firm during the transition. Resist caving. Keep reminding yourself