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5 Family Financial Traditions Passed Down Through the Generations 5 Family Financial Traditions Passed Down Through the Generations

- (Huffington) - 1 years, 11 months ago...

With Thanksgiving right around the corner, many of us are already unpacking the holiday decorations and sketching out our shopping and wish lists. For some, it's also the season for embracing our favorite family rituals. But we're not just talking about the usual stuffing recipes or Secret Santa exchanges--we're focused on money traditions. Because when it comes to building smart money habits, it turns out that family rituals can make a pretty big impression. So we scoured the country to find folks with a special financial habit to share--ranging from new traditions they've started in the past decade to others dating back to grandparents and even great-grandparents. Read on for five one-of-a-kind money rituals that are still going strong. You may even be inspired to adopt one for your own family. "Checking Company Stock Prices With My Children" James Fletcher, 32, portfolio manager and senior research analyst, Agoura Hills, Calif. "When I was a boy, my grandfather would scoop me up onto his lap and teach me about the stock market, from making investments to deciphering quotes. By the time I was a teenager, I'd officially moved on to mock portfolios. I guess it isn't all that surprising that I grew up to be a portfolio manager. Now that I've got two kids of my own, I'm keeping my grandfather's tradition going strong. My 9-year-old daughter is saving to buy her first share in her favorite doll company. And my 7-year-old son has his eye on buying stock in a sneaker manufacturer. Every day when I get home from work, one of my favorite routines is cozying up with my kids and checking to see whether these stocks have gone up or down--then we talk about why. I love that their eagerness to learn about investing has translated to extra quality time with dad." RELATED: Father Time: The Ultimate Dad's Guide to Work-Life Balance "Always Keeping a Stash of 'Mad Money' for Just-in-Case" Hailey Lanier, 22, account executive, Chicago "This quirky family tradition started with my great-grandmother--and a $2 bill, which she called 'mad money.' When my grandma was a young woman, her mother gave her $2 and explained it was in-case-of-emergency money to be kept on her at all times. This way, no matter what, she'd always have cash on hand to see her through an unexpected situation, like if a friend or significant other made her mad and she wanted to take a cab home. My mother and I still carry around $2 bills as a reminder of this bit of family wisdom. But what my great-grandmother really taught us is that nothing is more important than having emergency savings. This lesson has made me prioritize building up my own rainy day fund. And when the time comes to have children of my own, I'll definitely be empowering them with their own 'mad money.'" RELATED: 7 Reasons You Need an Emergency Fund "Helping Oth...

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