What a $100 Tooth Fairy Mishap Taught Me as a Financial Advisor About Teaching Kids About Money

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Financial advisers — they’re similar to the rest of us. Or maybe not so much. Generally, they possess greater expertise and the ability to create comprehensive financial plans customized for particular objectives compared to an ordinary individual.

financial advisors

aren’t exempt from committing quite human, and occasionally quite cringe-worthy, mistakes

errors — or, as young people put it, “cringeworthy” — when dealing with finances

.

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Cristian Mundy, CFP, who works as a professional and senior wealth manager at Life Line Wealth Management, faced a similar situation. His “embarrassing” experience occurred when his son found out about the Tooth Fairy’s substantial generosity—teaching Mundy firsthand how inquisitive and persistent children can be.

receiving an unexpected windfall

.

Generating extra money doesn’t have to be complicated.

You may begin this week.

The $100 Caper of the Tooth Fairy

A few years back, when Mundy’s eldest child lost their first baby tooth, they decided to mark the occasion with a traditional encounter with the Tooth Fairy. After all, what could be wrong with commemorating this childhood tradition using some fairy dust-infused enchantment?

“Thus, when I took my wallet to bed and checked it, I found that all I possessed was a

$100 bill

“I thought, ‘I’ll switch it out tomorrow morning after my workout,'” Mundy remembers. Did he actually manage to get up early enough to make the change before heading to the gym?

He did not.

By 4:45 a.m., I was jolted awake by an enthusiastic child shouting, ‘Dad! The Tooth Fairy gave me one hundred dollars! She must be wealthy!’ ” recounts Mundy. “Never before had I jumped out of bed so quickly.

At first, Mundy attempted to maintain his composure and retrieve the $100. “Wow, Big Dawg, she probably made an error!” he explained to his son. “We should write a thank-you note and send back the cash to ensure she isn’t hassled by the Tooth Fairy IRS.”

It goes without saying, his son was not convinced.

When a Financial Error Turns into a Learning Opportunity

Mundy’s son wasn’t convinced at all; instead, he responded with a knowing smirk and a sideways glance that clearly conveyed: The Tooth Fairy is owning this defeat. “Defeat” being synonymous with losing out on $100.

However, the incident didn’t end there. In fact, it initiated a series of deep financial inquiries, such as whether, as Mundy suggests, “the Tooth Fairy could assist with purchasing.”

Tesla

” “If she has so much money, why doesn’t she just give everybody some?” “Can you pull another loose tooth of mine too so I can get more money?”

And lastly, here’s the clincher: “Is the Tooth Fairy hiring?”

Mundy states that he experienced an immediate realization: “I needed to address budgeting, inflation, and mystical dental economics much sooner than anticipated.”

What a C$100 Note Revealed to This Financial Adviser About Conveying Fiscal Wisdom

If Mundy learned anything from his $100 error — or more accurately, the Tooth Fairy’s $100 error — it was that

Children begin developing their attitudes towards money and establishing financial behaviors.

sooner than you might imagine.

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How Middle-Class Workers Are Secretly Turning Into Millionaires — and You Can Do It Too

As both a Certified Financial Planner™ and a Latino father, I frequently discuss building generational wealth; however, that experience made me realize it all begins with passing down generational wisdom,” he explains. “It could be as simple as leaving a dollar under a pillow or having discussions during meals—each interaction offers an opportunity to educate children about the realities of finance and avoid relying on mythical beings with poor bookkeeping skills for one’s financial strategy.

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