Spring is here: It’s finally the time of year when the flowers are blooming, children are outside playing and the sun is shining. It’s also the time of year that always reminds me of a story about a boy and a butterfly - a story that carries with it an important lesson for both life and, of course, finance.
This story is about a boy who found a caterpillar and brought it home. He put it in a jar with some food, and over the days that followed continued to feed it and watch it move. When the caterpillar built a cocoon around itself, the boy watched and waited for a butterfly.
Finally, the butterfly broke a small hole in the cocoon. But as it struggled to come out, the boy began to worry about how much trouble it was having. He took a pair of scissors and cut the opening in the cocoon so the butterfly could get out.
Sadly, the butterfly emerged with a swollen body and shriveled up wings. A butterfly must struggle to get out of its cocoon: Pushing itself through that small opening forces fluid out of its body and into its wing so it can fly. Without the struggle to get out of its cocoon, a butterfly will never be able to fly.
The lesson, as you may have gathered, is that struggles are a part of growing up. In life and in finance, it is often the struggle that will help our children develop their abilities.
When I talk to my clients about how to teach their kids to save money, I like to share this story to illustrate how important it is that they make their children work hard for the things they want. I tell them to help their children save money so they will develop the skills they need to be financially savvy down the road.
In other words, let your kids fight and they will be better equipped to spread their wings later in life.
Jeff Romond is managing partner of St. George Financial Partners in Mountainside and New York City. To contact him, call (908) 228-8800 or email him at email@example.com
Jeff Romond is a registered representative of and offers securities, investment advisory and financial planning services through MML Investors Services, LLC. Supervisory Office: 530 Fifth Avenue, 14th Floor New York, NY 10036-5197 Phone (212) 536-6000. St. George Financial Partners is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companies. CRN201405-160366.