The panel was moderated by Rhonda Mims, president of ING Foundation. (Photo: Kris Connor/Getty Images for BET)
During a thought-provoking forum on women and wealth at BET's fourth annual Leading Women Defined summit in Washington, D.C., a panel of experts discussed the importance of building and preserving wealth. They also offered insight on how to deal with unexpected challenges, such as the sudden loss of income, and how to protect their income and raise financially responsible children.
Camille Hackney, senior vice president of brand partnerships at Atlantic Records, said the biggest takeaways for her were tips on how to teach children to be fiscally responsible.
Use paper money instead of a credit card and "showing them that it actually takes money to buy things versus just whipping out the plastic and making them think it's easy and just comes," she said.
Another way to set a good example, Hackney added, is to set up jars labeled give, save, spend and put money in them to help kids grow up to understand they should have those three buckets for the rest of your life.
Maria Weaver Watson, who runs marketing and sales for Interactive One, said she learned the value of saying no to her kids.
"I am definitely guilty of giving in and not realizing the longer-term effects of that was really an important takeaway for me," said Watson, whose children are 12 and 10.
They don't take money for granted but want a lot of things. And because they do so well in school she has convinced herself they deserve to be rewarded.
"But the reality is some things they just don't need and we don't have to have, and that's a good lesson for them to learn long-term," Watson said.
The panel was moderated by Rhonda Mims, president of ING Foundation and senior vice president of its Office of Corporate Responsibility, the panel included Sharon Epperson, personal finance correspondent for CNBC; Carla A. Harris, managing director and senior client advisor for Morgan Stanley; Washington Post "Color of Money" columnist Michelle Singletary; and Carmen Wong Ulrich, president of ALTA Wealth Management.
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