What do I say to my kids if I lose everything?

Talking to your children about business failure and potential loss of family assets is one of the hardest conversations you'll ever have as a parent, but it's important to handle it with honesty appropriate to their age while providing reassurance about what matters most. The conversation will differ dramatically based on your children's ages. For young children under about 10, avoid overwhelming detail but provide age-appropriate truth: 'Daddy's/Mummy's business is having problems and we might need to make some changes like moving to a smaller house or spending less money for a while, but we'll still be together as a family and you'll be okay.' Young children need reassurance about stability, safety, and that they're not losing their parents' love or attention. For older children and teenagers, more honesty is appropriate and necessary: 'I need to tell you something difficult. My business has failed and we're facing serious financial problems. We might lose the house and need to make major changes to how we live. I'm really sorry this is happening and I know it's scary.' Teenagers can often handle more detail about what's happening and may appreciate being treated as mature enough to understand the situation, though be careful not to burden them with adult financial worries they cannot control. For all ages, several principles matter: First, emphasize that this is about money and business, not about family love or togetherness—you might lose material things but the family relationship remains. Second, be honest without being catastrophic—explain the situation clearly but don't transfer all your fear and anxiety onto them. Third, avoid making promises you can't keep about outcomes, but promise you'll keep them informed and safe. Fourth, explicitly tell them this is not their fault and not their responsibility to fix—children sometimes feel guilty or try to help in ways that aren't appropriate. Fifth, maintain as much routine and normality as possible in daily life even while changes happen. Sixth, watch for signs of anxiety, depression, or behavioral changes in your children and seek professional support for them if needed. Be prepared for different reactions: some children may seem to take it in stride initially then have delayed emotional responses; others may be angry, particularly teenagers who might feel their social standing or plans are threatened; some may become anxious about every financial matter; and some may try to be supportive in ways that put inappropriate pressure on them to be 'strong' for you. Let them express their feelings without making them feel guilty for being upset about changes to their lives. Be particularly sensitive to practical concerns children might have: Will I have to change schools? Can I still see my friends? Will we still have holidays? What about my university plans? Will I still be able to do my activities? Answer these honestly but avoid unnecessary detail about worst-case scenarios unless they're inevitable. Consider your own emotional state when having this conversation—if you're in crisis yourself, you might need a trusted family member present or to wait until you're calm enough to communicate without breaking down entirely, though don't wait so long that children hear about the situation from others or through household tension. Remember that children are remarkably resilient and adaptable, and many children who experience family financial crises look back as adults and recognize that while it was difficult, the experience taught them valuable lessons about resilience, priorities, and what really matters in life. What damages children most is not financial loss itself but family breakdown, parents who emotionally abandon them during crisis, excessive conflict between parents that children witness, or feeling that the world is fundamentally unsafe and unpredictable. If you can maintain emotional connection with your children, reassure them of their security and love, and model healthy coping with adversity, they will likely emerge from this difficult period emotionally intact even if family circumstances have changed dramatically. Finally, take care of yourself so you can take care of them—seek support from family, friends, and professionals so you're not parenting through this crisis completely alone.