Institute of Learning for Fabulous Business Women

Teach Your child about money

What are we teaching our children about money? Hopefully something!

 I remember when I was growing up, our family did not discuss money. Money was a taboo subject, discussed by the parents and handled by my father.

This is one thing that I wish that was discussed more openly when I was younger. Just a little guidance such as “save 10% of your income” and I would have been fine!

How I wish I could turn back the clocks of time. How I wish I was encouraged to save even 1% of my income. When I look back at the year I started working until this year 2003, I’m not saying I would be a millionaire but I certainly would have been much better off!

Now a grown person I have acknowledged and accepted the past and moved on to a great future. My bank account is increasing each year, I am currently purchasing rental properties and I am feeling incredible being and doing what I love-a Business Coach!

Now I don’t necessarily encourage parents to show the kids your mortgage statements but I think it is vital that children know that (while the subject of money may be a tad embarrassing for some parents) it IS a necessary part of life. As you start teaching your child, start slow and encourage them to believe in themselves and their future.

Here are some tips to help your child attain prosperity even at a young age:

1. Buy a piggy bank for your younger children. Allow them to choose whatever color shape or size they desire. Invite them to put their pennies into their piggy bank. Help them understand that if they save a penny a day, they can buy their own toy, candy or whatever they desire, once a month. Every so often they may count their pennies and reward themselves if they desire for achieving $10 or whatever the number, they decide on.

2. When your children have proved themselves to handling their pennies, take them to the bank to open their own bank accounts. Introduce them to their own personal banker. Get them their own passbook so they can see each month, how much they’ve accumulated! Encourage them to save at least 10% of what they receive as gifts (I know I used to receive money as gifts when I was young!)

3. Your child should be encouraged to donate or contribute another 10% of their savings. Donate to the church, to the homeless, to the depressed, or to a charity of their choice. Again let them choose which organization that they want to help. Some of these even allow a pen pal relationship to be formed! This would help the youth become more rounded, become more respectful of others regardless of the situation and become more appreciative of their own lives and their own prosperity.

4. Many young children think that “money grows on trees“. I applaud this abundance in them (although they may not know that the Universe is in fact limitless) and think we should encourage and nurture this… to some extent!

5. Talk to the kids and let them know that this paper and metal stuff called money is brought about by YOU working. Whether or not you work, or you have inherited a large fortune, don’t encourage laziness in your child. They need to be able to work for free sometimes to learn the value of work.

6. Money101 is not taught in schools. Where your child’s future is heading depends on what YOU want your child to know. Encourage them to ask questions about money. Prepare your child for their future.

7. When your child is old enough encourage your child to purchase a journal or a diary where they can record their dreams and desires. This allows them to dream big and look forward to their lives ahead-filled with prosperity. Have them cut out or draw and color pictures of what they want to purchase with their own money. Trust me! They will absolutely love this!

8. If they can manage and understand the budgeting process I’m all for it. When grandma or grandpa gives them money for their birthday, after they have put aside 10% each for savings and for donation to their favorite organization, allow them to budget for the remainder. Ensure that they budget for FUN too!

9. I’m sure there are loads of chores around the house, washing the dishes, cleaning the rooms, mowing the lawn, etc. Give your children an allowance but let them work for it. Participation in household chores helps them grow and allows the children to contribute to the home while getting paid for it!

10. Let the kids participate in the family’s money decisions. They may not understand everything but their minds will open up to the energy that money has and will prepare them for their lives ahead.  If the phone bill is too high, have them decide if they really want to talk to their girlfriends during peak time, for example.

The kids are our future. I know it may sound a little cliché but the fact is…they are. There are far too many children that grow up without the absolutely vital knowledge of money.

If you truly interested in your child’s future prepare them and trust that the process will work and they will be A-okay! I guarantee it!

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