"It's No Secret That Our Children Learn From Us. They Watch What We Do, What We Buy And Watch How We Spend"
While the rest of the world seems to be caught up on Kevin Hart, The Oscars, Applebee’s $1 cocktails and Cryptocurrency.
I want to ask a serious question
What are you teaching your children about Money?
Before I start I want to bring a 7 year old boy named Ryan to your attention. Ryan is a first grader who made 22 million dollars opening toys and reviewing them on YouTube.
Okay you can pick up your jaws now. Yes! I couldn’t believe it myself. But its a true story and I applaud his parents. Very smart move on them.
I’ll leave a link to the article below
Why You Should Discuss Money With Your Children
After speaking with a few parents between the ages of 24 and 32 years old, I find that most parents don’t have conversations with their children about money. Unfortunately, some people are raised to not talk about money so then you translate that into your own life, and the cycle just continues. It’s a cultural thing, I mean, if you didn’t grow up hearing your parents talk about money chances are you are not talking about it with your children.
Most parents don’t want their children to know about their money failures, some parents feel like this is a topic not meant to discuss with children and some parents just simply have not even thought about it. But if they don’t learn from us, who will they learn from?
DaShawn and I discuss money all the time. There’s no reason to keep it away from him. If you know my child you know he likes nice things and has great taste in food. So these conversations must be had. We talk about the money I make an hour on my job to the taxes that get taken out of my paycheck. We have real live adult conversations about money. They can get so deep at times and I enjoy every minute of it! Luckily my child is extremely inquisitive so he keep the conversation going with all of his questions. Trust me when I tell you he has a question for a question.
The truth is we should be including our children in conversations held regarding money. Us as parents have a tremendous impact on our children when it comes to money because we lead by what we do. It’s no secret that our children learn from us. They watch what we do, what we buy and watch how we spend. The things we teach them about money today will determine how they spend money in the future.
To break it down
If your children see and hear you talk about saving money, you’ve planted that seed in their minds. When they grow up they’ll know about saving money, they’ll know that saving money is an option and is something that can be done. That doesn’t guarantee that they will, but at least they know about it. If your child watches you search the internet to see who has the best deals on a new computer. Your showing them how to look for deals, don’t just go with the first thing you see.
The number one thing you should be teaching your child is how to be responsible with money. This goes in one ear and right out the other with DaShawn. He never wants to save his money, always wants to spend spend spend. I can say over the last year he has gotten better. I try to teach him that he doesn’t have to buy everything in sight, but for an 11 year old boy that’s difficult.
I started with a piggy bank. Buy your child a piggy bank and let them start saving change. Every so often take the change and cash it in. Get a “Bad Word Jar”
Okay, Mama & Daddy— every time you use a bad word, drop a quarter in the jar. It sounds crazy I know. But what the lesson received is everything!
Explain what credit cards are, tell them how they can be dangerous. But also tell them how they can be beneficial. I know it seems weird because they’re so young, but talk about a credit score, tell them what a checkbook is. Have these conversations.
How To Teach Kids How To Save Money
If you think about it there are no classes in grade school that teach financial literacy. If I’m wrong please tell me in the comments below. Maybe they’ve added a class I don’t know about. So basically it’s up to us as parents to teach them the simple things like saving.
Be mindful of what you say to the little ones.
Don’t say things like I can’t afford it, just say NO!
My son has two piggy banks. One he goes in and out of and one he never touches. On the 19th of each month (date selected by him) he takes at least $5.00 and adds it to the bank he doesn’t touch. That’s one way I’m teaching him how to save.
During the summer when school is out let your child make thrills or sell candy or even go out and cut grass in their neighborhoods. This teaches them the value of a dollar at such a young age.
Look truth of the matter is the children today are 10 & 11 on paper but have minds of a 15 year old. They are very advanced. I’m convinced that children in countries like China are put in front of computers at 2 years old. They are taught about money at a very young age and that’s why they are opening up businesses. The businesses you and I shop at everyday. Teach them the importance of giving back. Tell them stories about successful people giving back such as actor Tyler Perry. He recently went to a Walmart and paid off everyone’s layaway for Christmas. Not only did he pay it forward but he helped out many families in the meantime.
Do you have conversation with your children about money? Will you start? How was money viewed when you grew up? What’s money positively or negatively talked about?