Family meetings rarely happen in American homes anymore. Everyone has something to do; dad works odd hours, mom works and then comes home to fix dinner or take the kids to soccer practice. And the kids, well, they just do whatever they’re told. The only time it seems that there is a family meeting, is when something is wrong or a big decision is in play.
It’s important to have regular conversations, casual ones, about money and the importance of earning, respecting, and creating good habits with your children. And the important thing is, it’s NEVER too early.
We live in a fast society…everything has to happen right now, or even worse, yesterday. We are programmed to just give our kids whatever they ask for to keep from dealing with the drama of not giving it to them. To avoid confrontational angst at all cost. But, in reality it is costing you something more important, just not what you think.
Twenty-six percent of the “silent generation” (Americans born between 1928 and 1945) had credit card debt in 2015, while 41 percent of baby boomers, 44 percent of Gen Xers and 39 percent of millennials had card debt.18 [//www.creditcards.com/credit-card-news/credit-card-debt-statistics-1276.php] If your children are between the ages 8 and 18, this is a good time to have plenty of conversations around money and help them to understand the responsibility that comes with it. College years are the toughest when it comes to money management, so having discussions early will at the very least give a great foundation of principles that, hopefully, will stay within them.
Children learn by example. They adopt their habits, and mindsets from the influencers in their lives. What example are you demonstrating? Are you always complaining about ‘not enough’? Are you constantly saying things like ‘we can’t afford that’? Or, are you enjoying life and never worrying about bills? Are you demonstrating how to be responsible with money?
Important Key #1
EMPOWER your children to earn their money for the things they value by assigning them tasks. This way they will learn how to appreciate what they have worked for and it will have a deeper value to them. Even adults realize they only really value what they have invested time and sweat equity into.
Important Key #2
TEACH your children that with money comes responsibility. All this really means is that money is not to be squandered. Teach principles of compounding is a great tool and fun for younger children. Nothing excites a child more than seeing something grow…especially money. But this requires that you teach them about be responsible by committing to the growth.
Important Key #3
MOTIVATE them to achieve a wealthy lifestyle that will bring them and those they love a tremendous amount of joy and freedom. You do this by simply doing things like family outings, going to their favorite theme park, or spending quality time together. You see, being wealthy will allow them time freedom to do the things they love. So show them the stark difference between having zero time for fun, and a lot more time for fun!
Wealth consciousness happens over time, so give your children a positive jump-start in developing theirs and before you realize it, you will have raised responsible, happy children enjoying their dreams because you inspired them to do so!
Here’s to Your Remarkable Life & Legacy…