How can I?
Many parents ask me (in private), “How can I teach my children about money when my own finances are so messed up? I don’t want me kids to know how much financial trouble I am in.”
As parents we all want to be perfect in the eyes of our children. But I am here to tell you that it is not your fault!
The economic world has changed dramatically in our lifetime. The rules of making money and being successful have changed. When we were young the message was, “Go to school, get good grades so you can good a good job with a company with great benefits, be a loyal employee and retire with a great retirement plan.” As we grew up we realized that this advice was no longer valid for our generation, let alone our children’s generation. Yet today we are still telling our children, “Get good grades so you can get a good job…”
As parents, we need to make sure our children are prepared for the financial world THEY will face. Money is still not taught in school, nor talked about at home. What our generation learned about money we learned “on the street” or through experience. Maybe it is time we start telling our children, “Go to school to learn so that you may maximize your opportunities, but remember to create your own future and take responsibility for your own financial future. Do not depend on an employer for your future, depend on yourself!”
The financial world has changed but the educational system has not. By being honest with our children about money and learning together you can build an even stronger relationship for your family. Allow you children to make financial mistakes while they are still at home.
There is no lack of need.
There is no lack of curriculum available.
There is no lack of learning opportunities.
There is a lack of action.
“Learn together,” is my answer.
ACTION STEPS
1. Go to a seminar on internet businesses as a family. Start a part-time family business where everyone participates and have a weekly business meeting,
2. Go to a coin shop together and invest is some silver and/or gold coins. Set up a chart and have your children responsible for tracking your investment.
3. Discuss your personal investing with your children so they know what you are investing in. Have them participate in your meetings.
Many parents don’t want their children to know HOW much money they have—or DON’T have. While that is a parenting decision, the educational process is still important.
It is all about Paying Your Family First.
Filed under: Children, Money Tips
I am a high school teacher and I agree. Money is still not being taught in school. I play Cash Flow 101 in one of my classes and my students thoroughly enjoy the game.
I have two children in college. One going on to be a chiropractor and the other just switched majors to business entreprenuership. We went into business together in a internet marketing business. We are learning a ton together.
Come to think of it, the economic world is dramatically changing while the educational system is being left behind. Students are still being taught how to get their dream job and be a model employee. Thanks for tips like these that help open our minds about getting a clearer perception of the next generation’s financial future. Looking forward to reading more useful articles like this!