When you think about teaching young folks about money what comes to mind? When to give them an allowance? Teach them to save? How about the dollar value of what they desire?
Those lessons and others make sense. But here is the mistake nearly everyone makes: trying to teach these kind of tactical lessons first, when these lesson should be after. “After what?” You ask?
Watch out for the gimmie and now monster
After the foundational concepts that involve your core values.
Let’s assume you value teaching independence and self reliance. This means one tactical money concept you would be addressing is the issue of balance — spending what you have to spend and not more. This is juxtaposed to the “gimmie monster” that takes most young folks over when they want something–that and the “now-monster”. When the “gimmie monster” and “now monster” tag team up in the grocery store or gift shop –watch out everyone is in for a rough ride.
Do you make a child feel bad about wanting? Do you make a child feel bad about not understanding the value of objects purchased? Feel bad for not being able to wait for the object? Not consciously I am sure. But think about your upbringing. Did you feel bad from time to time about wanting something and thinking about how your parents would suffer to give it to you; or your parents be mad at your wanting it?
Life loves you
What if you were to teach your children that wants are a part of life and that they do not have to respond to every want they have? They can notice it, observe it and realize, “oh this is a want and it will change, wants always change.” What if they are taught other foundational concepts like, “I am not bad for wanting, but I am in control of my response to the want”. Think about the quality of the purchase decisions they can make being free of the dynamic duo: “gimmie monster” and “now monster.”
IF BTW, you have either one of these monsters, it will be hard to teach your children anything else. Children follow what we do-not what we say. Even if we are honest about the troublesome nature of what we do.
I have three children, and I know how much I wanted to have them learn the foundations of sustainable prosperity first. I actually made a story and told it to them over and over to help with this. I have a book, for adults about all the un-learning it takes when you have never had these foundational concepts growing up. I am told, “I wish I could teach my children this” so many times, I decided to write the book for children. I went back to that old long ago story I told my children, tweaked it for today’s world and now it’s ready.
I am sharing some pages out of the book here in this post. Iif you would like to preorder the book there is a button on this page.
Love Life and you are Always Rich
Life life and you are always rich
Naturally, I would love for you to take a minute and leave a comment sharing some of your experiences, the good the bad the ugly- the more sharing the better! What do you wish you learned when you were younger about the importance of money, it’s energy and the effect money has on balancing the rest of life’s energies?
Hi Karen,
We did not teach our son much about money. He never saw us spend on much except basics because that was the lifestyle we had chosen. He did not get many gifts and seldom asked for anything. The one thing he wanted most as a boy, he bought last year and he is 32 now. I certainly can’t fault his patience or his purchase though I believe he is disappointed in the amount of happiness he has derived from possession. Looks to me as though the now and gimme monsters have more to do with expectations.
When I thought about how I felt when I asked my parents for anything, including dollars my insides go into a knot. I do not want to pass this onto my kids when I have them. We never talked about money–but aparantly much was said.
Beautiful book. I can’t wait to get my copy! I am sending it to nieces for Christmas.