Ok all of us moms out there know that there’s no playbook for parenting. Teaching kids about money is as nuanced and challenging as any other aspect of child-rearing. It’s critical to remember that our financial beliefs and behaviors often start to shape from an early age.
Today, I want to share with you five key lessons that I am teaching my kids about money. These are lessons rooted in values, ethics, and a broader understanding of what ‘wealth’ truly means.
Money, like many things in life, is not a zero-sum game.
A zero-sum perspective means believing that there’s only a finite amount of money out there and if someone else gets more, it means that there is less for me.
This perception can breed unhealthy competition, envy, and resentment.
Instead, I am teaching my kids about the concept of creating value, that by innovating, working hard, and providing useful services or products, they can contribute to expanding the world’s wealth rather than merely taking a slice from a fixed pie.
This understanding fosters a mindset of abundance instead of scarcity.
It’s crucial for children to appreciate the connection between work and money.
But this is not merely about equating time with dollars. Instead, it’s about understanding the inherent value of work: in the discipline it instills, the skills it develops, and the impact it can create.
Whether it’s chores around the house, a part-time job, or a small business venture, engaging in work allows kids to understand its value beyond the paycheck.
It teaches them about responsibility, perseverance, and the joy of earning their own money.
I firmly believe in a benevolent universe; one that gives back to us what we give out.
While it’s essential to teach our children about saving and investing wisely, it’s equally important to instill in them a spirit of generosity.
I firmly believe in the adage that the value of life is not measured by what we get, but by what we give.
Generosity can manifest in many ways: donating money to a favorite charity, spending time volunteering, or simply helping a friend in need.
By giving, we enrich not only the lives of others but also our own.
When we talk about wealth, we often solely focus on financial wealth.
However, true wealth encompasses so much more: health, knowledge, relationships, and time, among others.
I want my children to appreciate all forms of wealth in their lives.
Yes, financial stability is important, but so is maintaining good health, pursuing lifelong learning, fostering strong relationships, and making time for what they truly love.
Ultimately, wealth is a means to a fulfilling life, not the end goal.
This is perhaps the most significant lesson of all.
While self-reliance is a trait to be valued, it’s essential to understand that we rarely achieve our goals alone.
Whether it’s financial success or personal accomplishments, our achievements are often built on the support and contributions of others.
This lesson underlines the importance of community, mentorship, and teamwork.
It encourages my children to seek advice, value collaboration, and appreciate the people who contribute to their success.
My hope is to equip my children with a comprehensive understanding of money – one that goes beyond mere numbers and transactions.
We have to know the impact that we have on our kids and money is no different. How our kids view money will shape how it will be created and used in the future.
I aim to cultivate a mindset that sees money as a tool to create value, build a fulfilling life, and make a positive impact on the world.