THE #1 MONEY SKILL TO TEACH YOUR KIDS
To many families, money is a forbidden topic to discuss at the dining table; it’s stressful to talk about while you try to enjoy a beautiful moment with your kids.
Most people with no money worship it as a blessing sent by mighty power and should be respected and carefully spent.
They don’t realize that money is only a piece of paper or a digit in their digital wallet. It’s a human-made product created on-demand out of thin air with an unlimited supply.
Get your kids comfortable with money.
The difference between how wealthy families and the less fortunate ones teach their kids about money is like the difference between pure water and murky one.
The wealthy and wise families teach their kids how to deal with money and get comfortable with it.
They teach them how to ask for it or take it with no shame from others.
They get their kids comfortable playing with cash while counting it, get familiar with spending it, and it’s okay to share some of it with others.
They teach their kids that money is just an object like any other object, and the more their kids get comfortable with it, the better they will become at it.
We are not talking about the wealthy parents who spoil their kids with money. I got plenty of friends like that, and that’s not how your kids should be.
We are talking about the wise rich who teach their kids the actual value and purpose of money.
Over the years, these kids will find it easy to deal with money. It becomes natural for them to be around money and talk boldly about it; this raises their confidence to attract other wealthy people and make more of it.
On the other side of the town, the poor teach their children that money is scarce; it should be saved with a tight fist and only spent on things that matter for survival.
This idea enforces the concept that money is limited. Don’t spend it, don’t give it, save it, and only use it to survive.
Your kids know and follow what you tell them from an early age; how you teach them about a subject creates their inner beliefs and future behaviors.
Your behavior as a parent is the building block of how they see the world and interact with it in the future.
The rich think about the far future; they want to secure their kids financially.
They think their children might go into deals that make them lose all their money one day.
If they arm them with the right mindset early on, their children will find a method to stand back on their feet and make more money. Because they are programmed to make more money.
The poor teach their kids how to stay poor, take no risks, make some money and hide it under their bed’s pillow and spend it with a tight fist.
How you teach your kids about money has nothing to do with how much money you have right now; it is what you want them to be in the future.
If you have $10, give your kid $2 and let them buy something with it; let them feel the joy of holding that money and spending it, and let them understand that it’s okay to spend that piece of paper.
Teach your kids how to make more money.
Most adults do not know how to make money, they only know how to earn a salary, and those are two different skills.
The first relies on making transactions; the second depends on doing labor work and waiting for someone to pay.
To become mentally comfortable with money, your kids must know that they can make more of it whenever they want.
They need to know that they only have to generate more transactions whenever they want to print more money.
Teaching them how to transact it could be as simple as selling a bottle of water or lemonade to a stranger on the street.
The better they get at selling that lemonade, the more money they can make and the more they can spend and enjoy.
My father used to take me to his chocolate factory at an early age.
He used to send me to clients and collect cash, not a lot of money; sometimes, it might be around $5K.
He asked me to count the money and take it to the bank.
He wanted me to get familiar with getting into the bank and the bank workers; I got my first checkbook at eighteen.
He used to disappear for a while and let me sell products to clients or sit behind the cash register and get comfortable counting money.
He gave me some cash and asked me to donate it; he always said, share it, and god will provide more. He was the best financial teacher I could have.
I had a rough couple of years financially while I was abroad. But one voice kept coming to my mind repeatedly.
You are not financially stressed; you are not broke; you are not poor, get up and make more money. Now I’m back much more potent than before financially, physically, and more important, mentally.
Your attitude toward money shapes your kids’ future.
Teach them how to make it, then teach them it’s okay to spend it wisely on the thing that pleases them; in the end, it’s just a piece of paper they can make whenever they want.