Discuss Money With Your Child
Discuss Money With Your Child
When you fail to make a conscious choice around money, what it means, how much is enough, its place in your life, whether it is easy or hard to get, etc. you leave the subconscious mind in charge of fulfilling on opinions heard in the environment. Whose opinions, then, will teach your child about creating and managing wealth-or the lack thereof?
Many people today live with considerable credit card debt. They never thought about or planned for the debtor how to live comfortably free of debt. Debt has nothing to do with how much money one earns. There are many multimillionaires who do not have enough cash for lunch!
So if it isn't about how much money comes in then what is it about?How much comes in is far less important than how much one keeps. And keeping the money so there is enough for expenses and fun and the future actually depends less on sound financial management than it does on mindset.
Many parents teach their young children how to handle money, what each coin and bill is and the value of each in relationship to one another. They help them open bank accounts and get them a social security number so whatever monies come to them have a place to go and be legally documented.
Responsible parents also teach their young people how to balance a checkbook, regularly "feed" a savings account and even how to invest their money, no matter how small the amount-to create healthy financial management habits.
The thing is that kids do what they see you do rather than what you tell them. Well, either they do exactly what you do or they do the exact opposite. With that knowledge I suggest you share your own healthy money management system with them if you have not already done so.
The way to learn to handle money, to have what you need and to avoid debt, is to establish such a system early on. And it is never too late to start one if you have not done so for yourself or your child.
T Harv Eker teaches a wealth management system using jars-a system so simple a small child can do it. And it works. Teach that method (or some other method that works) to your child-the younger the better.
His methods work so well that, when his children were very young, he figured out how much money he spent on each of them over the course of one year.He then gave each one that amount of money, in monthly payments, for them to take care of ALL their needs for the year. I am talking clothes, schoolbooks, fun, etc.
Can you imagine learning how to be financially independent while you still have the security of living at home with your parents?What a gift! Harv encourages families to attend his program.
Remember, your child is young for a short time. Do you want to teach him to be independent or dependent upon others for what he wants and needs?
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