Kids Values For Making Money
If you had to choose between your kids making money or shaping your kids values about money
, which do you think would have higher importance? Obviously, making money is important but how are you establishing your children's values about money? For our definition values about money are your attitude toward the acquisition of wealth and the level of importance that you place on it. The way you teach your kids to value money could be the difference in them being just over broke to being financially free.You may have heard people say and you may have even said it, I would love to be rich. This may sound like a "value" but in reality it's not. The true idea of creating wealth goes beyond just making a lot of money. In fact, making a lot of money is often the result of a shift in values that happen well before you are ever considered wealthy. Let me give you an example.
Enterprise Rent-A-Car is one of the largest rent a car companies in the world, yet it started as a vision by one man Jack Taylor who saw a need people had for transportation when their car was being repaired. He set out to fill this need. Early on when he started the company his family didn't have a lot of money so they sacrificed many things early in the company's history and they became very frugal with their expenditures. Basically they bought only what they needed because he needed every dollar to keep his company going. Years later, Enterprise is an overwhelming success and the Taylor family can now buy whatever they want.
This is one example of a way to value money, willing to live below your means today as you build your wealth to a place you can afford whatever you want. In Jack's case if he didn't believe he would succeed he would have squandered what little profit he made early on. So it is with you. If you are not building towards something bigger than whenever you make a little extra it will be spent without appreciation for its real value. When it comes to making money, values and belief always come before you physically see the increase in your income. The only exception is if you play the lottery and most of those people end up broke anyway.
How then as parents can we teach values to our children? Having our kids making money is great but how can we help shape their values? The first thing is to make sure your values are in the right place. Once you know your values help them identify their values and begin making the changes if necessary. Below is a simple exercise to help you determine your values about money:
Answer the following question: You have just been given a $5,000 bonus list the top 10 things you will do with this money. For your children change the scenario to $500 for your birthday. Write each answer based on the first thought that pops into your head. Be honest with yourself as that is the only way to change your situation.
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