With the past primaries and the upcoming presidential election we’re hearing a lot of chatter about the state of education in our country. Time Magazine recently had an interesting article on the No Child Left Behind Act. It focused on how schools have a strained relationship with basic funding… money. So educators have been communicating this fact to our kids in hopes that they will be encouraged to do well on tests, which gets the school more money. Does this send a mixed message to our kids?
While the current education requirements have our kids concentrating on reading and math, we should also be building skills around money, among other things. Ideally there should be classes on money management, negotiating and sales techniques, even how to create a small business (such as Cash Machines for Kids). Kids need to learn these skills early on. Could you imagine where you’d be if you started learning this as a child?
Unfortunately we don’t have any money-oriented curriculum. That means it’s entirely up to us to teach our kids how to create life long wealth. We, as parents, could change an entire generation. Talk about Living Out Loud! The problem is that many of us don’t have any idea where to begin such an education.
What if there is a program that teaches you how to teach your kids? Now, I know what you’re thinking… that sounds great! Were do I sign up?
The good news is you don’t have to travel very far, in fact no further than your computer. I’ve put together a basic outline of the conversations we should have with our kids about money.
- Take a long hard look at your own conversation about money and how that affects the children in your lives. Ask yourself what your kids know about money. Remember, what they know is what they see. What is the dialog with money at home? Do you fear it? Do you worry too much about it? Does it cause problems with the relationships you have with others?
Remember to monitor your dialog about money around your kids. They don’t need to see you in a panic about the bills or bad decisions that were made about money.
- Have a weekly meeting. This means no matter what kind of week you’ve had, sit down around the table and have a talk about money. Ask them what they think about money. Then have a conversation on how to make money. Every age has a marketable skill set. Help your children identify their skill set. Ask them how they think they could make money doing something they know. Kids have the greatest ideas. Let them brainstorm. There are kids on track to make their first million before 18. It all starts with a conversation about their skills and how to market the idea.
Show your kids how to put their idea into a plan and most importantly how to put that plan into ACTION!
- Talk about spending. Show them how to have a good relationship with debt. A good relationship with money needs to have healthy spending attitude. Show your kids how the money they earn from their mini cash machine should be spent. Remember to teach your children NOT to spend all their money on debt and or lifestyle (i.e. the latest video game, or designer jeans). Show your children how to spend money to create more wealth. It is one of THE most important lessons you can teach your kids. How can my money create more wealth?
On the upcoming webinar, Cash Machines for Kids, we will get more in depth with how to execute these conversations and practices with your children. These three principals are the jumping off point. Register for the June 23rd webinar, Click Here.
Make this summer the time to get your kids to have the right mindset about money.
In closing I would like to challenge parents out there to start a weekly meeting with the entire family. A state of the family meeting about money and the relationship we have as a family with money. Also as you set the groundwork for your weekly Money Meetings, think about how your own dialog with money affects your children. We don’t want them picking up on bad habits. We want them to be engaged in the conversation about the creation of wealth.
Let’s make money with our kids and change a generation together.
Loral
P.S. Leave your comments or questions below. I’d love to hear from you!
