Many of us have beliefs about money that we developed as a child and took into our adult lives – maybe some good, maybe some not so good. One of the cool things about being a parent (or grandparent or aunt or uncle!) is that we have the opportunity to show children just how good it can feel when you are intentional about how you use money. In this episode, Hallie and I talk about why children that get everything given to them don’t necessarily have it easier and a few good practices you can incorporate when it comes to instilling good money management with your children, including how to both save and spend consciously. We also talk about how I incentivize my children to help them understand the value of earning and using money in a conscious way.
In this episode, you will learn about:
- A few of the top mistakes we make when it comes to teaching (or the lack of it!) our kids about money.
- Why I told my daughter that while I may be a millionaire, that doesn’t necessarily mean she will be.
- Why showing our kids good beliefs and habits about money is one of the best gifts we can give to set them up in life.
Take a listen and let us know what you think with a comment below! If you like what you hear, make sure to subscribe and share with a friend.
Resources
- Sign Up for 30-60-90 & Success Through Others – December 2-3
- “Mr. Money Mustache — Living Beautifully on $25-$27k Per Year”
- Gary Keller
- Financial Peace Jr.
Subscribe to Business Meets Spirituality:
Join Our Free Conscious Coaching Community
- Facebook Group: Facebook.com/groups/JoinConsciousCoaching
Timestamps
[2:34] Of course we want to protect our kids, but their real growth and grit come from learning on their own and not having everything easily provided for them.
[4:01] You can feel as good walking into a tiny apartment as Bill Gates does when he walks into his mansion. When you get in alignment with joy and gratitude, you appreciate what you do have.
[8:52] Great leaders invest money in themselves and in experiences where they can learn and grow.
[10:28] We discuss ways to show your kids that saving their money and being intentional about their spending is a good way for them to understand the value of good money habits.
[12:14] When kids pick up that money is the reason their parents argue, it imprints in their mind that money causes fear and frustration and can bring about limiting beliefs that could last a lifetime.
[13:35] Get clear on what you are going to provide for your kids. For me, it’s investing in their education and health.
[17:02] Showing kids how to make their own decisions about money and reflect on their choices to spend or save should be an ongoing conversation in the household. I discuss with my kids the four choices they have about their money: save, spend, donate, or invest. We talk about what they chose, why they chose it, and how they feel about it.
[21:58] We can incentivize our kids by rewarding them for behavior that encourages persistence, consistency, and hard work.
[30:48] I discuss how college education is great, but often the best experience comes from working or interning in the real world.
