- Family and Parenting
Kids and Money: How to Teach Wealth Habits to Your Kids
Kids & Money: Teaching Wealth Habits to Your Kids
Aha! You've joined the ranks of those wise parents who have realized that you'd like to spare your children the burden of repeating your money mistakes? (or, of the poor money lessons that you were taught as a child?) Do you want your kids to learn NOW - while they're young - the money wisdom and skills that you are acquiring on the “Get Out of Debt Now” or “Law of Attraction” paths that you are (fortunately) now on?
Would you like your kids to learn Abundance and Wise Money Management now, when they're young? Would you like your kids to build strong habits that will help them save, spend and donate money wisely?
But, how do you do that?
Hmmm, you could:
- Attempt to take everything you’ve learned about getting out of debt, money management, savings, allocation, allowance, investing, abundance and law of attraction, and distill it down to some core elements
- Then, take those core elements and figure out how to convey those concepts to kids into a fun, easy method
- Then, take that fun, easy method and figure out how you, a busy parent with busy kids, can actually implement that method into your daily lives
- Then, use trial and error to arrive at a fun, easy system that really works with your real-life busy family
Or, you could:
1. Get my book, The Kids’ Bank Book which has done all of that work for you already.
Hmmm, what to do, what to do . . .
If you teach your kids great wealth habits now, they'll enjoy financial abundance and freedom when they're adults.
Do you want some pointers and a jump start? Then, this Squidoo page is for you!
When it comes to kids and money, fun counts!
3 words: Charlie Brown's teachers
Remember their voices? "Wah wah wah, wah wah wah wah"
That's what your kids hear as soon as you speak about money - regardless of whether what you say is kind, brilliant, lecturing or in pseudo-kids-lingo.
What to do? Speak less, do more
WHAT???!!! It's true and can be done.
[Charles Schultz was a hero of mine, along with Walt Disney & Jim Henson, growing up. His Charlie Brown image is from The Official Peanuts Website. Peanuts does not endorse me or my book or this Squidoo lens; Charlie Brown's image here is simply to illustrate the "wah wah wah" voice of his teachers.]
Get Wealthy - Do Good
and find out how
to DO GOOD
If you get VERY WEALTH,
you can do LOTS of GOOD!
Economics for Your Junior & Senior High Schoolers
3 TOP Reasons Why Piggy Banks & Traditional Banks Fail
a.k.a. Why you wouldn't be caught dead using a piggy bank to teach wise money management and wealth habits to your kids.
- Piggy banks fail to teach any money habits, financial strategy, discipline or planning.
- Piggy banks reinforce negative habits and beliefs. For example: "put all your money here and let it sit there being useless, and when you want or need money, then dig and scrape to get to it, and count it, maybe you'll have enough, maybe you won't." That fails to work as an adult, so why train for that dysfuntional mentality now?
- Piggy banks fail to allow for today's paper-bill dominated society. Every try to squish a $10 bill into a piggy bank slot? It's offensive what you have to do to the money in order to put it into its so-called-place - it is antithetical to the whole idea of responsibly caring for your money. We teach kids to make their bed, fold and hang their clothes neatly, keep their homework organized, but then, when it comes to money - just crumple it into a ball and jam it into the so-called-bank.
1 TOP SOLUTION - 4 Part Wealth Bank
[aka Giving Bank, Abundance Bank, or Tithing Bank]
What to do? Make the simple, or elaborate, version of the 4-part abundance bank in The Kids' Bank Book, which has step-by-step instructions, and lots of How-to Tips.
Want the bare bones version now? Go to my Squidoo lens on How to Build a 4 Part Kids Wealth Habits Bank.
[But, I know you're gonna want the gorey details later, so there's a link on that Squidoo lens for the Book that gives you all the how-to secrets.]
4-part and 3-part Kids Banks
Get a bank that will be somewhat sturdy, that your kids will think looks cool & goes with their style, and that EMPTIES easily. If possible, get one that can accept dollar bills easily too!
TOP 7 Reasons Why Parents come to us - You want to teach your children Wealthy Habits because:
- You've watched "The Secret" or attended/read Law of Attraction workshops/books, and want to pass this wisdom to your children, especially in the financial area
- You've read "Rich Dad, Poor Dad" and want your children to learn its lessons - now, before they are your age
- You want to spare your children all of the negative beliefs that you or others grew up with about money (e.g. it doesn't grow on trees, more money means more hard work, scrimping means saving), and you want to replace it with positive, abundant-minded beliefs and actions
- You come from a donating, tithing, charitable background, and want to pass that value system on to your children, while giving them a sound, balanced understanding of how money works
- You want to spare your children the pain of becoming buried in credit card debt or other consumer debt - but you don't want to hand them everything on a silver platter either - in other words, you want them to learn wise money management lessons early
- You are wealthy and want your children to have an appreciation and understanding of money that they won't acquire by simply enjoying your comfortable lifestyle, or by simply getting a job
- You want to save your children the pain of waiting until they are 30, 40, or 50 years old to "get it" when it comes to money
3 KEY "HOW TO" STEPS to teach Wealth Habits to Your Kids
[from "The Kids' Bank Book" e-book available at www.KidsBankBook.com]
I had a tough time narrowing it down to just 3. Here they are. [Gosh, lawyer-writers have soooo much to say!]
- Money generates more money - if invested - and that More Money is called Return On Investment (ROI). Kids can and DO learn what ROI is almost instantly because of how the Kids' Abundance Bank is set up.
- An Abundance Bank has 4 sections:
- More Money
- Holiday/Birthdays (to spend on gifts for others)
- Giving kids an allowance and ROI is giving kids the tools to practice how to handle money so that they will develop a rock-solid HABIT at an early age. Without the tools they can't practice. Sure, they can get a job, but now you have just convoluted and complicated the REAL message - how to handle money once you get it. Have concerns about kids' jobs v. allowance? The important thing is that you get to determine the amount of the allowance and the ROI. The Kids' Bank Book helps you with these numbers. Visit the website or read the book for a more detailed discussion.
FAQ: Frequently Asked Questions
- Q: How early can I start teaching my children about money management skills?
A: Children as young as 5 years old will embrace the money system that you will teach them from The Kids' Bank Book.
- Q: Should I buy a special 3 or 4 part bank for my child to use with The Kids' Bank Book system?
A: Absolutely Not! There is no bank on the market that sufficiently addresses all of the aspects that are necessary in a good money management bank. The Kids' Bank Book will tell you how to create a simple or intricately beautiful perfect bank for your children to enjoy while learning great wealth-building skills.
- Q: I don't think I have good teaching skills, how will I be able to take what The Kids' Bank Book says and teach it to my children?
A: The Kids' Bank Book has both step-by-step instructions of how to talk to your children when dealing with money, AND an easy-to-use system that your children will embrace quickly. You'll do less teaching and more enjoying watching them use their new money skills.
Got Allowance questions?
Why? (to give it)
For what? (in exchange for what, if anything)
When? (how often)
How much? (10s, 20s, 30s?)
For what? (to be used for what)
Then see my Squidoo Allowance lens.
My Favorite Quote about Children - and Life
"A baby is God's opinion that the world should go on." by Carl Sandburg
We all have a desire to teach that child to Be, Do and Have better than our generation. The Kids' Bank Book is just one more tool to help the World go on just a little bit better.
Great Creative/Thinking "Toys" for Kids
These are GREAT items! Isnt' quality a wonderful thing? [My comments are in brackets at the end of the prefab description.]
Grades Pre K & up. Watch 5 caterpillars develop into beautiful butterflies in this intriguing observation station. Comes with a mesh pop-up habitat, feeding kit, care instructions, butterfly facts, and a coupon for butterfly culture. (Sorry, we cannot ship larvae to Hawaii.) 10 1/2"H x 10 1/2" diameter. - [Lots of similar choices with different sizes and caterpillar options at Amazon.com and Insectlore.com. Must raise a caterpillar to a butterfly at least once in a chi...
Grade: Kindergarten - 3rd. Experience life on a farm while drawing and writing about horses, cows, tractors, and more! Learn to draw children and their favorite animal friends. - [Great book - very satisfying for children to see their own animal and character drawings - will entertain for hours.]
[Ages 5 to 10. Great activity. Various intricate geometric designs - for coloring with colored pencils, markers - to creat beautiful colorful designs. Entertaining for hours.]
The Parents' Financial Wealth Tools Poll
Tell us about your favorite financial skills or wealth building tool. We are always improving by learning from others. If you want to give us more details, Submit a Blurb at the end of the page. Thanks for your feedback!
Which has most helped you achieve or make progress on your financial goals:
Favorite Wealth Books from Amazon - (Because teaching our kids begins with teaching ourselves)
This book is excellent and life-changing.
My Current Favorite Quote
Do What You Can
Where You Are
With What You Have.
- Teddy Roosevelt
Mudpuppy 4-part Kids Banks
Wonderful FICTION Book that Teaches Kids about Money
Two siblings learn a lot - about money and themselves and their relationship - in their one week competition to see who can make the most money in their first entrepreneurship venture - a lemonade stand.
I think that if I were 10 years old, I'd prefer this book over a non-fiction book (as good as "Rich Dad, Poor Dad" is).
The American Dream.
What more could you want to teach your children about economics in today's American "transformed" economy?
Best Math Tool - "Wrap-Ups"
This is the best tool that I've found to help your child MASTER addition, subtraction, multiplication and division facts.