Hi everyone, I just wanted to share this with you.
Here is an article I just posted on my Allowance Secrets Blog.
Enjoy!
Should you become a player in the allowance game?
Will becoming a player benefit your children or will it lead them on a road to financial un-success? Don’t we all want our children to acquire financial values that put our children on a path for financial success?
Parents have debated the allowance game for years. There is no right or wrong decision as far as becoming a player or not becoming a player. You need to just find what works for you. ;o)
An allowance can lead to a sense of entitlement. Just giving money without any money training can lead to a disaster. How you play the allowance game and what messages you are teaching is important. Every child’s financial education has two sides. One side teaches him or her how to handle money. The other side teaches him or her how to create his or her own solutions when that child doesn’t have enough money. Parents can be their children’s money coaches.
I’m not a player in the allowance game. I prefer to help kids find kid-friendly, creative ways to make money. I believe in entrepreneurial skills and creative thinking over a straight allowance. I want our kids to have a good handle on how to create income, manage it, invest it, give some away, and how to make their money work for them.
When kids work hard for their own earnings and purchase items with that money, they learn respect, responsibility and appreciation. Becoming a player in the allowance game, just because, eliminates this opportunity for kids.
Money should not be expected, but earned! ;o)
Financial beliefs are formed when we are young. Powerful financial habits established while your child is young will increase his or her chances of ending up on a strong financial ground as well. Remember, habits and belief systems go hand in hand. Habits lead to beliefs about
money and beliefs help form habits.
Foster financial independence by empowering your children to open their minds to the possibility of achieving a goal (having money) and give them the responsibility for creating a solution. You won’t regret your decision to chose this path. ;o)
If you do decide, however, to become a player in the allowance game, then encourage your child to find his or her inner entrepreneur by giving a small allowance for needs not wants. This is an opportunity for you to teach your kids the differences between needing something and wanting something. Impulse spending can add up quickly and soon your child’s money will be all gone.
I recommend not playing the allowance game at all. This path encourages your child’s resourcefulness. This path fuels your child’s entrepreneurial thinking and independence.
You can encourage your child to discover past talents and passions and put these talents and passions to work to earn money. How?
Here is my ebook “Allowance Secrets: To Give or Not To Give” where the top 25 “kids and money” experts, family coaches, and highly successful entrepreneurs share their personal opinions and tips on whether or not your children should play the allowance game. Over 5000 people have already benefited form this book.
To be or not to be a player in the allowance game is a big question. The decision is entirely up to you. Make your decision and be passionate about it. A decision that has or is driven by passion and compassion will and can leave a lasting legacy. Make sure your legacy empowers your children to succeed on the financial road to success.
Cheers … Amanda van der Gulik … Excited Life Enthusiast! ;o)
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