Hi everyone, I just wanted to share this with you.
Here is an article I just posted on my Allowance Secrets Blog.
Enjoy!
To become money savvy should not be a chore for kids. Kids need to learn how to manage their money. You want them to be able to save, donate, invest and spend their money wisely. You want to teach them how to let their money work hard for them and not have them work hard for their money.
Some kids believe that learning to become money savvy is a major chore for kids to tackle. Don’t let them think like that! Encourage your kids to want to learn good money habits over bad money habits.
What are good money habits? It’s more than saving money. Having a saving mentality won’t increase your money. You want to have a positive wealth mentality. You want to create multiple streams of monthly income, in a passive recurring way.
Becoming money savvy is not another chore for kids.
Acquiring a basic understanding of what money is and how it works will put your kids on a financially secure path for the rest of their lives. We want our kids to leave the nest and be able to live on their own. Let’s hear it for financially secure kids living on their own! ;o)
Seriously, all you need is a sincere dedication to raise a money savvy child. It’s also helps to have experts guide you along the way. When should you start and how should you start will be your first questions. What about an allowance?
You should start as soon as your child is born. Create six magical piggy banks and let your child watch as you drop coins in each of these banks. I created a wonderful video (I’m proud to say) entitled “The 6 Magical Piggy Banks” which I recommend highly. More on that at a later time. ;o)
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 to give your children an allowance.
Anything to do with money is not a chore for kids to tackle. On the contrary, learning to value money and using your money wisely is a chore for kids to want to handle and handle well. Encourage entrepreneurial skills and creative thinking. Money is just a thing. What you do with money is what’s important.
I mentioned before about your kids having a positive wealth mentality and creating multiple streams of monthly income, in a passive recurring way. What did I mean by that? Why do I recommend it?
Have your kids create a video or brochure using their talents (how to draw, how to dance, how to bake, etc.). Then sell and re-sell this product over and over again. This is a great way to earn money without having to create a product again and again. Passive income comes in without a lot of hard work going out.
Becoming money savvy is not a chore for kids to do.
The definition of chore is “a burdensome or unpleasant task.” Learning about money, deciding how much is to be saved, given away, invested and spent will not be a burden to your kids. These skills are not unpleasant tasks.
Learning these money savvy skills will empower our kids so they will be Clever with their Dough and have the positive self-esteem needed to live happy fulfilling lives as adults.
Cheers … Amanda van der Gulik … Excited Life Enthusiast! ;o)
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