When my eight-year-old daughter grows up she wants to help the poor by inventing a system where those who have a lot will give to those who have too little. My six-year-old son will earn a lot of money by selling swings …. And help his sister out financially if she needs it.
These are the words and ideas of children, and a great source for a good laugh once in a while, but the thing is that money is already a part of their conscience and I don’t think that that is a bad thing.
One of our goals in life is educating our children to be financially smart. Many of the things we learned about my finances and how to do them right, we learned the hard way. We have made many mistakes along the way. Hopefully we have also learned from most of them.
I want my kids to get their own experiences but I hope that the things we do today at home, will give them the knowledge and strong foundation to do better when they grow up.
We talk to the kids about money. As we are both working in the financial field (and both work from home) it cannot be avoided that there is a lot of talk about money and finances going on. The kids hear a lot and they ask a lot of questions. I believe that like this, they learn a lot and most importantly, that money is something natural and not a taboo.
We are not afraid to say no. I don’t think that saying no is a bad thing. If they ask about getting something and we don’t think that is worth it or doesn’t fit the budget, we say no. Finding an alternative is always a good idea and also helps both us and them to be more creative – both in finding a cheaper alternative or “Doing It Yourself”.
We want to set a good example. What we teach them, we have to do ourselves. By setting a good example we show them that it is important to walk the walk and not only talk the talk whether is it about spending, saving or giving in order to live a debt free life.