AFRICANGLOBE – I know I am always trying to teach my son great lessons about money so that he will get a better start with money than I did. Yet when having a conversation the other day with a friend we began chatting about what things we should not be teaching our kids about money.
What lessons are we teaching our kids either by ignoring the topic or by just not realizing the hidden messages that we are sending? Below are five of the things that you should try not to teach your kids about money!
• Money is Good or Bad
Money is an inanimate object, meaning it is not alive. It does not carry any good or bad, it just is.
A couch is also an inanimate object, would you consider a couch in and of itself a bad or good thing? You never hear someone say that couches are evil. Couches can only do bad if someone is pushing them on to someone, or using them to barricade you in!
Money is the same, it can only be used for good and bad if the person is good or bad. A dollar bill itself is not evil.
• You Must Do Nothing But Save
It can be easy to teach our kids nothing but saving money. We get so focused on thinking that teaching children about money is nothing more than teaching them about saving we forget that there has to be balance.
If you save all of your money, life can pass you by. You need to teach your kids to save, and to enjoy some of the money. Remember there is more to life than accumulating money, experiences are equally as important.
• Money Can Get You Anything You Want
There are many things in life that money can get you, but there are also many things in life that money just cannot buy.
When was the last time you focused on teaching your kids about things like dignity, respect, love, happiness, friends and self esteem. Just as you would sit your child down and talk about saving, managing and investing money you should also be discussing how money cannot buy you friends or any of the other things I mentioned.
• Who Ever Has the Money Has Control
This is one that can easily be taught without ever even realizing you are teaching it.
Does either you or your spouse make and control the money while the other must always ask permission?
Does someone around your kids use money as a way to control someone or dominate the situation?
Your kids can quickly catch on that when someone is in charge of the money they get to control everything. How can this impact them negatively? They could end up giving their power over to someone who has more money, in the process giving up their independence and ability to be themselves.
Work hard with your spouse to ensure you are both equal partners in the direction of your money. When your kids see you work on money as a team, they won’t learn that one person controls it all, which can lead to healthier relationships for both your kids and you!
• There is Only One Right Way to Manage Money
One of the best parts about money is that there are many ways to manage and grow your wealth. There are different budgeting types, there are different investments, different ways to earn money and even different ways to teach money.
You can customize each to your own personality and skills. Yet we often only teach the one way that we know. This can be a problem if your child does not function in the same way as you. You may love investing in the stock market and your child may love real estate.
Working to ensure your child is exposed to education on the many areas of finance will ensure they can find the right way for them.
The only real rule that everyone must follow is that in order to create lasting wealth you must live on less than you make.
By: Andrea Travillian