It is now a well known fact that the traditional school system does not care about teaching learners money lessons. I mean the most important skill there is – money management.
Isn’t it a scandal that the system knows how to plant the job mentality in the minds of students but fails to show them how to make their wages give them a satisfying life?
Whether by design or by accident, the traditional school your children attend will not help them to discover the basic secrets of wealth creation and financial discipline.
This is where you come in as a parent.
You owe it a duty to your kids to train them in ways that make them value money, learn how to conserve it and how to make it grow.
Today, I want to bring to your attention some of the most valuable lessons about money you can begin to instill in your children.
Are you ready for my list of money lessons to start teaching your kids? Then let’s find out.
Money is a perishable commodity.
If you don’t let them see this early, they may grow up thinking that money is something you can easily get any time you want it.
This is a mistake parents who pamper their children with the little money they get from their jobs end up making. And it can leave a damaging impression on the minds of the children for the rest of their lives.
You don’t want your children growing up thinking that anytime they want money, it will be there for the taking. This attitude only makes them become “spendaholics”.
They spend as if the world were coming to an end within the next few seconds.
What should you do instead?
Let them realize, through your actions and utterances that, you can have a billion dollars today and blow it all tomorrow if you’re not careful about your spending habits. And don’t forget to demonstrate to them the horrific images of being penniless. That will help them a lot.
Money can be multiplied.
At the time you’re busy drumming it down their ears that without a proper spending plan, money can vanish into thin air, you must also show them the magical powers money has to multiply into large quantities.
Tell them how this attribute of money can be made to work in anybody’s favour.
Here is where the money lesson relating to savings and investment come in.
Instill in your children, at an early stage, the habit of putting money at profit or interest. Don’t forget to show them the magic of compound interest.
You will then be preparing the next generation of millionaires and billionaires.
Nobody is born poor
Neither has anybody been born to be rich. I consider this to be one of the best money lessons any working mom must quickly teach their children.
Do not wait too long to teach this key money lesson.
The reason is there is too much negative information in the environment regarding poverty and riches. This will pollute your children’s mind beyond redemption if you fail to act fast enough.
You can begin by helping them realize their individual potential to create wealth. Let them realize it does not matter where they live or how much they already have.
Sow in those little minds the wisdom in such virtues as self-confidence, hard work, patience and perseverance. This way, you would have begun putting them on the right path to financial freedom.
You would be arming them with the best tools to work and escape the poverty trap.
Living high is not the same as being wealthy.
Help your children to learn not to be fooled by what they see around them. People who drive flashy cars or live in expensive mansions and neighbourhoods are not necessarily wealthy folk.
They could be living from hand to mouth, chasing status symbols and sinking further into unsustainable debt.
Since appearances can be deceptive, groom your children not to be moved by the lifestyle of high spenders parading themselves as rich people. Because they are not.
It is good to educate your children at an early stage about the difference between liabilities and assets.
Show them why most of the status symbols tend to induce poverty rather than create wealth and lasting income streams.
You don’t want them growing up to become people who spend to impress others instead of building a lasting legacy of family wealth.
Do you know of any money lessons you’ll like to share with other working moms? Please write in the comment section below.