I’ve had a lot of parents tell me,

“I’m not very good financially, how can I teach my child to be smart with their money if I’m not very smart with mine?”

This is a GREAT question!

Have you ever heard the old saying, “The best way tot learn is to teach?”

Well, it’s incredibly true!

Just because you have not been very smart with your money in the past doesn’t mean that you must continue along this way.

The fact that you can see that you have not been very clever with your money in the past shows me that you are now at a cross roads. You can see what you have done wrong and are getting ready to change.

Don’t wait until you get a handle on your finances BEFORE you start to teach your child about money, start today!

Right now!

Sit down with your child and show them how you have made money mistakes in the past. Then come up with a plan of how you are going to change these bad money habits for the future.

Be a rold model for your child. And don’t be afraid to show your child your failures.

By showing your child that you are human, that you make mistakes you are actually helping your child to see that it is okay to make mistakes. That mistakes are just life’s way of teaching you something.

I like to think of mistakes as just, “very expensive lessons!”

That’s all.

Now if you make mistakes and don’t learn from them, then you are asking for trouble.

If you begin on your path to financial freedom together with your child, not only will you be setting the best example in the world for your child’s financial success but you will also be really connecting with them at a very personal and emotional level.

This could be the best bonding experience you ever make with your child.

Just imagine, you could be having weekly fiance meetings with your child where you both take turns describing how your week has gone financially.

Set the example, you go first. Tell your child about your week’s financial successes and also about the financial mistakes that you have made this past week along with the lessons that you learned from those mistakes.

Then it’s your child’s turn.

You’re child will be more likely to be open and honest with you if you show that you are being open and honest with them.

Have fun with it. Set a special family game night, where you play the CASHFLOW game or some other financial game together. It’s a great way to open up the lines of communication.

Read books together on finances and then hold your own book club, so you can discuss the lessons together.

But most of all enjoy each moment of learning and teaching your child.

This should be fun!

Cheers….Amanda van der Gulik…Excited Life Enthusiast!

============================================

For More Great Money Lessons for Kids read,

“The Insider’s Secrets to Raising a Future Millionaire!”

============================================

“(Especially Right Now!)

With inflation on the rise (gas prices, grocery bills, health insurance premiums, etc.) and many companies being more conservative, more American families are feeling squeezed. So if you’re feeling guilty because you can’t buy your child that video game system he desperately wants or send him to that trendy summer camp, Eric Tyson has one word for you. Don’t. In fact, he says, now is the perfect time to teach your kids some valuable financial lessons.

“Kids are surprisingly aware of what’s going on in the world,” says Tyson, author of the new book Let’s Get Real About Money! Profit from the Habits of the Best Personal Finance Managers. “And if they don’t know that times are a little bit tough and Mom & Dad are having to watch their spending, it’s time to tell them. Sheltering kids from financial realities does them no favors.”

Indeed, the opposite is true, says Tyson. A good grasp of personal finance is one of the most valuable life skills a person can have. And while previous generations may have been raised with the constant admonishment that “money doesn’t grow on trees!,” too many of today’s parents neglect that lesson. It’s time to change that-and the economic slowdown we’re in now provides a great incentive for doing so.

“In many ways, a slower economy can be a blessing in disguise,” admits Tyson. “It leads families to make a budget and stick to it. It forces them to be conscious about how they handle money. That’s good for kids. It shows them how the world is supposed to work.”

To read more of this article click here.

Cheers…Amanda van der Gulik…Excited Life Enthusiast!

Can You Indulge Your Kids and Still Teach Them to be Responsible About Money?
by Jean Chatzky – from Oprah.com

“Whether you’ve got a toddler or a teen, teaching kids how to spend and save money is one of the most important jobs you’ll face as a parent. The lessons you impart now can have a huge impact on how hard your child works, whether or not they get into debt and how well they can budget and plan for the future.

If recent surveys are any indication, kids can use the help. Few kids age 12 to 21 understand even basic financial terms, according to Phoenix Student Fiscal Fitness Survey. Only 12 percent could define the word budget.

But kids certainly know what they want when it comes to money—they want more. Our consumer-driven society teaches them that material things will make them happy. As adults, we know that’s not true, and it’s our jobs to make sure our kids understand that. Of course, a little overindulgence is perfectly natural, especially among this generation of super-involved parents. If your kid routinely wants the next great toy, video game player or trendy pair of shoes, and then grows tired of whatever it is they just bought within a few days, that’s a sign you’re erring on the side of spoiling them.

What can you do to help your kids avoid this fate? These two easier-said-than-done rules of parenting can be the keys to success.”

To read more about the “two easier-said-than-done” rules of parenting click here.

I hope you’ve found this interesting and the statistics eye-opening!

Cheers…..Amanda van der Gulik….Excited Life Enthusiast!
www.TeachingChildrenAboutMoney.com