Have you ever considered how you came to have the relationship to money that you do?
How did you form your beliefs and your spending habits?
Were you given everything you wanted as a child? Or perhaps your parents were poor and you learned the value of living within your means?
However you were brought up, it’s worth considering how you teach your own kids about wealth management. If you demonstrate to your kids very early that there is nothing for nothing in this world, you will teach them a valuable lesson. If you encourage them to earn their pocket money, and then save it, they will learn that they have to work and save for the things they want.
Wouldn’t that be a wonderful belief to have, as you move into adulthood? Imagine increasing your work capacity and ultimately your self esteem, as you move through adolescence. Imagine arriving into your first paid employment, already understanding money and how to leverage it to create more income. You have the capacity to teach this to your children.
Many adults were given everything they wanted when they were kids. As a result they never quite understood the powerful connection between hard work, focused goals and achieving your dreams.
One of my favourite sayings is:
“Don’t give your kids cash and things – just give them goals for wings”