My middle child is at the age where she thinks money grows on trees, what should I do? Well, we have all been there. We instill the value of money into our kids once we feel they are ready to understand the concept. This timing can differ for each child, so use your best decision. We created several "contracts" introducing specific topics to our children: - Income - Investing (70%) - Saving (20%) - Spending (10%) - Fines - Payments INCOME We decided first to introduce the importance of a good work ethic, thinking, and the "CAN DO" attitude. As you will see in the attachment below, we made it as simple as possible so our child can understand the concept. We made it quite simple, "You do this, you get paid this." As this is an introduction to making money and why we need it, we want to ensure that our child doesn't get comfortable working for money, as the next step will be to introduce investing and money working for them as the end goal. FINES Fines can be seen as penalties. If our child exhibits one of these penalties, they are fined the allocated amount. This 'Fine Contract" is aimed at teaching our kids several key realities: - Your actions have consequences - You are held accountable for your actions - Dealing with defiance PAYMENTS This is the fun part. This allows our children to see how fast money can be "Wasted" buying things you don't need while also detouring immediate gratification. It was within three weeks before my seven-year-old daughter realized she didn't like paying for tablet time as her money was exhausted faster than she expected. In conclusion, this was a quick blog about how we are approaching the value of money without kids, and if you have any suggestions, please share them with us. Also, please find the quick excel file we created, that we use for our kids.
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Its working - I GOT ALL THIS MONEY BUT WHERE DO I PUT IT?!
Well isn't this a great problem to have? You are now getting money from cutting grass and washing cars, while people are working for you and bringing you recyclable items! Read more... Are you having trouble thinking of ways to increase that $1 income?
Try this If you are recycling cans, bottles and/or vehicle batteries, we just need to increase your product. Read more... Hello my young (and other) investors!! Today is a good day, and hopefully you all have had some thought and came up with a way to earn or obtain one dollar a day! If so, be proud of yourselves and if not, no worries as it will come to you soon enough. Understand that things take time and may come easier for one individual and harder for another, but as long as you are persistent and willing to work it will all workout. Remember to never compare your success and/or defeats to others as we all have our own “story to write”.
Read more... Sorry for the long delay, but here is our next step into starting your future wealth, and mentors don't worry, we are working on a step-by-step guide for you to help your kids as well.
Your next goal is to find a way to make one dollar a day. This will allow for you to start thinking outside of the box and find ways to earn your first income! It may be scary at first, but remember, "Nothing worth having comes easy". Don't be so hard on yourself either, remember we have the internet and environment around us, we just need to think outside of the box. Read more... This post will talk about identifying which individual you are. You can either be the investor or entrepreneur but do not worry, there is not a right or wrong answer and a chance you can be both.
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I recently read the article How to Save Money As a Teen, and although there were some key factors in it: I feel that it missed a key foundation. Before you start a summer job, doing housework, asking your parents, and starting a savings account, you need to get your mind right!
Like every great building you need a strong foundation. As a child I was never taught the proper way of thinking. Allow your money work for you, not you working for your money. In which knowing this now, we came to the development of LESS EFFORT – MAXIMUM INCOME. You need to understand that you must live below your means. Yes, it will be hard to do this as a teenager. You have friends and family that may have nice things that you want, but those are things you MUST wait on. If you buy those nice sneakers guess what (1) the money you spent on those sneakers will never be returned to you (2) a new pair of sneakers will come out next month (3) those sneakers are now a debit and will not make you money. Understanding that living below your means now, will set you up for success later. Some also call this “being materialistic”, try your best to stay away from the GUCCI, LV and what not…for now that is. Reference: Chris. M (May 12, 2020) How To Save Money As A Teen Retrieved: https://www.moneyunder30.com/how-teens-can-save-money I suggest you read the following book: Rich Dad, Poor Day Today we start our journey so you can see our intent to help individuals build a strong mental foundation. To overcome the barriers within we need to succeed financially not only as individuals but as a family.
With over 30 years of experience we do not claim to be finical advisors, but those who have tried and seen firsthand the success and barriers ahead. Learn from the mistakes we have made good or bad and you can save not only time but money as well. We will list people whom we follow, and who you might want to as well. These referrals may come in the form of social media, videos, books and more. As we all do not learn or retain information the same, these different forms will be at a greater opportunity for all. |