Teach Money to Your Kids

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Dear FutureMoneyTrends.com Member,

Right now, this country is awash with socialist, spoiled little brats. They want everything to be paid for by someone else, from healthcare to college. Obviously, anyone who thinks this way was probably conditioned into believing this, because even animals know that they are responsible for taking care of themselves. It takes training to be have the mindset of dependency, and unfortunately for the human race, it takes really bad ideas to think stealing is normal and just. And right now, the world is being run by bad ideas.

I have three children: a 5-year-old son and two daughters, 3 years old and a 10-month-old. Raising them to understand money is an essential part of life. How they view and treat money can determine everything from their level of happiness to whom they marry.

Here are 10 values that teach your children about money. These are ideas and values I have picked up as a father, but I would love to share more. So please, if you have an idea not covered here, email me at Daniel@FutureMoneyTrends.com so we can possibly share it in a future letter on this important topic.

Kids and Money

  1. Work – If you want money, deliver value to another person.My children don’t get paid to do anything that they are responsible for. Sorry, no allowance for keeping their room clean, brushing their teeth, or making their beds. However, if I ask for a cup of coffee in the morning, I am happy to tip them 25 cents in the return.
  2. Business – When we set up lemonade or coffee stands, it’s important to walk them through the entire process. Bust out their piggy banks and use their own cash to buy the supplies. In the real world of business, nothing just shows up miraculously. Unless, of course, you’re the Fed (who prints money) or a big bank (who borrows it at 0%). Criminals aside, for honest people, you have to create. And it’s a great practice to help your children go through the entire process of making money.
  3. Talk about money – Money shouldn’t be taboo, especially around the dinner table. Everything should be discussed, from the family’s financial condition to new ideas on how to make money and the explanation of why a family doesn’t buy certain goods.Spending habits will develop early. According to one study, kids can fully have their own money habits by age 7, so be sure to set a good example during conversations.
    Avoid phrases like “we can’t afford it,” and “that’s expensive.” Instead, take 10 seconds to explain why you aren’t buying a specific good or service. For example, instead of “we can’t afford it,” let your child know that this month we are focused on paying down debt, paying off the home, or buying some great businesses in the stock market.
    Take a phrase like “we can’t afford it,” which conditions them to see themselves as poor, and turn it around to show them how you are acting responsible and rich. Rich people do smart things with their money, so it’s good for children to understand your choices.
    I told my son yesterday while walking through a Target that the reason I am not buying him a $100 toy today is because we are buying BP shares instead. I’ve let him know where my priorities and values are. It has nothing to do with the toy being “expensive,” it’s just that I have made a choice as to where my money is going.
  4. Money is fun – My children play monopoly, the cash flow game, and love to set up their own fake restaurant in their play house. Indulge and encourage these activities.
  5. Value Businesses – My son and oldest daughter and I have made it a regular part of our conversation to compliment or critique businesses. Walking into a Costco or Chipotle, my kids may often compliment these businesses as having great service, being clean, or having good food.With some businesses, after seeing my own frustration or being a direct problem for the kids (like a dirty bathroom), the children will turn to me and say “this is bad for their customers. No, this isn’t good, daddy.”
  6. Own businesses – This is more of a personal decision, but my wife and I have decided to not teach our children at all to aspire to have a job. Instead of asking what they want to be when they grow up, I’ve tweaked the question to ask what kind of businesses they want to own.We’ve also started buying stocks with them, making it an early habit to own businesses. This can also be fun, owning stocks like Disney and Costco, as well as businesses that we often drive by or use, like Exxon Mobil.
  7. Save – My wife and I have always been big savers, and so are our kids. We don’t split piggy banks or divide them up into save/spend/give. Instead, we put it all in one, and then when it’s built up a bit, we split it 50/50 between save and spend. For giving, the children will often give away toys instead of money.
  8. Appreciation – Every day when we eat breakfast, I ask them what they are thankful for. When we go to bed, I ask them to name 3 things that they are thankful for that happened during the day. Appreciation is important, because we all have so much to be thankful for. There is no reason to lust after materialism or the glamor of Hollywood.
  9. Kindness – Treating anyone who works for you with the highest level of respect and consideration is a must. As the parents, we have to set this example. If you’re valeting my car, bagging my groceries, or bidding a job for me, it’s “sir,” “ma’am,” and always saying “thank you.”Do unto others as you want done unto you. This golden rule is important in life and any financial transaction you engage in.
  10. Thou Shalt Not Steal – On the surface, this seems like a no-brainer. But in today’s society, it’s quite normal for people to want to steal from others. Teaching children where “free” comes is not only a moral value, but can help their mindset later in life.

No one owes you anything – especially a stranger. It’s wrong to use politicians to forcefully steal on your behalf. Eliminating this mindset will allow their own sovereignty and independence to flourish, since they will naturally look to themselves to provide, rather than other peoples’ wallets through government violence.

The world is rapidly changing, and teaching your children about money early on should be equal to any other education in their life.

Best Regards,

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Daniel Ameduri
President, FutureMoneyTrends.com

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