Spiritual side of the money conversation:
Part of being discerning, is asking questions.
If you meditate or pray, include these questions:
- God, what do you want me to do with this?
- What do you want me to know today?
- You've given me "x", how do you want me to be a good steward of it?
10 Things that you need to educate your child on before they are 12:
- Purpose: Why are you here? Have them write down 10 skills, talents, or hobbies that they possess and then analyze them.
- Vision: Where are you going? Where do they think that will be 5, 10, & 20 years from today. Write out a 20-year budget for your child (include mortgage & expenses).
- Expose them to 4 valuable growth resources (time, money, people, & knowledge). How much time is it going to take to achieve your dream? What books should you focus on? Make trips to the library. Help them learn how to network (for ex. go to events, shake people hands, look people in the eyes and introduce themselves).
- Teach them about investment basics. What are stocks & bonds?
- Show them the value of money. Instead of telling them the cost of the TV, tell them how many hours you had to work in order to afford it. Put a time value on chores. For example, 2 hours of a task gives you $20 towards the item that they want to purchase.
- Budgeting: Start involving your kids in on the bills. How much does the house, food, etc. cost? Doesn't have to be an extensive involvement.
- Teach them the 3 uses of money. (Spend. Save. Give.) For smaller children, get a shoebox that represents each one. How much are you going to put in each box?
- Homeownership: Teach them about land ownership.
- The Golden Rule: How you treat others is reflective about how you feel about yourself and where you will go in life. Treat others with respect & dignity. People will notice.
- Be thankful! Have them periodically write down 10 things that they are thankful for within the household. During the times, when they don't feel thankful, pull out the list.