"It is important for parents to have a healthy relationship with their children and invest in their future." When it comes to teaching children about money, parents should take an active interest in making sure they are helping lead their children to financial success. Some people would argue that it's okay not to teach children about money, but as a society we can see the consequences of not educating them.
Many adults find themselves living in debt and stressed out because they received little to no financial education as a child. The crime rate also continues to rise as people steal from others and some go as far as taking someone else's life over material possessions. On the other hand, there are some who know how to obtain wealth but fail to put the knowledge into action.
In the traditional world we live in, many people believe the material things we possess are a reflection of being wealthy. I would have believed that if I didn’t witness people buying big homes and luxury cars, but struggling to pay the notes on them. Society has conformed us to a way of thinking that has put many people into mental captivity. Self-esteems have been damaged in the process and the feeling of lack has caused several people to seek any means possible to fulfill their own selfish desires.
As a parent, it is our duty to help guide our children through life and be a model for them to follow. Majority of the financial habits children pick up are from observing their parents. If you are constantly showing your child that you live in a household of lack, they will believe they can’t have the things other children have and start to feel unworthy. It is important to teach children that wealth and success are defined by them and what they want out of life. What I think of as success might seem like a small thing for someone else. For example, you might not need a million dollars to feel wealthy, but someone else might be comfortable living below their means and 200,000 may be enough for them.
I am not saying you can’t get frustrated when you don’t have enough money for something, but you should refrain from showing that attitude around your child. Even if you don’t have as much money as you think you should in order to be qualified to speak to your child about wealth and abundance, you should do it any way. The whole intention of being a financial parent is to give your child exposure. Setting goals for yourself and allowing your children to watch you make a payment on your bills is just as important than being already established.
If you are struggling to get started teaching your child about finances, if you want to increase your expertise, or if you want to have a chance to turn around your family’s legacy, then Financial Parenthood is a must read!