Kids and Prosperity: Teaching Your Kids the Value of Money
It is not always easy to say no to your child when they want something that you cannot afford. The wide array of emotions they go through when they can't have something they want can span from minor disappointment, to downright feeling unloved. Hearing no repeatedly, will not help teach your child the value of money. But hearing no, and backing your answer up with an explanation that helps them understand the concept of money will help them build a healthy money relationship. In time, your guidance on the value of money and prosperity creation will help them achieve many successes in their lifetime. When your child becomes old enough to understand what it means to earn through effort its a good time to begin teaching them a few important "laws" around money. Here are a few pointers, when followed that will lay the groundwork for a healthy prosperity attitude.
Money and Necessity
Just as children get confused when they hear "no" repeatedly, "yes" can also be equally damaging to your child's concept of money. Sometimes a parent who had little when growing up wants their child to have a better life. In turn, they give them everything they didn't have in growing up. This is honorable, however it sets your child up to lack in motivation. It enables them and can set them up to lack creativity, energy, and direction.
Setting Limits While Loving Them
This is a vital lesson that will teach your child that no material item can ever replace love and respect. When you say 'No" to something they want always be sure and let them know the reason they are going without, its not that you do not love them. By giving your child, love while setting limits it will aid in developing emotional maturity.
When children learn to earn what they receive, it makes them stronger. If they are not challenged to earn, they will begin to think the world owes them. A lot of material comfort can backfire. Compel you child to earn, and receive rewards from their efforts. Give them opportunity to want something bad enough that they have to earn it. This way your child will learn how to achieve, and conquer their fears and challenges. This will in turn build self-esteem, as well as teach them effort equals reward.
Children and Money Management
A child needs to learn how to manage money or they will think there is an endless supply and that money really does grow on trees. Teaching the basics of money management will really help them. You can begin by creating a savings account, or a piggy bank. When it is time to make a purchase with their savings they will begin to realize how long they saved to buy the item they choose. They will begin to put two and two together, and learn how to handle their money wisely.
Both charity and tithing help to develop character in a child. Charity teaches them about those who are less fortunate, and do not have the means to help themselves. It helps a child develop compassion for others and in turn, makes them feel good that they have the power to help the quality of another's life.
Setting a Good Example
If you want your child to form values you are proud of, then example them yourself. If your child sees you buying things that you cannot afford, or over spending, they are likely to follow your example. Also, if you hoard money, go without, and don't treat yourself from time to time, they will in turn believe in scarcity and fear taking risks. If you look down on those who have less than you do, you child may get the idea that self-worth is determined by the amount of money you have. Ultimately, their first set of values will come from your example as a parent. It is a lot of responsibility to raise a child, and helping them establish a good relationship with money, will not only improve their life, but yours too. You just may find, the good examples you set, will teach them responsibility and personal empowerment.